Saturday Stats & The Foreclosure Hangover

Foreclosure

Thanks to the Palm Beach Post for these stats!

 Palm Beach County’s housing market remains skewed in favor of sellers, although the seller’s market might be easing ever so slightly.

The median price of a single-family house sold in September was $316,000, up only slightly from $315,000 in August — but a hefty 10.9 percent increase from a year ago, the Realtors Association of the Palm Beaches said Thursday.

Sales slowed to 1,475 homes in September, down 2 percent from a year ago. Soooo…buyers, it is still a seller’s market so be smart about how you structure your offer if you love a property! Including price, terms, inspection times, closing dates etc.

Foreclosure

And now for the Foreclosure hangover 2016…thankfully it is not at all where we were before BUT people are still struggling with losing their homes. I did a search and in both Palm Beach and Broward there are 709 properties still in foreclosure. What does this mean?

Opportunity for some buyer’s out there that want to pick up a foreclosure. So here are a few tips from Bankrate

5 steps to buying foreclosed homes:

  1. Find an agent specializing in foreclosures.

  2. Get pre-approved for a mortgage.

  3. Know how long it takes to sell a home in your price bracket.

  4. Study the sale prices of comparable homes in your area.

  5. Remember the sale is for the home as-is.

  6. (I am adding this) Remember this was someone’s beloved home.

Now keep in mind I would not wish being in a “foreclosure” situation on my worst enemy. It is a stressful, un-grounding, no light at the end of the tunnel scenario that will impact your soul for ever.

I know… we almost lost our home when the markets crashed and there was a health crisis in our family at the same time. Thankfully after trying to deal with “saving” our home 3 different times I was able to hire someone to battle it out for me…and we were able to restructure. Although I profess to not have gray hair from that horrible experience I am pretty sure my hubs does.

I call it a ” foreclosure hangover” because I recently was staying at a hotel locally while we had to replace our floors due to a water leak. After about 5 days I started to feel very anxious as this was not like a vacation with a beginning and an end. This was a flashback to what almost happened to our family ie. feeling displaced.

I was able to figure out that it was that same feeling I had of possibly not having “a” roof over my head and being up in the air about if we would seriously lose our home. I was recalling feeling that terrible anxiety when we did not know if we would be able to save our home and where would we go with 2 dogs? What would our children think of us? Just mind boggling the shame and guilt you feel. I share this as the anxiety is real, the “hangover” for sure is real.

With that being said, some people simply cannot stay in their home and thus we will always have foreclosures due to a variety of reasons like medical bills, loss of jobs, loss of a spouse etc and you as a homeowner will need to hire an experienced agent to assist you who also has a caring heart.

Please keep in mind that there is life after a foreclosure…you are not on an island and there is no shame in having life’s circumstances not work for you at this particular moment.

I did learn so much from that blip on the radar which included revamping and reinventing my real estate business, becoming a niche specialist and learning to accept help from others. I do jokingly call us the “comeback” kids but we have worked hard to get back on track, learn from our mistakes and take nothing for granted. Life is good and we have joy back in our lives…and we can certainly say we worked our asses off to get back on track. Still have a bit more to handle but who doesn’t!

Foreclosure

At The Bellisari Real Estate Group we consider ourselves a VIP resource for our clients (and do have a list we provide exclusively for our customers) and can refer you to foreclosure professionals like attorneys that you can connect with and you can also check out customer testimonials on Zillow...we take great care of our clients.

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Peace,

Michele Bee

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