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MLS Search | The Wired Buyer | The Wired Seller | About Destin | Local Market Pulse | Destin Links Destin, FL January 14, 2008- This is my first market pulse for 2008. The Bowl games (congrats LSU) and the holidays are behind us. Most agree that 2008 will prove to be a challenge for the US economy with a recession a distinct possibility. I'm asked everyday what to expect in the real estate market for Destin and S. Walton in the upcoming year. My answer? We will continue to see prices drift down as more inventory floods an already overstocked market. I also believe that 2008 will be known as the "year of foreclosure". The Bush administration has made an effort to bring foreclosure relief with his new "teaser rate freeze". At first glance this looked like a big step in the right direction to slow down foreclosers. However, the rate freeze will only effect primary home owners who bought with an adjustable rate mortgage and are current with their payments. The plan also excludes any borrower whose introductory rate expired before Jan. 1. About $57 billion in subprime loans were reset at higher rates in the final three months of 2007, according to estimates by First American LoanPerformance. Locally we are feeling the foreclosure effects as everyday more and more "short sales" are hitting the market. When a property is in pre-foreclosure the property owner may be granted a short sale from his lender. This will happen if the owner owes more to the bank than the property is currently worth and the owner can prove insolvency and hardship while not having the assets to continue to make payments. Any offers are presented to the bank instead of the property owner. Offers are usually made as is with the right to inspect. Properties usually are in pre-forecloser for 90 days before an auction is held at the county courthouse. If no bids are accepted by the bank then the property is now bank owned and relisted on the open market by a broker selected by the bank. Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in "dumping" real estate cheaply. Most banks have an entire department set up to manage their REO (Real Estate Owned) inventory. So how do you find the short sales in Destin? Start with a good agent! Fortunately you've found one right here. I have prepared four reports of current short sale listings in our market: 1/14/08 Destin Single Family Homes listed as SHORT SALES (24) 1/14/08 Destin Condominiums listed as SHORT SALES (14) 1/14/08 South Walton Single Family Homes listed as SHORT SALES (15) 1/14/08 South Walton Condominiums listed as SHORT SALES (27) That's 80 current short sales listed in the MLS for Destin and South Walton. Most of these are listed at very attractive prices but you will still have to negotiate with the lender to get the best deal. Call me today to find your short sale bargain- 850.642.1081. *All statistics are from the Emerald Coast Association of Realtors. Kerry McNulty, The Wired Agent cell: 850.642.1081 toll free office: 800.225.7652 Receive a week's worth of the HOTSHEET - Destin's brand new listings and PRICE CHANGES emailed to you every Monday: Previous Market Pulse articles: December 19, 2007 October 3, 2007 August 1, 2007 July 6, 2007 June 2, 2007 May 1, 2007 April 2, 2007 March 1, 2007 January 16, 2007 November 1, 2006 October 12, 2006 August 16, 2006 June 27, 2006 April 8, 2006 March 31, 2006 Feb 21, 2006 Jan 3, 2006 Oct. 10, 2005 Sept. 16, 2005 Copyright © 2007 TheWiredAgent.com -- ALL RIGHTS RESERVED. |