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Leisure Beach, Hudson, West Pasco, Florida August Distressed Home Market Report

By Daniel J. Hunter

Real Estate Agent with REALTOR®

September 03, 2009 01:13 PM

Leisure Beach, Hudson, West Pasco, Florida August Distressed Home Market Report

Well this Hudson, Florida Realtor was at first very discouraged at seeing these Charts I created using data from The West Pasco Board of Realtors MLS site. The first thing that jumped out at me in these charts was how many more homes are under contract than closed in August 2009. Now do not read too much into that. I think that has alot to do with Distressed Homes (Short Sales.)

You see a normal property in Florida closes in about a month. However, some banks have been taking up to 90 days to close in some cases. However, when it comes to short sales they typically take 4-5 months to close, so they build up a back log. On some occasions it closes in a month, in others it takes even longer, but 4-5 months is the norm these days. And this creates a backlog in the MLS in the Active with Contract and Pending Sale categories. So it is not as if September is going to be spectacular based upon how many properties are under contract.

West Pasco Distressed Home market update

Now you can see that Hudson is pretty similar to West Pasco in general. There are 10 months inventory in the Hudson Real Estate Market. And while only 38 homes sold in Hudson for the month of August 2009, which equates to just barely more than 1 house per day closing, this Hudson Florida Realtor sees it as over 70 sides of a deal to get in on, not to mention alot of great oppurtunities for a Home Buyer, especially with the $8000 First Time Home Buyer Tax Credit (which is actually only a 10% credit, with a limit of $8000)

Hudson Florida Distressed Home market report

Sadly, one of my favorite Subdivisions in Hudson, Florida had no sales at all in August 2009. Leisure Beach has 23 homes for sale presently, but only 4 people took advantage of the great values available in August, half of which are Distressed homes. Unfortunately none of them have closed yet. And as every Realtor knows, and most buyers, until it closes, it has not closed

Leisure Beach Distressed Home market report