A good part of any business is figuring out what the buyer wants and a quick look at the 2008 statistics compliled by the Orlando Regional Realtor Association reveals some preferences that can’t be ignored. Buyers definitely prefer single family homes over all other residential properties which accounted for 80.43% of the 13,041 sales that have been recorded this year. Condos only accounted for 9.62% and townhomes a mere 7.53%. You don’t have to be a rocket scientist to figure out single family is where it’s at.
Now I know there’s lots of condos and townhomes out there and many of you want to sell them. Well 26.47% of the condos sold this were priced between $100,000 to $140,000. Townhomes have a much glaring statistic… 76.34% of townhomes sold this year were priced between $120,000 and $200,000. If I were a betting man, I’d sure like to have my condo or townhome priced within these ranges.
Some other things to keep in mind is that 3 to 4 bedroom properties accounted for 76.86% of all sales, and 2 bathroom properties accounted for 67.11%. It sounds like you need at least 3 bedrooms and 2 bathrooms to have the best chance for a sale.
We all know that we can’t add a pool, add a bedroom or bathroom, or put a panoramic view behind your homes, so my advice is to focus on the things you can control like pricing, condition, and marketing. It’s a price and beauty contest out there and the buyers are only picking off the nicest homes at the lowest prices.
download pdf: 2008 Sales in Orlando by Price Range