I get a lot of questions regarding how the real estate market is doing in our area.  There's lots of media and talk about the industry and the economy in general.  With that in mind, I thought I would send out a brief note regarding what the real estate market looks like in our area at the present time. The statistics below were pulled from multiple listing data on May 27th and reflects the entire MLS area which includes several surrounding counties.

You may have heard someone talking about short sales.  A lot of people are unfamiliar with the term.  A short sale occurs when the owner and the bank agree to sell the property for less than the amount owed, with the bank "forgiving" the owner for the remainder of the debt.  As you can see, there's allot of that going on, about 10% of all the homes for sale in our area.  There's a lot of paperwork involved and many rules for qualifying.  However, the out come if positive is much more favorable to the borrower than a foreclosure.  A foreclosure negatively affects a borrower's credit for seven years; a short sale only one or two years.  Big difference.

For those of you with condos here are a few stats for you:

You can do the math.  The numbers are not as bad in this category.

 

With all of that said,  it's still a very good time to buy.  The Federal Government has declared a $3,500 per year tax credit for 2 years if you purchase a foreclosed property.  Interest rates are still at record lows.  However, your credit must be good in order to qualify for the excellent loan packages that are out there!

 

Homes that are priced where they should be are selling.  If you (or anyone you know) are thinking about selling your home, let us know.   I will do a free market analysis for you to help you determine what your home is worth in today's market.

 

Have a great weekend!

David Cool, REATLOR & Mortgage Broker
904 338-4601

www.DavidCoolRealtor.com

info@DavidCoolRealtor.com