Lake Mary Homes For Sale

Homes & Condos for sale:  377
Properties listed as short sales: 108 or 29%
Bank Owned/REO Properties:  38 or 10%

We have seen a stabilization of the inventory of homes over the past 4 months, which is a positive indicator, but there are many homes that are bank owned that are empty and will be resold, we call those homes “Shadow Inventory” this is an unknown number that could impact our market in a negative manner.  Currently, distressed properties make up 39% of the available homes for sale in Lake Mary, Florida [up 3% from last month].

Lake Mary Homes Under Contract

Homes & Condos under contract:  190
Short Sales:  108 or 57%
Bank Owned/REO:  31 or 17%
Distressed Properties make up 74% of the homes under contract.

Lake Mary Home Sales

February Home Sales:  38
Short Sales:  6 or 16%
Bank Owned/REO:  12 or 32%

Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  48% of the homes sold in Lake Mary, Florida during the month of February were distressed properties.

What February’s Lake Mary Real Estate Statistics mean to homebuyers… It’s easy to see that the majority of homes under contract are distressed property, buyers flock to them because of attractive sales prices.  Short Sales make up an overwhelming majority of the homes under contract and also make up the majority of transactions that don’t close.  When buying a short sale, knowing the facts of the transaction up front make a huge difference; the number of loans, the seller’s hardship, the status of a foreclosure if the seller has missed payments, but the listing agent and selling agent’s experience is the most important.  Some of the most knowledgeable REALTORS who are succesfuly completing short sales are Certified Distressed Property Experts or CDPE’s, so if you are thinking about buying a short sale, make sure your agent is a CDPE.

Real Estate Market Trends and The Lake Mary Homeowner...  You can’t fight it, Distressed Properties are here to stay.  I know that these homes are often abused and mistreated, but they currently account for half the homes that are selling and understanding how to compete with short sales is essential to a successful sale.  Your home must be priced competitively to compete, the condition and maintenance must be impeccable and great photos in the MLS to lure buyers in.

Lake Mary Homes For Sale

Homes & Condos for sale:  379
Properties listed as short sales: 103 or 27%
Bank Owned/REO Properties:  35 or 9%
The available inventory of homes for sale has been stabilizing over the past 90 days.  Currently, distressed properties make up 36% of the available homes for sale in Lake Mary, Florida.

Lake Mary Homes Under Contract

Homes & Condos under contract:  164
Short Sales:  103 or 66%
Bank Owned/REO:  21 or 17%
Distressed Properties make up 76% of the homes under contract.

Lake Mary Home Sales

January Home Sales:  47
Short Sales:  11 or 23%
Bank Owned/REO:  16 or 34%

January Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  57% of the homes sold in Lake Mary, Florida during the month of January 2010 were distressed properties.

What this means to Lake Mary homebuyers and homeowners… We continue to see distressed properties entering the market place at prices that are under market value and these homes are selling, often within days of being listed.  This is an opportunity for buyers to purchase homes at a much more affordable price, but “traditional sellers” who are not in distress are compelled to compete with short sales and foreclosures or wait for a buyer who’s desire for their property out ways their need to get a “deal”, and yes this does happen.

Please contact me for detailed information about homes that are currently on the market or have recently sold.  If you have questions about current market trends or if you would like a valuation of your property’s current market value, I’m always here to help.

Lake Mary Homes For Sale

Homes & Condos for sale:  366
Properties listed as short sales: 103 or 28%
Bank Owned/REO Properties:  20 or 6%
The inventory of homes for sale has remained stable during the past 60 days.  Distressed properties make up 34% of the available homes for sale in Lake Mary, Florida.  An increase of 4% over December 1, 2009.

Lake Mary Homes Under Contract

Homes & Condos under contract:  142
Properties listed as short sales:  93 or 66%
Bank Owned/REO Properties:  24 or 17%
Distressed Properties make up 83% of the homes under contract.

Lake Mary Home Sales

November Home Sales:  70
Properties listed as short sales:  12 or 17%
Bank Owned/REO Properties:  23 or 33%

December Home Sales in Lake Mary, Florida

Lake Mary Real Estate Market Fact:  50% of the homes sold in Lake Mary, Florida during the month of December 2009 were distressed properties.  This is a 5% increase from the month of November.

What this means to Lake Mary homebuyers and homeowners… We continue to see distressed properties entering the market place at prices that are under market value and these homes are selling.  This is an opportunity for buyers to purchase homes at a much more affordable price, but “traditional sellers” who are not in distress are forced to compete with these homes in an open market and often have to price their homes in line with short sales and foreclosures.  Staying informed of your home’s value is very important.  Please contact me if you have questions about current market trends.

Questions about buying or selling a home in Lake Mary, Florida?  Feel free to call/text or email me anytime for the answers!

Lake Mary Homes For Sale

Homes & Condos for sale:  380
Properties listed as short sales:  94 or 25%
Bank Owned/REO Properties:  19 or 5%
Distressed Properties make up 30% of the homes for sale in Lake Mary.

Lake Mary Homes Under Contract

Homes & Condos under contract:  170
Properties listed as short sales:  101 or 60%
Bank Owned/REO Properties:  30 or 18%
Distressed Properties make up 78% of the homes under contract.

Lake Mary Home Sales

November Home Sales:  63
Properties listed as short sales:  11 or 18%
Bank Owned/REO Properties:  17 or 27%

55% of the homes sold in Lake Mary in November were not distressed.

Lake Mary Real Estate Market Fact: Currently only 30% of the homes in the inventory available are distressed properties, but 78% of the homes under contract are distressed properties.

