Myths and Reality of Foreclosures Sold in Weston, Pembroke Pines-Miramar Florida
October 8th, 2009 categories: General RE Info, Great Deals, Market Update, Tips For Buyers
Single Family Homes Foreclosure Sales in Numbers
In my personal Facebook account I have no idea how many of my friends are fellow Real Estate agents, but I can tell you that MANY. Yesterday the following Video kept coming and I couldn’t resist the temptation to share it with you. At the beginning I had second thoughts if I should post it. That is the perception among many Real Estate agents and Buyer; sadly in certain way it is not far from the truth in our every day dealings.
Since I am believer that numbers don’t lie I researched what happened in the West Broward Market regarding Foreclosure Sales in the last 6 months.
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I counted 201 Sales of Bank Owned-Foreclosed Properties in the area in the last 6 months.
93 Sold below Asking price.
Min. -0.04%
Max. -27.97%
Median -4.71%
Average -6.19%
15 Sold at Asking Price
93 Sold above Asking price.
Min. +.16%
Max. + 23.94%
Median +4.04%
Average +5.62%
How were they paid?
CASH 26.86%
CONVENTIONAL 46.76%
FHA 24.38%
OTHER 2%
Average Days on Market
Min. 0
Max. 435
Median 18
Average 48.1
The interesting part of this Myth-Reality Conundrum is that Perception always prevails over Reality. When we call to make appointments half of the properties are already under contract. In certain Price ranges we have to present 2,4,6 or even 9 offers to get one signed contract. As frustrating as it is for both Buyers and Agents there is no way around for now.
Please share your experience!
