Lake Mary Homes For Sale

Homes & Condos for sale:  377
Properties listed as short sales: 108 or 29%
Bank Owned/REO Properties:  38 or 10%

We have seen a stabilization of the inventory of homes over the past 4 months, which is a positive indicator, but there are many homes that are bank owned that are empty and will be resold, we call those homes “Shadow Inventory” this is an unknown number that could impact our market in a negative manner.  Currently, distressed properties make up 39% of the available homes for sale in Lake Mary, Florida [up 3% from last month].

Lake Mary Homes Under Contract

Homes & Condos under contract:  190
Short Sales:  108 or 57%
Bank Owned/REO:  31 or 17%
Distressed Properties make up 74% of the homes under contract.

Lake Mary Home Sales

February Home Sales:  38
Short Sales:  6 or 16%
Bank Owned/REO:  12 or 32%

Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  48% of the homes sold in Lake Mary, Florida during the month of February were distressed properties.

What February’s Lake Mary Real Estate Statistics mean to homebuyers… It’s easy to see that the majority of homes under contract are distressed property, buyers flock to them because of attractive sales prices.  Short Sales make up an overwhelming majority of the homes under contract and also make up the majority of transactions that don’t close.  When buying a short sale, knowing the facts of the transaction up front make a huge difference; the number of loans, the seller’s hardship, the status of a foreclosure if the seller has missed payments, but the listing agent and selling agent’s experience is the most important.  Some of the most knowledgeable REALTORS who are succesfuly completing short sales are Certified Distressed Property Experts or CDPE’s, so if you are thinking about buying a short sale, make sure your agent is a CDPE.

Real Estate Market Trends and The Lake Mary Homeowner...  You can’t fight it, Distressed Properties are here to stay.  I know that these homes are often abused and mistreated, but they currently account for half the homes that are selling and understanding how to compete with short sales is essential to a successful sale.  Your home must be priced competitively to compete, the condition and maintenance must be impeccable and great photos in the MLS to lure buyers in.

Lake Mary Homes For Sale

Homes & Condos for sale:  379
Properties listed as short sales: 103 or 27%
Bank Owned/REO Properties:  35 or 9%
The available inventory of homes for sale has been stabilizing over the past 90 days.  Currently, distressed properties make up 36% of the available homes for sale in Lake Mary, Florida.

Lake Mary Homes Under Contract

Homes & Condos under contract:  164
Short Sales:  103 or 66%
Bank Owned/REO:  21 or 17%
Distressed Properties make up 76% of the homes under contract.

Lake Mary Home Sales

January Home Sales:  47
Short Sales:  11 or 23%
Bank Owned/REO:  16 or 34%

January Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  57% of the homes sold in Lake Mary, Florida during the month of January 2010 were distressed properties.

What this means to Lake Mary homebuyers and homeowners… We continue to see distressed properties entering the market place at prices that are under market value and these homes are selling, often within days of being listed.  This is an opportunity for buyers to purchase homes at a much more affordable price, but “traditional sellers” who are not in distress are compelled to compete with short sales and foreclosures or wait for a buyer who’s desire for their property out ways their need to get a “deal”, and yes this does happen.

Please contact me for detailed information about homes that are currently on the market or have recently sold.  If you have questions about current market trends or if you would like a valuation of your property’s current market value, I’m always here to help.

Lake Mary Homes For Sale

Homes & Condos for sale:  366
Properties listed as short sales: 103 or 28%
Bank Owned/REO Properties:  20 or 6%
The inventory of homes for sale has remained stable during the past 60 days.  Distressed properties make up 34% of the available homes for sale in Lake Mary, Florida.  An increase of 4% over December 1, 2009.

Lake Mary Homes Under Contract

Homes & Condos under contract:  142
Properties listed as short sales:  93 or 66%
Bank Owned/REO Properties:  24 or 17%
Distressed Properties make up 83% of the homes under contract.

Lake Mary Home Sales

November Home Sales:  70
Properties listed as short sales:  12 or 17%
Bank Owned/REO Properties:  23 or 33%

December Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  50% of the homes sold in Lake Mary, Florida during the month of December 2009 were distressed properties.  This is a 5% increase from the month of November.

What this means to Lake Mary homebuyers and homeowners… We continue to see distressed properties entering the market place at prices that are under market value and these homes are selling.  This is an opportunity for buyers to purchase homes at a much more affordable price, but “traditional sellers” who are not in distress are forced to compete with these homes in an open market and often have to price their homes in line with short sales and foreclosures.  Staying informed of your home’s value is very important.  Please contact me if you have questions about current market trends.

