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Ocala Real Estate Market Report September 08 |
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OCALA REAL ESTATE MARKET REPORT
Homes Sold September 08 ……...199*
$100,000.00 or less............................45
$101 to $200,000.00........................105
$201 to $300,000.00..........................39
$301 to $500,000.00...........................4
$500,000.00 Plus...................................4
Active Listings as of 9/09/08…….7200**This does not count homes sold by builders that may not be listed on the MLS Number may be revised due to late reports from board of Realtors.
I think we are near the bottom of the market. That doesn’t mean that I think prices will recover any time soon. Prices will not go back up until inventory goes down, down below 2500 units from our current 7,200. That will take 3 to 5 years in my opinion. FOR SELLERS : Motivated sellers have been selling homes that were priced to compete with foreclosures and short sales. Some people for a number of reasons have to sell a house. When you sell a house odds are the buyer will need financing. A bank will order an appraisal. Short sales and foreclosures are usually passed over by appraisers because they are distressed properties. However these motivated seller sales do count and they are bringing prices down. The moral of this story is that your home is only worth the amount that a bank is willing to finance. Banks are getting more and more conservative after having been stuck with a lot of bad loans. The appraisal industry is also being watched after being a little too cooperative in the past. The seller can set any price they want but unless you get a cash buyer the house has to pass a bank appraisal
FOR BUYERS : I don't think prices will drop much more. This is the time to buy. There are really great deals out there. I'm seeing foreclosed homes getting offers after being on the market for just a few days.
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Joe Dallorso
Keller Williams Cornerstone Realty
5400 SW College Road, Suite 402
Ocala, FL 34474
(352) 598-4340 |
  
Each Keller Williams Realty office is independently owned and operated.
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