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UPDATED & OUTDATED

MATT’S MARKET CONNECTION

Buyers have always been willing to pay more for a home in top condition.  And the difference they are willing to pay is increasing to levels we haven’t seen in the last 15+ years.  

Today’s Buyers are comparing pre-owned homes financed with 7% mortgages against more expensive new construction homes financed with 5% mortgages.  Buyers are opting to pay $100k more for a brand new home because the payments on $600k at 5% are equal to the payments on $500k at 7%.  Buyers who are accepting $3,500-$4,000 mortgage payments are not accepting homes that feel outdated.  And this is a change in behavior from the market we had 2 years ago…but that was 2 years ago.

Sellers have to accept this reality:  Buyers are paying a higher price for an updated, modern, and clean home. They are no longer willing to take a 7% mortgage on a pre-owned home that is out of style or in poor condition without a deep discount – and I mean $50k-$75k deep.

If you are considering selling your home, give your best effort to eliminate every future project for your buyer.  And remember, new construction is your competition.  We’re here to provide input as you are making your updates and improving your home so that you receive the highest return possible.  If you need anything at all, we’d love to hear from you.

  Sincerely,

Want to know more about Real Estate & the market? Check out our latest YouTube video below! Subscribe if you want more educational content from us!

March’s Numbers for Clermont 34711

There were 23% fewer closings in 34711 in March 2024 than there was in March 2023. New construction has soared in pricing and our pre-owned homes are recapturing the values that were lost over the previous 18 months. 

Lydia’s Corner

Did you know that odors within your home can potentially stop your home from selling? If you have gone “nose blind” to smells such as:  cigarette smoke, garbage, dirty laundry, pet odors, and kitty litter, please be aware your new buyer will not be so understanding.  The idea is to convey cleanliness,  warmth and comfort and the best way to do that is with scents such as citrus, vanilla, pine or cedar and cinnamon.  However, even pleasant odors should not be overpowering.  Subtlety is the key and your buyers should be focusing on the space and not on the way the home smells, either good or bad.

Check out Our Listings to view all of our team’s homes for sale.

22403 Dusty Lane, Groveland, Florida 34736

5 Acres with a Barn, Pond, Beautiful Sunsets, and No HOA!

4 beds/2 baths  

2,198 SQFT  

$499,000

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