Winter Springs, FL

Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
PINEBRANCH	10/06/09	$140,000	$100,500	2	2	1549	N
BIG BUCK	10/22/09	$199,000	$153,000	4	2	1607	N
FOX GLEN	10/01/09	$197,900	$168,500	4	2	1792	N
SENECA MEADOWS	10/30/09	$435,000	$280,000	6	4	3474	N
MORTON	10/14/09	$375,000	$250,000	3	2	2034	Y
CANOPY	10/26/09	$440,000	$295,000	4	2	2963	N
BIRD	10/23/09	$365,000	$130,000	4	3	3150	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

Because the payoff of a loan will be ‘shorted’ by a significant amount, the mortgage lender must approve a Short Sale. Handled properly, the likelihood of successfully selling your house as a Short Sale is high. Once the Short Sale is behind you, you can often get on with your life with hardly a backward glance.

A Short Sale is nothing more than putting your house up for sale in the usual manner, waiting for a qualified buyer just like any other home seller would, facing a few extra hurdles, filling out additional paperwork, waiting a bit longer for the closing to take place, and finally moving out and moving on.

Real benefits come with selling your house as a Short Sale. Among them are: 1) substantially reducing or completely eliminating financial liability, 2) minimizing damage to your credit rating, 3) emerging from bad credit quicker than you would with a foreclosure, and 4) having a sense of satisfaction that you’re taking care of the problem proactively and responsibly.

The following are the market sales statistics for Winter Springs, Seminole County, Florida for October 2009. Winter Springs is made up of the zip code 32708. For purposes of this analysis we are only splitting the data according to single-family homes vs, condominiums, townhomes and villas.

A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active.

The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of properties sold.

The sales to list price ratio is just that, you're dividing the average sales price by the average list price and coming up with a percentage that tells you how much of the list price the average homes sold for.

There needs to be a disclaimer here. These stats are only as good as telling us what it being purchased and happening at a certain period in time. Also, it needs to be fully understood that not only is real estate local, but it is hyper-local. What this means is that the trends that we hear about are overall. Let's put it this way, what's happening in one neighborhood, may not be realized in the neighborhood next door.

Additionally, these are only monthly statistics and to get a better scope of what is happening, you need to look at a longer period of time. More high-end homes might be sold in one month as opposed to another. By looking at a longer period, you will get a better overall picture. It is all relative and this has to be understood when utilizing these stats.

Single-Family Homes

40 homes sold during the month of October.

The average sales price is $259,037 with 131 days on the market.

The median sales price is $204,950.

The sales to list price ratio is 94%.

The most expensive home sold for $699K in Wicklow Greens at Tuscawilla and was on the market 581 days

The least expensive home sold for $54,000 in Deersong after 78 days on the market.

The average sales price for the same period a year earlier was $272,271 with 157 days on the market and a sales to list price ratio of 94% on 27 sales, an increase of 48%.

The month to month changes show an increase in the average sales price of 2% and a decrease in the median sales price of 8%. There was an increase of 48% in sales volume with no change in sales to list price ratio.

Condos, Townhomes & Villas

9 homes sold

The average sales price is $121,810 with 150 days on the market.

The median sales price is $128,000.

The sales to list price ratio is 90%.

The most expensive townhome sold for $175,000 in Heritage Commons and was new construction.

The least expensive sold for $58,800 in Serenity at Tuskawilla Condo after 198 days on the market.

The average sales price a year earlier was $146,333 with 87 days on the market and a sales to list price ratio of 93% on 6 sales, a 50% increase.

The month to month changes show an increase in the average sales price of 22% and an increase in the median sales price of 23%. There was a decrease in sales volume of 25% with a 6% decrease in the sales to list price ratio.

For information on Winter Springs and Seminole County real estate and Winter Springs and Seminole County homes for sale in addition to Winter Springs and Seminole County relocation contact Marc Grossman, your Winter Springs and Seminole County Realtor @ 407-463-1034. Additional information is available for Seminole County real estate, Orange County real estate, West Volusia County and South Lake County.

To learn more about Marc and the services he has to offer, visit his website.

Marc Grossman, GRI - http://www.OrlandoHomes-4u.com/ - 407-463-1034

You can read Marc's other blogs Real Estate Morsels, Real Estate Off The Leash & Real Estate Cracker

Marc donates 10% of his net proceeds to Hospice of the Comforter.

Marc It Sold!

The following are the market sales statistics for Winter Springs, Seminole County, Florida for September 2009. Winter Springs is made up of the zip code 32708. For purposes of this analysis we are only splitting the data according to single-family homes vs, condominiums, townhomes and villas.

A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active.

The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of properties sold.

The sales to list price ratio is just that, you're dividing the average sales price by the average list price and coming up with a percentage that tells you how much of the list price the average homes sold for.

There needs to be a disclaimer here. These stats are only as good as telling us what it being purchased and happening at a certain period in time. Also, it needs to be fully understood that not only is real estate local, but it is hyper-local. What this means is that the trends that we hear about are overall. Let's put it this way, what's happening in one neighborhood, may not be realized in the neighborhood next door.

Additionally, these are only monthly statistics and to get a better scope of what is happening, you need to look at a longer period of time. More high-end homes might be sold in one month as opposed to another. By looking at a longer period, you will get a better overall picture. It is all relative and this has to be understood when utilizing these stats.

