One reason home sales are on the rise throughout Central Florida is because of the number of homes being sold subject to a short sale. A short sale transaction is one in which the home is being offered for sale at a price less than what the owner owes on the home.
In Orange County alone there are over 3,000 homes listed for sale as a short sale. In Orlando, the largest city in Orange County, there are over 2500. Short sale listings are not just on the low end, with the highest priced short sale listed for sale in Orlando priced at over 2 million dollars.
In addition to the homes actively listed for sale in Orange County there are also 4,000 homes under contract or pended as a short sale. The short sale process from offer to lender approval can be quite lengthy which would explain the large number of short sales showing as pending.
Short sales that have closed this year according to MLS stats in Orange County are reported as just under 1,000. As of today, April 3, 980 properties subject to a short sale have closed.
For buyers who have time to wait, making an offer on a short sale may mean they will purchase house they desire at an affordable price. Of course if a buyer is in a hurry then a home subject to a short sale may not be for them. Give me a call to discuss your personal situation and to receive information about short sale homes in your area.
Related Florida real estate blog posts dealing with short sales
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