Monday, October 25, 2010

Foreclosure halt may boost home sales

Source:   Jacksonville Business Journal, October 21, 2010

NORTHEAST FLORIDA ” Bank-halted foreclosures and the nationwide probe into the validity of bank documents could mean an upswing in traditional sales of seller-owned properties, area real estate agents say.

Sales of foreclosed properties, or real estate-owned, known as REO, properties, accounted for 51.4 percent of all Northeast Florida residential sales in August, according to the Northeast Florida Association of Realtors. Earlier this week, Bank of America and GMAC Mortgage said they would restart home foreclosures after not finding problems in their procedures.

Restarting the foreclosures can only help real estate, said Sean Snaith, director of the University of Central Florida™s Institute for Economic Competitiveness. The foreclosure moratorium was Ĺ“delay[ing] the ultimate recovery of the housing market and pushing the pain into the future by delaying reabsorption of the foreclosed homes back into the market.

But with a cloud of uncertainty still hanging over foreclosed properties, some real estate agents said they were turning clients™ attention to seller-owned and brand new homes instead.

Although the price of a seller-owned property may be far less than what it once was, it™s still considerably more than a foreclosed property or one that™s sold via short sale. NEFAR reported Oct. 12 that the average median price of seller-owned properties in the area was $180,000 in September, when the average median price of lender-mediated home sales was $84,000. …

Read the full article  @ Jacksonville Business Journal.  

Are you upside down or under water with your home? Worried about losing value? Now may be the best time to sell. Read the information at or contact us today for a confidential consultation of your options.

Monday, October 18, 2010

Fleming Island neighborhoods ever-so-slightly stronger than region

Homes sales decline in Northeast Florida, by Ashley Gurbal

Jacksonville Business Journal, Tuesday, October 12, 2010

Sales of single family residences and condominiums were down last month by 14.5 percent compared to September 2009, according to figures Northeast Florida Association of Realtors released Tuesday.

NEFAR reported there were 1,178 sales in September, compared to 1,377 last year. Of those, 645 were lender-mediated sales, and the average median price of those dropped 23.6 percent, from $110,000 to $84,000.

However, prices for the 533 traditional sales increased by 8.6 percent in price over last year™s median; rising from $165,750 to $180,000.

How does the Fleming Island market compare to the rest of the region?   The Galli Team™s Monthly Report Card for September shows the Fleming Island market to be ever-so-slightly stronger than the rest of the region.

In Eagle Harbor, home sales in September were actually up a whopping 38% over September 2009, but the sold price per square foot was down 27%. Fleming Island Plantation™s prices seem to be stabilizing, down only 4% over September 2009, but the number of homes sold was 17% lower than last year.

NEFAR reported 55% of the region™s sales were distressed/lender-mediated.  Fleming Island Plantation reports similarly:   60% were short sale, pre-foreclosure, or foreclosure sales. Only 27% of Eagle Harbor™s sales in September were distressed properties, but the number is creeping up “ 20% of the total for 2010 falls into this category.

What does this mean for you?

If you are thinking of buying a home, now is an amazing time to do so. Prices are at levels we have not seen in years, but there are signs of stabilization. Our agents can help you move quickly and find your perfect home.  

If you thinking of selling your home, you must seek the professional assistance of a real estate expert. There are buyers moving into the area and there are buyers still looking to move up, but pricing and position are the two most important factors in selling a home in this market.

Check back soon for more Fleming Island market news or email me for specific information about the value of your home.