Saturday, February 13, 2010
MORE NEWS ABOUT HOME SALES...
The median single-family home in Palm Beach County sold for $238,000 in January – 9 percent higher than in 2009, according to the Realtors Association of the Palm Beaches. Inventory in January was down to eight months, less than half of what it was in January 2009. Are we experiencing the start of a seller's market?
Realtors say part of the problem is that people hear the hype about the down market and expect to find a steal in a great neighborhood. Last year, more than 500,000 Florida homes received some type of foreclosure notice, according to RealtyTrac who charts foreclosures. But while foreclosures are usually priced low, they’re not always good deals. They could be tagged with liens, have missing appliances or be in general disrepair.
Buyers have said banks will sometimes set a low asking price on a short sale to attract buyers, but with no plans to actually settle for that price. While short sales have traditionally taken months to settle, new federal guidelines that go into effect in April require banks to respond to short sale offers within 30 days.