MLS MONTHLY REPORT NOV ‘09
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 18,307 9,278 27585
Total Units Pending: 2,407 954 3,361
Total Units Sold: 2,030 632 2,662
Absorption rate: 11.09% 6.81% 9.65%
Avg Days on Market 88 days 111 days 93 days
Months of Inventory 9.0 mons 14.7 mons 10.4 mons
Sold vs List Price % 94% 92% 94%
Sold vs Original List Price % 75% 79% 76%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 6,681 5,519 12,200
Total Units Pending: 801 448 1249
Total Units Sold: 679 320 999
Absorption rate: 10.16% 5.80% 8.19%
Avg Days on Market 80 days 117 days 92 days
Months of Inventory 9.8 mons 17.2 mons 12.2 mons
Sold vs List Price % 93% 91% 93%
Sold vs Original List Price % 84% 75% 81%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 590 1411 2,001
Total Units Pending: 38 87 125
Total Units Sold: 34 72 106
Absorption rate: 4.07% 5.10% 5.30%
Avg Days on Market 111 days 123 days 119 days
Months of Inventory 17.4 mons 19.6 mons 18.9 mons
Sold vs List Price % 93% 92% 92%
Sold vs Original List Price % 79% 83% 81%
Tuesday, December 22, 2009
Monday, December 14, 2009
I am pleased to announce that I have just earned the National Association of Realtor "SFR" designation - the Short Sale and Foreclosure Resource designation. With such a large contingent of my business being short sales and bank-owned foreclosures, I felt my clients would be best-represented by a realtor who is certified in such areas.
I take pride in handling my short sales with dogged determination and efficiency. To date, I have closed 10+ short sales with excellent results for my sellers. The key to Short sale success is constant communication with all parties involved. It keeps the banks moving forward, the buyers engaged, and the sellers optimistic.
Here are a couple terms that may be new to you:
I take pride in handling my short sales with dogged determination and efficiency. To date, I have closed 10+ short sales with excellent results for my sellers. The key to Short sale success is constant communication with all parties involved. It keeps the banks moving forward, the buyers engaged, and the sellers optimistic.
Here are a couple terms that may be new to you:
- Convenient foreclosure: This occurs when the seller already has a second dwelling to move to and will allow their over-mortgaged property to be taken back by the lender, regardless of their monetary assets.
- Strategic foreclosure: An occurence where a homeowner will acquire a 2nd home BEFORE their 1st home goes into foreclosure with the express intent of allowing the 1st home to be taken back by the bank.
The bottom line: this massively-depreciated real estate market has affected just about everyone I know and I have re-committed myself to assisting embattled owners as best I can.
If you have any questions about the short sale process, just let me know. I don't profess to know EVERY thing about the sale process, as each bank is different. However, there are general rules that most banks adhere to and I'm always willing to share my knowledge to help a client.
Sunday, December 06, 2009
I recently had a client with an existing VA loan receive a notice in the mail concerning refinancing their loans with a company called Mortgage Investors Corporation. The company claimed they could save them thousands of dollars with an easy re-finance – all they needed to do was listen to a 15 minute in-home presentation. Following a hard pitch session at the owners home that lasted 4-5 hours, my clients were asked (and consented) to give the MIC rep a "good faith deposit" of $1000. HUGE RED FLAG!
IF YOU RECEIVE ONE OF THESE NOTICES, PLEASE READ THE FINE PRINT AND DO YOUR OWN RESEARCH!
Initial investigation finds that homeowners will have their loan converted to a HYBRID loan, which has a fixed rate for approximately 38 months and then slowly rises over the next 5-7 years, with a cap of 8% (this was told to my clients). This is in addition to fees and other costs put on the back end of the loan.
I am not saying what MIC is doing is illegal or fraudulent. Basically, they are taking a loan guaranteed by the government (VA loan) and modifying the terms for the homeowner. It’s a win-win for MIC…should the owner default, the government will cover the loan. Should the seller not default, they will have had upfront savings but back-end costs and possibly an interest rate much higher than their original rate. There are risks with this hybrid loan and homeowners contemplating this refinance would be well-advised to work the numbers thoroughly.
My local Better Business Bureau (http://www.bbb.org/west-florida/business-reviews/mortgage-bankers/mortgage-investors-corporation-in-saint-petersburg-fl-52003613) has recorded 114 consumer complaints against MIC.
Please remember, nothing is free. If it sounds too good to be true, it probably is. CAVEAT EMPTOR!
IF YOU RECEIVE ONE OF THESE NOTICES, PLEASE READ THE FINE PRINT AND DO YOUR OWN RESEARCH!
Initial investigation finds that homeowners will have their loan converted to a HYBRID loan, which has a fixed rate for approximately 38 months and then slowly rises over the next 5-7 years, with a cap of 8% (this was told to my clients). This is in addition to fees and other costs put on the back end of the loan.
I am not saying what MIC is doing is illegal or fraudulent. Basically, they are taking a loan guaranteed by the government (VA loan) and modifying the terms for the homeowner. It’s a win-win for MIC…should the owner default, the government will cover the loan. Should the seller not default, they will have had upfront savings but back-end costs and possibly an interest rate much higher than their original rate. There are risks with this hybrid loan and homeowners contemplating this refinance would be well-advised to work the numbers thoroughly.
My local Better Business Bureau (http://www.bbb.org/west-florida/business-reviews/mortgage-bankers/mortgage-investors-corporation-in-saint-petersburg-fl-52003613) has recorded 114 consumer complaints against MIC.
Please remember, nothing is free. If it sounds too good to be true, it probably is. CAVEAT EMPTOR!
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