Blair's Market Update Parkland & Coral Springs, FL

By
Real Estate Agent with Re/Max Advisors

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36 Off Market (Cancelled, Temporary Off, Withdrawn) 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!

Comments (7)

Blair Damson
Re/Max Advisors - Parkland, FL
Thank you David and please keep me in mind for any of your customers heading to the South Florida.
Nov 17, 2007 04:52 AM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate
Welcome to ActiveRain, Blair! We've been seeing short sale activity increase in the Las Vegas market throughout 2007. It's unfortunate for regular sellers, as it tends to artificially drive prices down. Could be another 9-12 months before our market sorts this out.
Nov 17, 2007 12:51 PM
Leo Namiot - LeoLends.com
Canopy Mortgage - Leo Namiot - Saint Augustine, FL
More than just great rates

Hello Blair,

   Welcome to active rain, it's a great online community....Enjoy!

 

Leo Namiot

Benchmark Mortgage

Connecticut Mortgage Lender

http://www.leolends.com/

Nov 17, 2007 01:09 PM
Peg Gilliland
Charlottesville Solutions - Charlottesville, VA
Broker, GRI, CDPE
Welcome to activerain.  I hope you find it as much of a resource as I have!  Happy blogging!
Nov 17, 2007 02:20 PM
Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876
Hey Blair

I see this is your first post on Active Rain.  Congratulations!!  I just wanted to welcome you to a fantastic Real Estate Industry Network!  Welcome aboard, I hope you'll continue to blog, and invite others.  Wishing you all the best here and in your business.

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I hope you'll find these to be useful tools in helping you get started here on Active Rain.  You will meet many wonderful people here!! Again, welcome to Active Rain, the best place to start your Blog!

Good Luck to you and your business!
Nov 17, 2007 02:36 PM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Blair,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Nov 17, 2007 04:50 PM