Property values have grown steadily over the past few years, but Leesburg hasn’t changed much. The value averages may slightly increase with time, and this is normal for a market.
Because the values are relatively low compared to other areas of Florida, sellers won’t usually have a difficult time getting what they ask for. However, this comes with some contingencies that mostly revolve around drastically changing what’s asked.
Almost 9% of homes in Leesburg are dealing with negative equity, and almost 2% are considered delinquent on their mortgage. A lot of people are either upside down or facing foreclosure, and in those situations, waiting isn’t always an option.
This leads many people to drastically reduce their asking prices in order to sell within a 90 day period. In fact, over 16% of the homes that sell in Leesburg do so at a considerable cut. With property values already on the lower end, even a small cut makes a huge difference.