Short sales represent a quarter of all listing inventory

Short sales increase made this type of real estate transaction common, so this is part of the options list for a homebuyer. In fact, a report published by RealtyTrac revealed that short sales now represent almost one third of all residential sales in the country. In Tampa Bay, those numbers are likely to be higher, said Cathleen F. Smith, the regional senior vice president of Coldwell Banker Residential Real Estate.

"So far in 2010, short sales represent 25.7% of all active listing inventory, 59.2% of all sales pending and 21.5% of all closed deals in the Tampa Bay area" said Smith.

Analyzing these numbers a Coldwell Banker’s affilitate, Sunbelt Title Agency launched a new service, called Short Trac – for those who try to sell their homes through short sale.

"Basically it’s a program that makes it easier for sellers to navigate through what has proven to be a very simple consuming, and unfortunately frustrating process. We believe Short Trac streamlines the process and will lead to more lender approvals in less time," Smith added. "This benefits everyone involved, especially the seller who may be faced with the reality that this is the only way they can sell their home and potentially avoid foreclosure."

Although the housing market yet far from recovering, and the numbers of unemployment would lead us to think there is no need for luxury home sales, the number show that sales of $1 million-plus properties are on the rise. According to Smith, condo sales in this segment is up with 220% compared to last year.

Posted by Istvan Fekete on Aug 16 2010. Filed under Short Sales. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry