DESTIN HOTSHEET-todays brand new listings | DESTIN SOLD-in last month | DESTIN PENDING-under contract MLS Search | The Wired Buyer | The Wired Seller | About Destin | Local Market Pulse | Destin Links Destin Market Pulse Destin, FL May 13, 2008- This year is just flying by! We are in the middle of peak season for property sales as sellers are scrambling to market and price effectively to snare the ubiquitous buyer. Yes, ubiquitous- the buyers are here and they are pulling the trigger. Our office is very busy! Last month I revealed my key to the bottom - when we see a decline to leveling off of the number of short sales in our active listings. Let's take a look at how that's coming along: Destin Single Family Homes Total Active Listings Disclosed Short Sales % April 8 1048 74 .07 May 13 1065 73 .068 Although not much of a decline in short sales, it is indeed a leveling off. Have we found bottom? If we continue to see a decline in the short sale ratio then we are certainly on our way to finding bottom. Remember, only 3 things can happen in a short sale: They sell before foreclosure. They sell at public auction at the county courthouse steps. They are foreclosed upon and put back on the active market as a bank owned property or REO. There are many factors to weigh before even pursuing a listed property that is disclosing a short sale. The contract will be contingent upon the seller's lender(s) granting the short payoff on the mortgage. One must consider how much the difference in payoff is, the financial situation of the seller, who the lender is, if there is more than one lender and mortgage and if the legal document lis pendens has been filed by the lender beginning the foreclosure process. Also, probing the listing agent with pertinent questions can determine if the listing agent has experience with selling short sales. This is the kind of information that I provide for my buyers who are targeting short sales. Short sales usually reflect very attractive list prices- but what difference will it make what the asking price is if it cannot be closed before foreclosure? *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: Name: Email: Previous Market Pulse articles: April 8, 2008 February 13, 2008 January 14, 2008 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 © 2008 TheWiredAgent.com -- ALL RIGHTS RESERVED.