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Do You Really Want a Deal in Real Estate??

by Doug & Gwen Campbell at Sun Bay Associates

Where are the best deals in real estate in Pinellas County these days??  Are they in foreclosures, short sales or the traditional sales?  The answer may just surprise you.  Of course that depends on what your definition of a "deal" is.  Is deal the best value for the money?  If yes, then the best deal will surprise you.  Click here to find the best opportunities for foreclosures and short sales in the greater Clearwater area.

Traditional real estate transactions are apparently the best deals in today's market.  According to the Pinellas Realtors Organization statistics, foreclosures, for the month of September, sold at 101% of the list price.  There is only a 2.8 month inventory of foreclosures available.  The average days to close for foreclosures is 97 days, with 40 days from contract to closing.

Short sales are in a similar situation.  There currently is a 3.2 month supply of short sale houses in the Pinellas real estate and they are selling at 98% of the list price.  The average is 263 days to close short sales, with 134 days from contract to closing.

For traditional, or non-distressed houses, there is a 4.8 month supply of houses for sale.  And they are selling at 95% of the list price.  The average days to close for these sale is 111 days, with 38 days from contract to closing.

Many foreclosures are in need of considerable repair, updating or remodeling.  Short sales often need repairs, and there is far too much uncertainty in the process that the bank might come back just before closing with a higher dollar amount or there will be no sale.

In today's Pinellas real estate market, the non-distressed house offers less volatility, and more certainty as well as a good value for the buyer.  So click here to find non-distressed houses in the greater Clearwater area.  And happy house hunting.

Foreclosures-Record New Highs

by Doug & Gwen Campbell at Sun Bay Associates

Recently, RealtyTrac, the leading online marketplace for foreclosure properties, in its April U.S. Foreclosure Market Report, said that foreclosure filings were at 342,038 properties in the US during the month of April.  One in every 374 U.S. housing units received a foreclosure filing in April, the highest monthly foreclosure rate posted since RealtyTrac began issuing it report in January 2005.

James Saccacio, CEO of RealtyTrac, said this April was slightly above the previous month, setting another record high.  Much of this activity is in the early stages of foreclosure, while bank repossessions, or REOs, were down to the lowest level since March 2008.  Mr. Saccacio suggested that this means the banks are beginning to initiate foreclosure on loans that had been delayed by legislative and industry moratoria.  It also means that later this year we can expect to see a spike in REOs as loans move through the foreclosure process in the next few months.

Unfortunately, Florida had a 37 percent month over month increase in foreclosure activity and this boosted the Florida foreclosure rate to the second highest among the states in April. One in every 135 Florida housing units received a foreclosure filing in April.  This is more than 2.7 times the national average.  The total Florida foreclosure activity is up 75 percent from April 2008.

Despite all the doom and gloom, this is definitely a buyer's market in Florida.  Mortgage rates are at record lows, for at least a generation, of as low as 4.75%.  There is the first time homebuyer tax credit of up to $8,000.  And there is a lot of housing available at very low prices.  The banks are lending to qualified buyers.  For first time homebuyers, there may never be a better time to buy the home that just two years ago seemed totally out of reach.

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Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908