Often I get the inspiration to write from conversations with my clients.  Currently I have listed this beautiful 2/1 on 2111 Forest Circle , and the owner Bob is apparently impressed enough with what I have done so far to share my name with a friend of his who is considering putting his home up for sale.  Thank you Bob!
Anyway, I haven't had an opportunity to speak with this friend of Bob's (which I would welcome), but it looks like he is going the "For Sale By Owner" (FSBO) route. I think this is a big mistake particularly in a buyer's market like we have now.

2111 Forest Circle Orlando 32803

I can think of only a couple of legitimate reasons why someone might choose to "go it alone"their to sell their house.  One would be  and would be if the property was being donated as charity and the other would be a transfer of a home from one member of a family to another who are on friendly terms with each other!  Other than that, I cannot for the life of me think of any other reason why someone would  choose not to use a full time real estate professional- particularly one who doesn't get paid a cent until the property is sold.  

Here are the top rationals  I have heard from FSBO sellers through the years, and my thoughts on each one.

The Living Room- Forest Circle.

•   "I can get more money for my home by selling without a Realtor involved". 

This is simply not so. The typical FSBO home sold for $153,000, the typical salesperson-assisted sold for $211,000 (NAR report, 2010). The difference on average will more than pay for commissions paid to agents used for the sale.  Enough said.

• "Really all I want to do is put a sign in my yard and throw a high number out there to see if I can get it"

 Well it is a whole new world out there.  In the old days, if a seller and buyer both agreed to a price on a property then the banks had a better track record of loan approval regardless of the cost of the home. (part of the reason we are in the mess we are in today).  Even if a FSBO convinces a buyer to put an offer in at a higher price than the house is worth, if the sale is contingent upon loan approval- the house will not appraise and chances are there will be no sale.  A knowledgeable  Realtor has a better chance than a seller of convincing an appraiser of the value of a home based on the "facts".  Also, if an appraisal comes in short, a Realtor will have a better chance of negotiating the shortfall between buyer and seller to try to make the sale move forward.
Besides, buyers are getting wiser.  They are not going to spend money out of their pockets on home inspections, loan applications etc. without knowing that the price of the home was well thought out.  A Realtor can demonstrate to a potential buyer or buyer's agent that the listing price was not pulled out of thin air.

•  "With "discount" fee based brokers I can get my home on the MLS....I don't need a full service real estate company."

 Well this may be true, but getting it on the MLS is no longer the "end all".  For one thing, there are a multitude of websites in which buyers are searching the internet on their own.... places that have nothing to do with the MLS such as Trulia.com, Realtor.com, Zillow.com etc.  Here in our Coldwell Banker office we have a list of hundreds of "web partners" in which a home that I list gets automatically uploaded to many of these sites.....many with "enhanced" listings which would cost an extra fee for a FSBO.   Will a For Sale By Owner spend their time and money to advertise prominently on these websites? Doubtful.  Thus, the pool of potential buyers for their property is greatly diminished. Many fee based brokers get paid up front.  If I list your home, nothing gets paid to my broker until the home sells.

•  "Are you kidding me!  My home is worth WAY MORE than you are telling me! You just want a quick sale."

•  "I don't need a buffer between the buyer and myself....the buyer would prefer to deal directly with me without having real estate agents involved on both sides."

Is it all about location?
Still worth saying "Location, Location, Location?"

As I see it, it is the number one rule in real estate.  If two homes are "created equal", and one is in an area closer to lakes, shopping, schools it would naturally be more desirable than the other yes?
Now if you feel there is still some concern about where the real estate market is headed, then the answer is definitely yes. It is Location, Location, Location.  Big time.

                                                    My listing at 1002 Delaney Park Drive 32806

Such a simple rule but so often overlooked.
You can buy the right home in the wrong location.  You can remodel it, you can change it, you can add to it....but you cannot pick it up and move it somewhere else.  I am basically restating the thoughts and sentiments expressed here but I see examples of this in Orlando everyday.

