Week of October 29th - November 4th, 2007
1,536 Single Family Homes For Sale
(Parkland - 449, Coral Springs - 1,087)
70 New Listings For The Week
12 Homes Went Into Pending Contracts (0.8% Pending Rate)
Under $300,000 = 2
$300,000 - $500,000 = 6
$500,000 - $700,000 = 2
$700,000 - $900,000 = 0
$900,000 - $1,100,000 = 1
Over $1,100,000 = 1
130 Price Reductions
36 Off Market (Cancelled, Temporary Off, Withdrawn)
Although there appears to be more buyer activity out in the market place the weekly pending contracts are not reflecting this presence. A growing new trend in the market place is a "Short Sale" property and this can affect the chance of you selling your home. A simple description of a "Short Sale" is when a seller owes more in mortgages than the home is worth and the bank is willing to accept less on a mortgage payoff.
For example, a seller bought his home for $500,000 in 2005 and the seller now owes $480,000 to the bank in mortgages. The home is only worth $440,000 in today's market. The seller owes $40,000 more than the home is worth, but the bank agrees to forgive the $40,000 difference if the seller can sell his home. Currently the seller can have tax liabilities for the $40,000 being forgiven, but it allows a desperate or financially burdened seller to price their home very aggressively, which is when these homes compete with yours. We are seeing more and more "Short Sales" homes coming on the market as well as foreclosure properties. Pricing your home as aggressively as possible will help it get sold faster!