In short, Clermont isn’t a very great place to sell a home. A lot of sellers are feeling the pressure, with 1.5% delinquent on their mortgage and attempting to avoid foreclosure and 8% of sellers attempting to escape a negative equity situation. One out of every ten sellers is selling to fix a problem, and that urgency makes waiting several months unpleasant.
Since buyers in Clermont are few and far between, more than 26% of homes sell at a price cut. This is high anywhere – it’s more than double what would be expected in a normal housing market. This price cut adds insult to injury. Even though homes have a tendency to list for more than what they’re worth, these price cuts can have devastating effects.
The median sale price of homes in Clermont is below their actual value. Most people wind up selling their property for substantially less than what they would have gotten in a normal housing market. While the median value is $255,000, the average sale price is closer to $245,000. Since the average listing price is $280,000, sellers are walking away with an average of $35,000 less than what they expected. Tack on real estate agent commissions and that number becomes even higher.