I guess what "Location, Location, Location" means might differ somewhat from person to person.  But for many of the clients I have worked with some of the most desirable location features include:

1.   Close Proximity to Oceans, Lakes and Parks

1002 Delaney Park Drive  just one block away from Lake Davis

When you think about it, there are only so many waterfront, water view,  or homes just a short walk to water.  Same goes for parks and recreation facilities.  Limited supply leads to increased demand.

2.   Highly Rated Schools

You might say that this is only important if you are looking for a home and you have school aged children.  But what about when you go to sell?  Your home will probably attract more potential buyers (those with children) if you are near highly regarded schools.

3.   A Smaller Home In A Rich Neighborhood

Better to be a small fish in a big pond as far as resale is concerned in most cases. You really can't lose here.  A smaller home might be an opportunity for someone to gain entry into the neighborhood of their dreams.

4.  Walking Distance to Restaurants and Shopping

In this day and age more people want to feel self reliant.  The idea of being able to stroll to a neighborhood cafe after work would be appealing to many.  Cars do break down you know.

5.   A Safe, Secure, Stable Neighborhood

Well of course you would want to know that if you did decide to stroll to a neighborhood cafe you would feel safe doing so!  Not to mention the security of the home you just walked out of.    Also, is the area of the property consistent?  A home might be considered of greater value in an area of other similarly built homes, as opposed to a mixed usage community- homes near offices or industry.

Other "good" location features might be accessibility to hospitals, public transportation and job.  Take a look at the information on my listing pictured- 1002 Delaney Park Drive in the Lake Davis district, A couple of steps from the front yard and you can see the beautiful lake!

Back to the "two homes created equal" scenario.  Think of a home exactly like this one on Delaney Park Drive except located in an area of high crime, on a busy street, in a depressed area next to a paper mill!  I could go on and on but hopefully you see my point.

In my humble opinion, "Location, Location, Location!" will never change. It should and will continue to be the most important factor when choosing a home, and without a doubt a home in a great location is well worth a premium.

For more information on Location, Location, Location and this lovely home featured please do not hesitate to get in touch with me.

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The following information comes from the Neighborhood Watch Unit of the Orlando Police Department--

I would think that the idea of living on a beautiful Orlando lake close to restaurants, shopping, possibly work and everything else downtown would be appealing to many.  Imagine your home as your vacation home- and being able to live the dream all year long? Not bad!

However not all lake front homes are created equal. 
Not all Orlando lakes are created equal.
If you are in the market for a lake front home close to downtown Orlando Florida you may want to ask the following questions:

• Is the home truly "Lake Front"?  There are many homes that are advertised as lake front and many of them are not.  For example, a home that faces a lake is actually lake view if there is any sort of  road between the house and the lake. The house might have spectacular views, but it is not true lake front property and will not be valued as such.


1225 Bryn Mawr St 32804 we have currently listed on "private" ski lake-  Lake Silver


• What kind of lake is the home situated on?  Basically, you have recreational lakes which allow skiing, and the rest that do not.  From what I have seen  lake homes on recreational lakes-  which allow fishing, boating, skiing etc. can garner greater sales price cost per square foot than one equal in all ways (including location) but not situated on a recreational lakes.  Furthermore, when I asked Kelly Kellogg, State Certified Residential Appraiser she said there was no comparison because "a skiable lake is not comparable to a small lake which is not skiable".   

What kind of public access does the lake have?  If you look at the City of Orlando Lake Finder Map you can search each of the lakes downtown.  Click on one and you will see the different ways the public may or may not access the lake.  For example, if you click on Lake Silver you will see that there is no fishing, boating, and no public park access whatsoever.  This means, unless you are a resident surrounding Lake Silver, you will not be able to access its 70 acres of skiable lake.  Yet less than a mile away is Lake Fairview for which the city allows public access for fishing, boating and public parks. You might come to the conclusion that a home on a private lake would be considered more valuable than one equal in all ways to one that is "open to the public". 

My advice is to find out the answers to these questions if you are pursuing lake front property. If you have any questions, or would like to see our beautiful listing at 1225 Bryn Mawr in College Park please get in touch.

"Parade of Homes" winner- 1401 Green Cove Road Winter Park

Here is the raw data- it certainly is a mouthful!  If you have any questions or comments feel free to get in touch.

Market Pulse- Orlando Regional Realtors Association January 2011