Lender-owned Real Estate Market is Hot in Palm Coast and Flagler County
Harking back to 2003-2006, buyers are often paying more than list price.
Palm Coast, FL – July 21, 2009 – Reminiscent of real estate market euphoria only few years ago, Palm Coast/Flagler’s lender-owned niche within the real estate market has become really hot. Since the beginning of 2009, lender-owned (via foreclosure) home sales have outperformed all other sectors in the otherwise sluggish Palm Coast/Flagler real estate market. Lender-owned sales are hot.
An examination of Flagler County single-family residential sales handled through MLS through July 20th shows the following:
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727 single-family homes were sold
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119 of these were lender-owned properties, representing 16.4% of the total
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30 lender-owned homes were under contract within two weeks of listing
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18 lender-homes were under contract within the first week of listing
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33 (27.7%) of lender-owned homes were sold at prices above the listing price
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There are only 19 lender-owned homes currently listed
Analysis:
The absorption rate for lender-owned homes is 1, incontrovertible evidence of a sellers’ market. It’s obvious that buyers have to be in a position to move quickly and decisively to benefit.
The down side of the lender-owned market is that many of the really best values are snapped up in the short-sale stage before the foreclosure becomes final. You have to be more patient with short sales. The transactions simply take longer. They require a lot of additional paperwork, including financial information from the seller. It’s important that the contract package is complete when it goes to the bank.
There are a handful of real estate professionals who are very active in the lender-owned and short sale arena. They have apparently figured out how the system works and how to work with lenders. They’re also aware of the lender-owned and short sale inventory available. Call me at (386) 931-7124. I’ll connect you to one of them. It won’t cost you a penny.
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agents handling lender owned…
How do I get on your referral list? I have dealt with foreclosure and short sale properties for years.