The following article, from Real Estate News, reflects another area of the real estate market:
Real estate Web site BuyOwner.com, once considered the nation’s largest for-sale-by-owner company, has been sold for $1 million.
Since 2008, the company has faced a sharp decrease in revenue--from more than $28 million to less than $250,000 in July 2010.
Utah entrepreneur Jonathan Holbrook purchased the site and has plans to hire additional sales and customer service agents for its headquarters office in Deerfield Beach, Fla., and its Chicago office.
The proceeds from the $1 million sale will go to pay the company's creditors.
Source: “BuyOwner.com Sold for $1 Million to Pay Creditors; Company Revenues Fall Sharply After 2008,” Associated Press Newswires (Feb. 8, 2011)
With an estimated 8 months inventory of available homes, it seems that buyers are no longer interested in For Sale By Owner properties. Once so prevalent in the boom years, owners can no longer rely on just placing a sign in the yard and waiting for buyers. Marketing is the key to selling in this market and the MLS is being heavily used by internet savvy buyers.
Short sales and foreclosures complicate nearly every neighborhood, making most buyers rely on a realtor to help guide them through their options.
To understand your options in the current market, call me 407 470 0231
Wednesday, February 9, 2011
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