Expert: Sue Bernstein - 9/26/2006

Question
 As we all know that real estate has really slowly down throughout Florida.  I'm a property appraiser in S. Florida and I've a good experience in the pass but currently it has my a little nervous.  I have a vacant new home in Port St. Lucie that I gave to a realtor to sell and it’s been about 4 months and we dropped the price and made it competitive with the other homes in the area. I live a 1hr 1/2 away from there so can't do it myself like I have in the pass in my local area.  Can you recommend anyone or any suggestions?  I also have two more in Ocala (4-5hrs away) and I’m running into the same situation.  The market has to much inventory at this time but I really need to sell these 3 before I can't afford them and start losing $$$  

Answer
Leo,

Because you are so far away from your properties you must rely on the advice given to you by your realtor.  In a market flush with inventory you need to price the homes more aggressively that the comparable homes.  You might try 10% below market value.  You have to talk to your realtor and ask them what price will bring offers immediately.  If you need referrals to realtors I can certainly provide that but start with the agents you have worked with and trust but they must understand they are to give you a price that will bring an offer quickly.

Good luck and I hope this helps.