February, 2014:

We want to sell our condo after the rental season ends this year. How far in advance should we put it on the market to sell it by then?

According to local MLS statistics, you will on average, spend six months on the market before a sale is consummated. This assumes that you are priced within normal market parameters.

By contrast, those properties that are overpriced by more than 7 percent tend to stay on the market for an average of 10 months before expiring and dropping off the market altogether.

25 years ago or today, good markets or bad, if you want it sold, price it right!

As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com

Ed & Terri Smith, Broker Owners
RE/MAX Coastal Properties
850-837-5500 x1



Is Foreclosure Activity on the Rise?

According to RealtyTrac, January foreclosure filings nationwide increased by 8% over December, one of the largest month-over-month increases in recent history. For purposes of RealtyTrac’s report, the term “monthly foreclosure filings” includes lis pendens filings,  default notices, foreclosure auctions and bank repossessions. A total of 124,419 such events occurred in January.

At least in part, the increase was the result of the “holiday lull”, which is the period during the fourth quarter during which lenders typically forgo foreclosure actions, only to start making up for lost time in January. Yet and still, January marked the 40th consecutive month in which foreclosure activity declined on an annual basis, with filings down 18%.

“California foreclosure starts jumped 57 percent from a year ago, following 17 consecutive months of annual decreases,” according to RealtyTrac’s vice president Daren Blomquist.

On the one hand, actual scheduled foreclosure auctions jumped 13% in January compared with December. On the other, that specific activity remains 8% down from one year ago. This equates to 38 consecutive months in which scheduled foreclosure auctions nationwide have decreased on an annual basis.

And, the foreclosure process was initiated in the case of 57,259 properties in the U.S. in January, which represents a 10% increase over December, yet remains 12% less than last year.