If you're in the market to purchase a home, certainly you (or your Agent) has come across more than your fair share of Short Sale listings during your hunt!
Currently, Short Sale listings account for over 34% of the "Active" listings in Hillsborough County on the Mid-Florida Regional MLS; there are 3,107 currently active Short Sales. In comparison, there are merely 425 Bank-Owned Foreclosures here in Hillsborough.
It's becoming clear that many home buyers who are still in the market to find their dream home, now need to also include the Short Sale in their search criteria. Here are just a several reasons:
- Available Inventory: 3,107 of the 9,106 active listings in Hillsborough.
- List Price Per Square Foot: Short Sales average list price is $77.46/sf.
- Sold Price vs. List Price: Short Sales averaged a sale price of 95% of list price.
(Source: Mid-Florida Regional MLS Statistics, as of June 9th, 2010 for Hillsborough County dating back to January 1st, 2010)
Again, these are just a few examples; there are many, many more! The bottom line here is that Bank-Owned Foreclosures, while a hot topic & commodity among investors & home buyers alike, are becoming harder and harder to obtain. Many REO's are receiving multiple offers, and essentially become a bidding war, like that of an eBay style auction where you don't know what your competitor has bid. Many of these REO's are being sold for over their list price!
Short Sales have now become a dominant part of our Tampa Bay Real Estate Market. With over 5,000 properties currently under contract or under negotiations (as per the MLS), Short Sales make up over 64% of that figure; a whopping 3,237 of them, to be exact! Just since January 1st of this year, there have been 1,503 successful Short Sale closings here in the Bay area, while just 1,306 successful REO / Foreclosure closings.
These statistics and figures are just something for you to consider. I personally specialize in the Bank Owned Foreclosures, but we've had some great success buying Short Sales with, and for, several of our clients. Don't overlook that Short Sale, especially if it is THE house you want to buy! Patience can pay dividends!
Comments
Great article Josh, keep up the Great work!!
Very educational, thanks, I've been doing some research and see a lot of short sales but had no idea selling over their list price. Still, it seems they are a good deal. As soon my house sells I'll dedicate myself to short sales.
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