real estate real estate
The Local Market S t o r y by J o - A n Lus k
If you are one to watch the nightly news, you have heard recent reports that “...the housing market is making positive strides...” or something like that. Yes, it is always good to hear the media saying what Realtors have been saying for several months now. Local real estate markets have been experiencing an increase in sales and pendings since late 2009. From February to March (2010) the number of homes sold in Plant City increased 41%, compared to the last 6 months’ increase of 17%. The number of homes that went under contract (pending) increased February to March by 25.5% compared to the last 6 months’ increase of 37.2%. Interestingly, the Average Days on Market across the Plant City area is 97 days at the end of March. Keep in mind this includes short sales that actually closed; and this is good news as new rules and guidelines went in effect last month that will hopefully continue to improve the short sale market. Another point to make is the Average Sale Price of $131,000 at the end of March. The six-month high of $150,000 was in February, however, March and April saw a number of REO properties (Real-Estate-Owned/ Bank-Owned) sell quickly. These homes, as well as HUD-owned homes are hitting the market and selling fast as they are priced for quick sales. Multiple offers, bidding highest and best are seeing an increase as buyers are seeing the benefits of these investments. The Average Price per Square Foot of $71 (heated sq ft) was the lowest since October 2009.
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may 2010 thefocusmagazine.com
An interesting piece of data is the Average List Price: as of March the average “on-the-market” price of $215,000 is the lowest in 6 months, and is 17% lower than the high of $248,000 back in November of ‘09. Several factors drive that including REO properties, Short Sales, and maybe the fact that Sellers are becoming a bit more realistic as they realize the competition IS the REO or the short sale. Just ask an appraiser. My question to Sellers: Do you want to be On-The-Market...or In-TheMarket? And, even more important still: What is your motivation to sell? If you are the seller who is (still) saying: “We are going to put it on the market and see what happens” or “... wait for the market to come back”, then you are still wasting your time and your Realtors’ time (and money) because the market, although recovering, will be SLOWLY recovering for years to come. Predictions are at the rate of 3%; patience will be a virtue. While there are certainly some great investment, first-time and move-up buys out there, don’t forget about the new home market. Park Place, the newest development on North Gordon St., is promoting Energy Efficient homes under $200,000 and DR Horton communities in Whispering Woods are great affordable homes and priced competitively. Despite today’s economy, home ownership remains the foundation of the American Dream, and Realtors help to bring buyers and sellers together.