Realtor, Certified Residential Specialist, e-Pro, CDPE, SFR
Get to know Sue McEntee
Being a Realtor is my passion. I live and work in Palm City, Florida in Martin County. Our market is definitely improving. But now with the limited inventory we are seeing multiple offers on many properties. Another problem in today's market can be obtaining a mortgage. The standards for obtaining a mortgage went from one extreme to the other. Now lenders are extremely cautious and appraisers are more conservative. Many real estate transactions are not making it to the closing table as a result of an apparaisal. Unfortunately, distressed sales, foreclosures and short sales are still having a big impact on the appraisals.
As far a short sales go, that market is changing also. Banks are making more counter offers, many of which are over market value. It seems some banks feel that it is more beneficial in certain circumstances to go to foreclosure than to do a short sale. Some banks have turned down several contracts. When the market was severly depressed, the banks were much more apt to go to closing on a short sale. Not so much any more. The banks hold all the cards in a short sale.
As always, cash buyers are at a big advantage. This is the case in any market.