Nov. 2009-SF Weston Homes and TH/Condos Market Update
December 1st, 2009 categories: Market Update
Weston,Fl. Single Family Homes Nov. 09
Weston,Fl. Single Family Homes Nov. 09
Months of Inventory based on PS= 1.23 months
Months of Inventory based on CS= 5.8 months
The percentage of Short Sales in PS status is extremely high, this number has been increasing as time goes by. The number of pending sales keeps piling up. If you compare it with August’s Data the change in the market is remarkable.
Weston,Fl Condos/Town Homes Nov. 09
Months of Inventory based on PS= 1.3 months
Months of Inventory based on CS= 8.2 months
Active-Number of Properties for Sale
PS-Properties Under Contract/Pending Sales and in Back Up Status (Open to receive Back Up offers)
CS-Transactions Closed/Closed Sales
SS-Short Sales
REO-Foreclosures
REG-Regular Sales
Months of Inventory are calculated dividing Active between CS and PS
Under 6 Months=Seller’s Market
Between 6-9 Months=Balanced Market
More than 9 Months=Buyer’s Market
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Weston Homes for Sale Listed in the Last 7 Days-Real Estate Market Update
October 28th, 2009 categories: Market Update, Tips For Buyers, Tips for Sellers
Weston’s Single Family Homes Inventory Keeps Decreasing!
For a list of the Properties Listed in the last 7 days as of Oct 28,2009 click here.
How Weston’s single Family Home Market looks Today?
Active Listings: 320
Of those 103 (32%) are Short Sales and 7 are Foreclosures
There are 106 Homes for Sale under $ 400,000. 00, of those 54 (50%) are Short Sales
Closed Sales in the Last 30 Days: 63
Months of Inventory based on Closed Sales: 5
This indicates a low inventory and a Seller’s Market
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Weston Real Estate Single Family Homes Sold September 2009
September 30th, 2009 categories: Market Update, Tips For Buyers, Tips for Sellers
33.3% of Single Family Homes Closed Cash
As of Sept. 30th 2009 these are the number of closed sales and active listings reported in the MLS. Some additional sales might be updated in the next few days.
As we can see even though only 3% of the active listings are Foreclosures the market look eagerly for them, they last in average less than 1 month in the market. Sometimes only days receiving multiple offers.
The number of cash transactions is amazing! A total of 17 transactions closed CASH. A few properties closed above listed price.
Based on Closed Sales we have 7.23 Months of Inventory (Balanced Market)
Single Family Homes
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Weston Real Estate Single Family Homes Sales 1st Quarter 2009
April 10th, 2009 categories: Great Deals, Market Update, Tips For Buyers, Tips for Sellers
In Broward the Future Looks Bright!
Compared to the same period 12 months ago the number of sales have increased almost 50% and inventories have been decreasing steadily.
In Weston the Market is Changing Very Fast!
The Inventories have decreased and pending sales are increasing at a rapid pace.
As the Real Estate Market changes it’s very interesting to look at the comparison between the price properties were listed at and the actual price they sold.
When looking in detail at the List-to-Sale ratio I found an interesting difference between the ratio for regular sales, short sales and foreclosures. Motivation seems to be the key to pricing!
“92.53% Average List-to-Sale Ratio for Regular Sales
“95.19% Average List-to-Sale Ratio for Short Sales
“94.91% Average List-to-Sale Ratio for Foreclosure Sales
I can conclude that as we have been experiencing in the last months…Buyers are looking for bargains and apparently they feel prices are as low as they are going to get and the properties priced appropriately are getting those buyers.
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Weston Real Estate in Numbers as of Feb. 09, 2009
February 10th, 2009 categories: Communities, Market Update, Tips For Buyers
The following stats are based on information gathered from the Multiple Listing Service (MLS)
for Single Family Homes.
Weston,Fl Sales
The high number of Pending Short Sales might be due to the fact that they take longer than regular sales. It’s interesting to note that even thou 38% of the inventory in Weston are Short Sale Listings they represent only 15% of the closed units. Lenders are being more cooperative in the Short Sale process.
I thought it could be interesting to look at the closed sales by neighborhood and calculate what percentage of sales were short sales listings. Please note that the communities with no Short Sales are also communities with little activity.
Closed Sales by Weston's Neighborhood
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Do You Want to Buy a Short Sale Property?
February 4th, 2009 categories: Market Update, Tips For Buyers, Tips for Sellers
5 Things you should know to avoid loosing your mind in the intent:
Everyone is talking about short sales* and there is a reason for it. More than 30% of the properties listed for sale in almost every neighborhood are short sale listings. Listed prices are normally a bargain and way below regular sales and even below foreclosed properties*. The problem is that some prices are unrealistic and just a gimmick to attract buyers that will end disappointed because the bank will never accept the offer. One of my main concerns is that some potential buyers think those are realistic prices and use them as a reference for the rest of the market. As attractive as a short sale deal can be you must beware…
1.Set up your expectations upfront! This is not your typical real estate transaction. Since there are third parties involved: the lender(s), homeowners associations and/or contractors it takes time to get it approved. The time varies in every transaction and can be take as long as 9 months or a year is the buyer has the patience for it.
2.Make a Reasonable Offer! Before a bank accepts the price you are offering they send a Broker to prepare a Broker’s Price Opinion (BPO) and that is the value used by the lender as the property’s potential sale price. Remember that every dollar the bank accepts under the original loan amount is a loss for them.
3.Don’t fall in love! Falling is love is fun but not with a house that might never be yours. A Short Sale is a “business transaction” in which you pay with patience the money you are saving. Many things can go wrong or get delayed in the process… Until the last minute the transaction may fall thru.
4.The house should be vacant prior to the closing date! If there is a tenant living in the property make sure the seller has negotiated with the him his departure from the property at least 15 days prior to closing. You should not close while the tenant is in the property unless you want to become a landlord or you are willing to evict him.
5.Be prepared to spend a few hundred dollars and loose them! Until a short sale closes you there is no certainty that it will and you might end paying for inspections, appraisal and even an extensions of the locked rate.*It’s important to distinguish between short sales (properties where the loan(s) amount(s) are higher than the market price of the property) and Bank Owned/Foreclosures/REO’s (properties owned by Lenders after the foreclosure process is finalized).
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