What does this mean to you… the Lake Mary homebuyer or homeowner? It means that many of the homes that are traditional sales are being overlooked for distressed properties that are often priced under market.  If you are considering selling your home as a “traditional seller” you have to compete with the current pricing of the distressed sales, it can’t be avoided.

Lake Mary Real Estate Market Fact: 55% of the homes sold in November were “traditional sales”.

What does this mean to you… the Lake Mary homeowner or homebuyer? It means that even though distressed properties make up 78% of the homes that have contracts written on them, those proerties are not closing in a timely manner.  If you are considering purchasing a distressed property, you need to have a flexible timetable to close.  If you are selling your home and it is not a distressed sale, you need to promote the fact that your home is ready to buy today.

Questions about selling your home in Lake Mary… Feel free to call or email me anytime for the answers!

I spend a portion of each day searching for properties for my clients, I’ve read thousands of property descriptions and feel like I’ve looked at millions of photos.  One constant theme seems to run true, updates are being confused for upgrades.

I know the word ‘upgrade’ sounds luxurious, but how often is it used to describe the replacement of something that was worn out with something, well, that isn’t special, it’s just new.  Upgrades are “quality improvements” over and above what you expect to find.

I like to think of it this way…  Have you ever flown ‘First Class’?  it is definitely an upgrade.  It’s not just new upholstery on a coach seat.

No doubt in my mind that this is an ‘First Class’ kitchen, how about you? [photo Courtesy of Kitchen Art Design Center of Orlando].

I think much of the confusion started when Home Builder’s starting charging for items that should have been ’standard’, but instead they found a new revenue tool to increase profits.  Builder “Upgrades” are a high profit- low expense option…

What does this mean to you… a Lake Mary home buyer or seller?  In today’s market, where competition is fierce and home buyers are looking for the best ‘deal’, they won’t  pay more for updates, they have come to expect them.  The truth of the matter for homeowners is that upgrades often won’t fetch a high percentage return on investment in the current market climate, but they will help attract buyers and get the deal done.

REAL ESTATE QUESTIONS OF THE WEEK:

Why are some Bank Owned Homes for sale in Lake Mary priced so low?

No one will argue that these are trying times…  The economy, housing market and health care are on the minds of many.  Homebuyers today are looking for the best deals and often this means that they are interested in Bank Owned Homes / Foreclosures.

Bank Owned homes are selling… and they are selling fast.

There is a reason that many of the foreclosures that go on the market sell within days or even hours, the Bank that owns these homes prices the homes under market value.

Why do banks under price their foreclosure inventory?

• The Bank just want to get the nonperforming asset off the books.

- or -

• The Bank wants to generate a lot of interest in the property with the “low” price with the desire to create a multiple offer situation, therefore driving the sales price upward.

I have been involved in so many multiple offer situations involving foreclosures within in the past year that I’ve lost count.  Some successful, but many are not.  Homes that seemed to be priced “to good to be true” were, with the offers coming in far above the list price and buyers left wondering “what if”…

If you are considering buying a bank owned home in Seminole  County, realize that the “list price” may just be the opening bid and that if you really want to purchase the home you may have to make a considerably higher offer.

Note – Every situation is different, if you are considering purchasing a bank owned home please seek the advice of a professional.

Everyone is talking about Buying a Foreclosure Property…

Why Is It Called A Short Sale When It Takes Forever To Buy The House?

I get this question about once a day from Lake Mary homebuyers.  Most people assume that because they hear “short sale” it must mean that it takes a “short” amount of time to buy the home.  Unfortunately, it is often times not a short period of time at all.

A short sale typically refers to a property that is for sale, where the homeowner owes more to the mortgage holder(s) than what the current market value of the home.  The mortgage holder(s) has to agree to take less money for the payoff the mortgage than what they are owed, hence the term “short sale” refers to the bank being “shorted” on their payoff.  Sometimes there are two mortgages (1st and 2nd mortgage) and the first mortgage can be paid in full from the proceeds of the sale but the second cannot, often times the second mortgage holder will not accept the balance of the proceeds from the sale and effectively terminates the sale because of their resistance to take less money than they are owed.

There are what seems to be an endless amount of scenarios that could be possible in a short sale, but one thing remains the same, it often takes weeks or even months to negotiate acceptable terms with the mortgage holder(s) to facilitate the sale.

Often times, the only thing that is “short” during a “short sale” is your patience.

If you are considering purchasing a short sale in Lake Mary or Seminole County Florida please refer to these valuable resources:

Buying  A Lake Mary Short Sale?  Buckle Your Seat Belt…

Understanding Lake Mary Short Sales

Buying a Short Sale in Seminole County can be a Roller Coaster Ride…

Important factors to consider when buying a Lake Mary Short Sale…

Excitement, Frustration, Hope, Desperation, Anger, Disappointment, Disgust & Elation!  These are the feelings that a Lake Mary Homebuyer is likely to have during the 3rd party approval process of a home that is a short sale… And that’s during a sale THAT ACTUALLY ENDS UP HAPPENING.

Once you write a offer on a short sale you could be waiting weeks and often months for an answer from the seller’s lender. Should you consider writing an offer on a short sale?

Short sales are not for all Seminole County Home Buyers:

• If you have a specific timetable to meet… Don’t write a contract on a short sale.
• If you can’t accept the property in the condition that it is today… Don’t write a contract on a short sale.
• If you don’t have a backup plan… Don’t write a contract on a short sale.

If you are considering the purchase of a short sale…talk to a REALTOR.  Your REALTOR will advise you about the process and whether or not you are a candidate to purchase a short sale.  The process is often long and leaves many without a successful conclusion, be prepared for that outcome in advance.

Do the rewards often times out way the risks? Sometimes, but only you can decide if you are willing to wait, once you know all the facts.