Bonnie's Blog: Hollywood News and Market Info.

I pulled a report this week from TREND GRAPHICS on Broward County Home Sales and compared sales on SINGLE FAMILY HOMES in February 2008 and April of 2009.... the change in the market was amazing... take a peek:

                                FEB 2008        APRIL 2009

Homes For Sale             14,257            9,685

Homes Sold                   415                 743

Went under Contract     645                1,585

Months of Inventory       34                   13 Top should be 6

Ave.Price per Sq ft        $192              $130

Days On Market             117                104

It's interesting to note that pending sales have more than doubled but the average days on market has not reduced that much...meaning that most are pricing too high in the beginning and selling after numerous reductions.  The amoung of inventory is almost half of what it was... a fact I can personally attest to.  As buyers are coming out of the woodwork ready to now buy, the inventory has dwindled in each of the various price ranges. Specifically $200,000-$400,000.  As new homes come on the market I have found that there are many offers at once.  

If you have a home you are thinking of selling in the range of $200,000 - $400,000 please call me as soon as possible.  I have numerous buyers who want to move into the area.

The average price per sq ft has gone down dramatically as the market starts to stablize and we see sales of homes priced just at or under market value.  Which brings me to the appraisal situation here in Hollywood Hills and Emerald Hills.

Appraisals are a big problem in the area for many sellers.  A beautiful 3bedroom, 2 bath home in Emerald Hills is appraising for $340,000!!!  Even if a buyer is willing to pay higher for a 3/2 home in Emerald Hills with a 2 car garage and a pool, many banks WILL NOT lend based on current appraisals.  If you live in Hollywood Hills and think you can still get $350,000 or more for your home, the news for you isn't pretty.  If you can get more realistic in pricing to sell, you WILL SELL FAST as the demand is there now.

I had a cash buyer last week with an agreed upon contract of $390,000 on a completely remodeled home, on an oversized lot. (In Emerald Hills)  They questioned the value when the appraisal came in at $340,000.  They requested another $15,000 reduction from the seller.   We were fortunate they had cash otherwise a lender would have required the seller to reduce even further.

Good news.... SALES ARE UP!!!! Bad News....Prices are DOWN!  If you want to move, you can, and you will!   Call me to discuss how we can price right, and market your home to entice the motivated buyers!

Currently servicing Emerald Hills, Hollywood Hills, Hollywood Oaks, Forest View Estates, Cooper City and Davie, Florida.

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Bonnie

www.HomesInHollywoodFlorida.com

www.HousesInEmeraldHills.com

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