Archive for April, 2009
FORECLOSURE MORATORIUM LIFTED, TIME TO BUY IS NOW
April 27th, 2009 categories: Uncategorized
According to Mary Kane of the Washington Independent (4/2/09), the foreclosure moraturium has been lifted by Fannie Mae and Freddie Mac. Originally the act was supposed to keep families in their homes over the holidays. However, when a long solution was sought the act was extended for three months.
It is predicted that the volume of REO properties will increase in the 2nd and 3rd quarter of 2009, however those facing foreclosure have other alternatives to saving their homes, i.e. mortgage modification. If the lender and the homeowner cannot come to an understanding the seller still has the option of trying to sell his home as a “short sale”. If the foreclosure process isn’t too far along the seller will probably be successful. However, if an auction date has already been set the seller has little recourse.
Sellers who are not involved in a pre-foreclosure or a short sale have taken the advice of their Realtors and adjusted their list price so they can compete with them. This is where it gets interesting for the buyers who do not have the patience to wait to find out if their offer on a short sale will be accepted.
Statistics do not lie. The sales of expisting single-family homes surged in South Florida last month; 101 percent increase in Miami-Dade and a 47% increase in Broward. Low interest rates, declining prices and the first time homebuyer tax credit seems to be the perfect combination. The Florida Association of Realtors released information that states both counties enjoyed growth since last year for the past eight months.
Foreclosures and short sales will continue to put downward pressure on the market until inventory stablizes. However, if the pace of home sales continues at this rate it won’t be long until the inventory begins to decline and we all know what happens then!
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What’s Hot and What’s Not in Forest Ridge?
April 7th, 2009 categories: Oak Grove, Old Orchard
Greetings Forest Ridge Fans,
The real estate market is definitely heating up. I just got off the phone with a fellow Realtor who told me she has double booked buyers for the past two weeks. I’ve had a similar experience recently and it feels good to be working with sincere, motivated and qualified buyers again.
Last week I had three good, decent offers on one of my Forest Ridge listings so I know that there’s activity going on out there. Now I’m wishing that I had even more inventory to sell.
Here’s a breakdown of what’s going on in Forest Ridge right now. There are 21 active listings priced from $599,000 to $240,000. There are 12 Pending sales and there are 7 homes that have sold in the past 60 days. Not bad considering what the past 12 months has been like.
The average price has definitely dropped and if you’ve read my other blogs you will know that the most popular price range is somewhere around $300,000. That will get you a lot of house these days. With the exception of two homes priced over $450,000 the rest of the pending sales in Forest Ridge are listed at $350,000 and under.
This is not the time for sellers to be speculating if they want to move before the hot and sticky summer heat is upon us. The reality is that price moves the property, regardless of the condition or upgrades in the home.
The most recent sales in Forest Ridge are 3077 Perriwinkle Cr., located in Old Orchard East. 4 beds/3 baths with a pool and waterfront. It was a foreclosure listed at $324,900 and sold for $331,500 on 4/2/2009. It is difficult to determine the Days on the Market, as this property had been for sale for quite sometime before the foreclosure but it did go under contract in only 10 days once the foreclosure took place and the price was reduced to $324,900. This home was in need of interior cosmetic work but a good value .equity;
9607 Sugar Pines Court, located in Old Orchard West, 4 beds/2 baths/with full accordion shutters, no pool or water. A well maintained home on a 10,000 sq. ft. lot. There are no cosmetic upgrades in the home but it does have a nice roofed, screened patio and lots of potential. Listed at $349,000 and sold for $329,500 on 4/1/2009 after 91 days on the market.
2776 Oak Grove Road, located in Oak Grove, 4 beds (3 beds plus a loft with closet) 2.5 baths, no pool or water. Listed for $299,000 and sold for $257,500. This home had been vacant for a while and needed some interior loving care. Great potential for the lucky home buyer. It closed on 4/1/2009 after 401 days on the market.
There are lots of wonderful homes to purchase in Forest Ridge and in the next few months I expect to see more activity as a result of motivated sellers and qualified buyers.
If there is one word of advice I can pass along to you today, its that not all homes have to be in perfect, move in condition. The days of putting in sweat equity have returned. What’s better than buying a home that you can transform into your own to enjoy? The homes in Forest Ridge have proven to be solidly built even if they didn’t come with granite kitchen counter tops and marble flooring. Nothing makes a house a home more than your own personal touch.
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