Have you ever looked around your neighborhood and said to yourself, “Wow, there are a LOT of FOR SALE signs.”
Is perception reality?
I recently posted this question on the Plantation Park neighborhood Facebook
asking neighbors their thoughts on how many homes they think are for sale in the neighborhood. The comments varied from 10 to 100, quite the wide range. As I post this; there are 18 homes actively for sale on the Multiple Listing Service (MLS) in Plantation
Some of the Facebook comments had some questions on why are there so many for homes for sale, many seem overpriced, and is this good or bad? All great questions. Let’s take a look at why there are so many homes for sale?
Last year 2016, a total of 71 homes sold in Plantation Park. In 2015, the amount of homes sold was much smaller at 56 homes. Many people wonder why are there more people selling homes in Plantation Park. As a local market expert, I find the increased
turnover is largely due to the years of market value increases we have been seeing since the housing market bubble.
Homeowners that purchased during the housing bubble and have weathered the storm through the declining and then increasing prices those owners are most likely at the point where they finally have some equity to sell. For many a 5 year home turned into
a 10 year home.There are also many homeowners that purchased in Plantation Park during the time of short sales and foreclosures. They purchased low and with the recovery they are positioned to sell high. If you are in this position, this may be the year
for you to make the move. We also have long term homeowners in Plantation Park that have raised their families and enjoyed the community for decades and now after 20 or 30 years have decided they are ready for a change and sell to relocate.
Another popular comment on the community Facebook page was, “so many homes seemed to be overpriced.” Now I have not seen every home on the market in Plantation Park, yet if you have a home for sale in Plantation Park compare your days on market and your
price with the sales data in 2016 you will get a good idea if your home is positioned to be one of the homes that sell in Plantation Park.
Increased inventory is an indicator that prices will decline, this is only true if the demand decreases. The demand for homes in Plantation Park is increasing, as I have a list of people actively looking for a home in Plantation Park, yet haven’t found
their match yet.
The reality is not every home in Plantation Park will sell. In 2016, 20% of the homes that went on the market in Plantation Park failed to sell, that means only 80% of the homes that were listed for sale positioned themselves to attract a buyer. In 2016,
the average day on market was 60 in Plantation Park. Has your home been on the market for more than 60 days?
I know all the homes in Plantation Park are different, they range in size, updates, and overall condition, however the range in which homes have sold for in the past bracket the price range for homes in Plantation Park. In 2016, the price of SOLD homes
in Plantation Park ranged from $213,479 to $475,000.
So the comment from a Plantation Park home seeker that many homes seem overpriced… at interest rates still low, there are still plenty of home buyers actively looking in Plantation Park, yet they are passing on many homes because they are not positioned
to be the percentage of homes that will sell.
Here are some other real estate 2016 to 2015 comparisons for home values in Plantation Park:
Foreclosures sold 10
Short sales 3
Highest priced home $475,000 $426,000
Lowest priced home $213,479 $265,000
Average home price $355,000 $332,000
If you are thinking about buying or selling a home in Plantation Park choose the Amy Kilcoyne Real Estate Team for your real estate needs.
Not only do I know about the unique features and benefits Plantation Park offers to its residents, I can analyze the market data to help determine the best possible price for your home combined with an aggressive marketing plan to sell your home for the
Don’t just list your home with an agent that offers a “let’s see what happens strategy”.Call me today at (954) 439-0996 and I will show you the exact steps I take to position your home to sell and what I do to attract qualified buyers
All data used was only from the MLS (multiple listing service) any homes sold privately by owner are not in consideration since they do not have market exposure.