Questions about buying or selling a home in Lake Mary, Florida?  Feel free to call/text or email me anytime for the answers!

Lake Mary Homes For Sale

Homes & Condos for sale:  380
Properties listed as short sales:  94 or 25%
Bank Owned/REO Properties:  19 or 5%
Distressed Properties make up 30% of the homes for sale in Lake Mary.

Lake Mary Homes Under Contract

Homes & Condos under contract:  170
Properties listed as short sales:  101 or 60%
Bank Owned/REO Properties:  30 or 18%
Distressed Properties make up 78% of the homes under contract.

Lake Mary Home Sales

November Home Sales:  63
Properties listed as short sales:  11 or 18%
Bank Owned/REO Properties:  17 or 27%

55% of the homes sold in Lake Mary in November were not distressed.

Lake Mary Real Estate Market Fact: Currently only 30% of the homes in the inventory available are distressed properties, but 78% of the homes under contract are distressed properties.

What does this mean to you… the Lake Mary homebuyer or homeowner? It means that many of the homes that are traditional sales are being overlooked for distressed properties that are often priced under market.  If you are considering selling your home as a “traditional seller” you have to compete with the current pricing of the distressed sales, it can’t be avoided.

Lake Mary Real Estate Market Fact: 55% of the homes sold in November were “traditional sales”.

What does this mean to you… the Lake Mary homeowner or homebuyer? It means that even though distressed properties make up 78% of the homes that have contracts written on them, those proerties are not closing in a timely manner.  If you are considering purchasing a distressed property, you need to have a flexible timetable to close.  If you are selling your home and it is not a distressed sale, you need to promote the fact that your home is ready to buy today.

Questions about selling your home in Lake Mary… Feel free to call or email me anytime for the answers!

I spend a portion of each day searching for properties for my clients, I’ve read thousands of property descriptions and feel like I’ve looked at millions of photos.  One constant theme seems to run true, updates are being confused for upgrades.

I know the word ‘upgrade’ sounds luxurious, but how often is it used to describe the replacement of something that was worn out with something, well, that isn’t special, it’s just new.  Upgrades are “quality improvements” over and above what you expect to find.

I like to think of it this way…  Have you ever flown ‘First Class’?  it is definitely an upgrade.  It’s not just new upholstery on a coach seat.

No doubt in my mind that this is an ‘First Class’ kitchen, how about you? [photo Courtesy of Kitchen Art Design Center of Orlando].

I think much of the confusion started when Home Builder’s starting charging for items that should have been ’standard’, but instead they found a new revenue tool to increase profits.  Builder “Upgrades” are a high profit- low expense option…

What does this mean to you… a Lake Mary home buyer or seller?  In today’s market, where competition is fierce and home buyers are looking for the best ‘deal’, they won’t  pay more for updates, they have come to expect them.  The truth of the matter for homeowners is that upgrades often won’t fetch a high percentage return on investment in the current market climate, but they will help attract buyers and get the deal done.

Photography: An Integral Component to a successful Lake Mary Home Sale

Today’s lifestyle finds people busier today than ever before even though we have had huge advancements in technology.  If you are like me, you are always on the go and looking to make the best use of your time as possible.  Due to these busy schedules shopping for a new home has changed over the past decade with much of the work now being done online.

I find that buyers often skip over homes that only have one or two photos, discounting the property because they want to take a virtual look before they take the time to see it in person.

When you are considering selling your Seminole County home and you are researching real estate agents or if you have received a referral from a friend, be sure to ask the agent to send you a property listing or two from the MLS (Multiple Listing Service) before you decide that “there the one” and ask yourself these questions:

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Lake Mary, Florida Real Estate Update

Home sales are at their highest levels this year in Lake Mary, but we continue to see sale prices decreasing.   More Seminole County homeowners that aren’t selling a distressed property (short-sale or pre-foreclosure) are entering the market at listing prices that are more in line with the distressed properties in the area and the mind set of holding on to the values from the height of the seller’s market have gone by the wayside.  This is contributing to the sales, but the foreclosures and short-sales continue to lead the way down.

A sale this week of a 2 Bedroom/2 Bath home in the Crossings for $125,000 (short-sale) is very similar to a home just down the street that I worked with a buyer on in December that closed at $150,000 (traditional sale).   That’s a value decline of 17% in 7 months, startling to say the least – the influence of short-sales and foreclosures can’t be ignored.  Once the exceptions, they now rule the market.

Lake Mary Home Sales:  July 19 – 25, 2009

Red Indicates that this property was a Foreclosure / Bank Owned Home Sale

Blue Indicates that this property was a Short-Sale / Pre-Foreclosure