The October Year-to-Date Market Summary from our Multiple Listing Service shows what most of us in Jacksonville, Florida and the First Coast area are easily able to see: our listing inventory is down! There are only 8,365 homes for sale. To put this in perspective, at the height of the real estate crash in 2006, we had over 22,000 homes for sale. By 2010, that number had dwindled to around 16,000.
Here is the report:
What is especially interesting is the increase in home sales in the $250,000 to $500,000 price range and in the sale of luxury homes over $1 million.
In summary, if you are considering selling, now may be a good time to put your home on the market. If you are thinking about buying, I would consider looking seriously now while interest rates are still at historic lows and before prices jump up.
For the complete report, personalized statistics in your area, or a list of great homes for sale, please call me at (904) 386-9816 or send me an email using the contact form on this site. I will have the information right out to you!
Have you ever heard Realtors complain about short sales? There is endless paperwork, they take forever, no one at the bank returns their calls or answers their emails – the list goes on and on.
So, why do I love short sales? Because in my work, there is no more satisfying way to help a seller out of a distressed situation while helping a buyer find a really great house. Short sales are a win-win situation for both the seller and buyer.
For the Seller:
- Yes, there is some paperwork. You will be asked to furnish tax returns, bank statements, pay stubs, as well as a financial worksheet and a letter explaining your financial hardship.
- In a short sale, a seller does not take away any money at closing; nor does he have to bring any money to the closing (unless negotiated with his lender). If someone asks you to pay in advance to help you with a short sale, don’t do it. It is most likely a scam!
For the Buyer:
- Your purchase and sale agreement is negotiated between you and the seller, but will be subject to the seller’s lender approving the reduced pay-off. The time it takes for the seller’s lender (or lenders) to approve the short sale can take between 2-3 weeks and 9 months or more! If you need to be into a new home immediately, then a short sale may not be a good idea.
- It is important to work with a Realtor who understands the short sale process. You want to be certain that once accepted, your offer will be the only offer presented to the bank.
In summary: For a seller who wants or needs to sell and owes more on his home than it is worth, a short sale is almost always the best solution. Quite often, the seller is able to negotiate total debt forgiveness on the unpaid portion of his loan.
For a buyer who has a flexible time schedule, purchasing a home offered as a short sale can offer a great value and instant equity.
For more information on Short Sales vs Foreclosures, please visit my website.