Single-Family Homes

27 homes sold during the month of September.

The average sales price is $254,446 with 116 days on the market.

The median sales price is $222,500.

The sales to list price ratio is 94%.

The most expensive home sold for $740K in Bear Creek Estates and was on the market 133 days

The least expensive home sold for $42,750 in North Orlando Townsite after 240 days on the market.

The average sales price for the same period a year earlier was $234,112 with 184 days on the market and a sales to list price ratio of 95% on 24 sales, an increase of 13%.

The month to month changes show an increase in the average sales price of 39% and an increase in the median sales price of 27%. There was no change in sales volume nor sales to list price ratio.

Condos, Townhomes & Villas

12 homes sold

The average sales price is $99,856 with 162 days on the market.

The median sales price is $103,750.

The sales to list price ratio is 96%.

The most expensive townhome sold for $161,680 in Heritage Commons and was new construction.

The least expensive townhome sold for $49,000 in Moss Place after 151 days on the market.

The average sales price a year earlier was $196,359 with 72 days on the market and a sales to list price ratio of 97% on 3 sales, a 300% increase.

The month to month changes show an increase in the average sales price of 4% and an increase in the median sales price of 16%. There was no change in sales volume with a 3% increase in the sales to list price ratio.

For information on Winter Springs and Seminole County real estate and Winter Springs and Seminole County homes for sale in addition to Winter Springs and Seminole County relocation contact Marc Grossman, your Winter Springs and Seminole County Realtor @ 407-463-1034. Additional information is available for Seminole County real estate, Orange County real estate, West Volusia County and South Lake County.

To learn more about Marc and the services he has to offer, visit his website.

Marc Grossman, GRI - http://www.OrlandoHomes-4u.com/ - 407-463-1034

You can read Marc's other blogs Real Estate Morsels, Real Estate Off The Leash & Real Estate Cracker

Marc donates 10% of his net proceeds to Hospice of the Comforter.

Marc It Sold!

These smart homeowners didn’t have to lose their house to foreclosure. Instead, they hired a real estate agent to help them sell their house as a Short Sale.

By finding a ready, willing, and able buyer, they were able to stop foreclosure proceedings in their tracks and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a promissory note for a percentage of their total obligation. The important thing, however, is that they were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or even less — they’ll be able to purchase a new home with a conventional mortgage.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
LA PALOMA	09/11/09	$159,900	$125,000	3	2	1407	N
WARRINGTON	09/16/09	$325,000	$293,900	4	2	2672	Y
SUPERIOR	09/09/09	$325,000	$310,000	4	3	2752	Y
ARBOR GLEN	09/23/09	$360,000	$285,000	4	3	2757	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

What is a Short Sale?

A Short Sale occurs when market conditions make it impossible to sell a house at a price that allows the borrower to pay off the mortgage loan and associated closing costs in full. In these cases, the mortgage lender must agree to Short Sale terms before a house can be sold. Why? Because the payback of the loan will be ‘shorted’ a significant amount and the lender will be forced to take a loss.

Understanding How a Short Sale Can Often Help

Mortgage lenders must cooperate with borrowers in order to facilitate a Short Sale. Doing so helps them avoid the even higher costs associated with foreclosure proceedings.

Selling a house as a Short Sale can be complicated and time-consuming. The same proof of financial condition submitted when the homeowners first took out their home loan must be submitted anew in order to successfully settle the loan under Short Sale conditions. Lenders must evaluate each Short Sale on a case-by-case basis, and the approval process can often be long and frustrating ... or sometimes short and sweet.

Once a purchase contract is being considered for a Short Sale, foreclosure proceedings, if there are any, can usually be put on hold.

In order to approve a Short Sale, lenders take into account several factors, among them the borrowers’ personal and financial situation, local real estate conditions, the market value of the house, and the strength of the purchase contract. Borrowers must also make a convincing argument that they —

• Cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other long-term financial crisis
• Have no choice but to sell their house
• Can’t repay the loan in full given current market values

The Process of a Short Sale

Homeowners must jump through a few extra hoops, but these extra tasks are no more difficult than the process they originally went through to purchase their house.

• Put House on the Market - Because the borrower’s lender must validate that the house was marketed and contracted at arm’s length, a homeowner cannot sell the house on his own but must list it with a real estate broker.
• Short Sale Package - Once a Sale & Purchase Contract is finalized, homeowners must assemble personal financial information that will be submitted to their lender in support of making their Short Sale claim.
• Selling & Marketing Package - Your real estate agent should put together a Market Report reflecting the selling circumstances of the house as well as the real estate conditions of the neighborhood and town.
• Lender Approval - After the lender has received everything, they will order an Appraisal or Broker’s Price Opinion, which is an independent determination of the house’s market value. Then, after evaluating everything, the bank will make a decision.

As difficult as a Short Sale may be, it’s important for homeowners to be prepared for anything and to proactively deal with any problems that come along. It’s also important for them to also contact an attorney and/or tax accountant.

The problem with Combo Lockboxes . . .

If you are thinking of selling your home. Make sure you use an electronic lockbox. Combo boxes are not secure. With an electronic lockbox, only REALTORS can get in and the lockbox will keep a record of who has been in the home. i have shown several homes with combo lockboxes and the code is still turned to on the lockbox. All I have to do is open it and there is no way to tell who left it open.

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