Whether you are contemplating a Naples short sale transaction or looking to invest in any of the properties for sale in the market, it is important you know what is happening in the housing industry. Such information will allow you to make informed decisions. Housing Market Highlights For the month of May, total home sales reached771, which is a 6 percent increase from last year’s record. From this figure, there were 373 sales involving single family homes, which is a 9 percent drop. Supply of single family houses for sale, based on inventory, also fell to just 4.5 months worth. On the other hand, there were 398 condos sale, up by 25 percent from the same period last year. But supply of condo units fell to about 5.6 months worth. During the same month, total number of foreclosures sold reached 123 while there were 107 successful Naples short sales and 541 regular sales. Median home prices are still being dragged by the short sales and foreclosures transactions since the homes are being sold below their market values. The median price is at $190,000 based on all real estate properties sold for the month. The said price is 9.2 percent higher compared to May 2009. New Florida Short Sale Law Takes Effect A new state law involving short sale transactions took effect at the beginning of July. According to the legislation, the amount of state sales tax a homeowner pays is reduced if their homes are sold at a price less than the mortgage amount owed and usually through a short sale. Florida will no longer collect on the difference of the mortgage debt and the selling price or the debt amount which was cancelled by the lender. This is indeed good news for homeowners who are on the fence about going through Naples short sale because they are worried of added costs such as state taxes. With this new law, a lot of underwater homeowners will definitely consider a short sale to prevent foreclosure. http://www.news-press.com/article/20100701/NEWS01/100630060/1002/141-Florida-laws-go-into-effect-today
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At the forefront of our market right now are short sales. As a Realtor in Florida I have been working with those who need to sell their homes as a short sale.
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