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Short Sales Can Help Our Local Economy Recover | Springfield Mo Real Estate Market Report

By Kay Van Kampen

Real Estate Agent with RE/MAX Broker, RE/MAX 1999033519

January 15, 2012 11:10 AM

Short Sales Can Help Our Local Economy Recover | Springfield Mo Real Estate Market Report

Wondering how many foreclosures there are in the Springfield MLS system compared to non-distressed homes?

By the end of 2011, there was a total of 3874 homes on the market, with 312 that had sold. Out of the 312 that sold, 99 were foreclosures. That makes up about a third of the market.

Predictions are this year foreclosures will increase across the country and become half the sold properties in 2012.

Not good news for distressed home owners. But many can be saved if the seller's will contact a real estate agent and market their homes as a Short Sale, saving the homeowner from foreclosure and helping the economy recover faster.

Springfield Missouri Foreclosures and Short Sales

How does this help the local economy? If a homeowner successfully completes a Short Sale, within 2 years they will be able to re-enter the real estate market and purchase another home, instead of renting. A foreclosure will keep them from buying for 7 to 10 years.

Home ownership has been the backbone of our country for years. If you are thinking of Short Selling your Springfield Missouri home, contact me as soon as possible. We can help you save your credit and successfully sell you Springfield Mo Short Sale.

Statistics courtesy of Springfield Missouri MLS and Graph courtesy of Trendgraphix, Inc

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Rick Frissell

HomeXpress Realty - Valrico, FL

aka "The Red Baron of Real Estate"

Good post, good points. Amazing how we hear of people say "We will just let the bank take it back." Problem is, as you say, it can make it difficult to buy a house for a while and they face deficiency judgement for years. Lenders do not relish the idea of lending money with that possibility hanging out there.

Thanks for pointing this out to people.

Jan 15, 2012 11:30 AM

Kay Van Kampen

RE/MAX Broker, RE/MAX - Springfield, MO

Realtor®, Springfield Mo Real Estate

Rick, think about all the foreclosures we've had the past 5 years, then think about the buyers that might come back on the market starting in 2 years. It's taken 7 years to get them back, if they've been able to keep their credit scores up.

Jan 15, 2012 11:44 AM

Gabrielle Nemes

RE/MAX Realty South - Tumwater, WA

206.300.8421, S King & Pierce County RE Advocate

I'm looking forward to closing a few more short sales in our area this year than previous, hoping that the banks are truly finally on board with some of this. I thought the foreclosure re-purchase time was a bit quicker than 7-10 years though? more like 3-5? I wonder if this is different in different areas?

Jan 15, 2012 04:24 PM

Conrad Allen

Re/Max Professional Associates - Webster, MA

Webster, Ma, Realtor

Hi Kay - Is it typical for less that 10% of all listings to sell?

Jan 15, 2012 10:54 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Wow a third of the market is quite a large percentage! I hope things start to improve this year Kay!

Jan 15, 2012 11:47 PM

Gabrielle, I believe it's typical for a foreclosure to stay on your credit 7 years....longer sometimes. Versus a short sale that can drop your credit approximately 100 points, this is the best way to go.

Jan 15, 2012 11:58 PM

Conrad, no, 10% is the usual. If sellers want to sell, they must be agressive with their prices here.

Jan 15, 2012 11:59 PM

Bill, we just started tracking foreclosures here over a year ago. It's now easy to see the foreclosure sales. I look for more to show up soon.

Jan 16, 2012 12:01 AM

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400

The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY

Long Island Condo and Home Specialists

That's quite a number of foreclosures in MO...1/3 of the market sounds pretty steep so anyone thinking of giving their house away should call you for advice on how to hold on and save their credit!

Jan 18, 2012 08:57 AM

Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Kay, I hope your market will improve in 2012. Our market in Bucks County has not been hit as hard.

Jan 19, 2012 11:09 PM

Sheila Newton Team Anderson & Greenville SC

Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC

Selling the Upstate since 1989

another great thing in our area about short sales is that they sell higher than the foreclosures... that keeps our prices from going as low!

Jan 21, 2012 10:34 AM

Karen Kruschka

RE/MAX Executives - Woodbridge, VA

- "My Experience Isn't Expensive - It's PRICELESS"

Kay The percentage sold versus the number on the market would indicate your recovery is going to take a major shift in your economy

Jan 27, 2012 01:01 AM

Kay hopefully this is the year we finally start to see signs of a recovery. It will all start with getting most of the distressed properties off the market.

Jan 27, 2012 11:53 PM

Roy Kelley

Retired - Gaithersburg, MD

It is still a time of great opportunity for home buyers to take advantage of the available selection, attractive prices and record low mortgage interest rates. Short sales are situations that require agents that really under the process and requirements.

Have an outstanding week!

Always have your camera in hand to capture those special moments as you are out and about in your community and your travels.

Jan 29, 2012 06:47 AM

Lisa Wetzel

RE/MAX Realty Affiliates - Carson City, NV

CDPE, SFR carsonvalleyland.com

Kay ... I completely agree ... Short Sales appear to be our economic salvation!

Feb 05, 2012 01:40 AM

Short Sales Can Help Our Local Economy Recover | Springfield Mo Real Estate Market Report

Short Sales Can Help Our Local Economy Recover | Springfield Mo Real Estate Market Report

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