I really like this snapshot put together by the My Florida Regional MLS. This information presented shows the changes in home sales over a set period of time.
What I really find facinating about statistics is that you can make them say almost anything that you want them to say to support your point of view.
Are homes selling more than in the past? It definately appears so. But I ask myself, does this chart show me the following:
- What is the average home price sold?
- Are these Bank Foreclosures finally coming off the banks balance sheet?
- How many of these homes are Short Sales, where the bank is finally making an effort to answer someone's offer?
- What was the average days on the market (DOM)?
- What was the average price difference between the asking price and the initial sales price?
- How many of these homes were bought by investors for cash?
- How many of these homes that sold were put right back on the market a month later for rent?
- How many of these bought homes are sitting vacant?
- What was the breakdown in credit score for individuals that bought homes?
- How many of these homes were sold to someone that lives outside of Florida?
These are some of the questions that in turn will determine the strength of our housing market. I do believe that homes that are well priced, in good condition, will sell. I do believe that there are still many people out there looking for lifetime deals, but they are not having that much luck. Investors and Investment Companies are very savvy on buying Real Estate. By the time you see it, a good investor has already decides if they want to make an offer on this home.
The Great Tampa Association of Realtors had a training seminar last week that I attended. The one common theme that Realtors and Real Estate Agents (yes, we are different - but can both help you buy/sell a home) are talking about is how incredibly FAST Bank Owned Homes are selling. 1-4 days and it is usually SOLD.
If you are looking for one of these, I would suggest having your pre-approval in hand and your Realtors number on speed dial. You have to work very fast!
Thank you all and have a Great Day!
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