Approximately half of South Florida homes that sold in December did so at a loss for the seller. Statewide, close to half of all homes also sold at a loss in December.
It is becoming much more evident just how much home values have fallen in South Florida since the peak of the market. With more than 500,000 Florida homes receiving some form of foreclosure notice last year, it should come as no surprise that prices are continuing to tilt downward.
To put these numbers in perspective, nationally 28% of homes sold at a loss in the month of December. Florida's rate was nearly double that figure. It is a tough time for sellers that need to sell.
There are mixed views as to whether we have bottomed out or if more declines will be seen in the months ahead.
As a seller, you may qualify to sell your property as a short sale. It is not for everyone, but if you are in financial difficulty and your expenses exceed your income, a short sale may be an excellent alternative to walking away from your property and letting it foreclose. Short sales can be tedious, but they are becoming easier to work through.
It may very well be well worth the time and effort now to look at the short sale option while you have time to sell than wait until the lender is in the midst of foreclosing. Even if you are in the foreclosure proceed, many lenders will hold off on a foreclosure if they know you are actively working to short sale your property.
As a Short Sale Specialist who is CDPE certified (less than 25000 realtors nationwide) to handle short sales, we can assist you in all aspects of the sale of your home(at no cost to you) as a short sale allowing you to eliminate many of the negative consequences of a foreclosure.