Ocean Shores Market Update: Third Quarter

Real estate sales in Ocean Shores is showing some improvement in the second half of the year.

Forty-seven homes sold in Ocean Shores in the third quarter of this year.  The lowest price home was $50,199.00 and the most expensive was $299,000.00.  The median price was $145,900.00.  Third quarter 2011 showed a 11% improvement in the number of closed home sales over third quarter of 2010 when only 42 homes sold.  However, overall prices this year were slightly lower than the same time last year.  The highest priced home sold in third quarter 2010 was $432,000.00, the lowest $55,000.00 and the median price was $182,479.00, nearly $40,000.00 higher than the median for the third quarter 2011.  Notably, five homes sold for over $299,000.00 in the third quarter of 2010.  These higher priced home sales coupled with more lower priced home sales in 2011 largely explains the higher median price in third quarter 2010.

The number of lots sold during the third quarter 2011 declined significantly from the third quarter of 2010.  Only 42 lots sold during the third quarter of this year versus 54 lot closings during the third quarter last year.  Overall lot prices were also lower in the third quarter of 2011.  The highest price lot to sell in the third quarter this year was $127,000.00, the lowest $6,000.00 and the median price was $28,346.00.  In third quarter 2010, the highest price lot sale was $86,000.00, the lowest $8,000.00, and the median price was $30,833.00. 

This year lower prices overall for both homes and lots have provided excellent buying opportunities.  It’s a great time for anyone considering a piece of beach real estate to pick up an excellent deal on either a home or a lot.  Contact Renata at Renata@OceanShoresNow.com for the most up to date prices and offerings, and get in on the great real estate deals that Ocean Shores has to offer.  

Is short selling your home right for you?

Are you considering selling as a short sale?  If you are unable to make the payments on your home and cannot sell the home for a price that would pay off your first and/or second mortgage, then you may want to consider a short sale as opposed to letting the home go as a foreclosure.  In a short sale, the underlying mortgage holders agree to accept less money from a sale than the full amount of their mortgage.  A short sale is possible even if the homeowner has a second or even third mortgage or home equity line of credit against the home. 

The benefit to the seller is that a foreclosure and its more negative impact on credit is avoided.  A foreclosure can remain on one’s credit history for seven years, while a short sale lasts only about three years.  Also, a seller may be able to repurchase a home after a short sale in even less time than three years.  A short sale provides a more graceful exit from an unsustainable mortgage than a foreclosure. 

Short sales are so common that the banks have whole departments dedicated to processing short sale requests.  In addition, several legal developments have recently been implemented that further help homeowners looking to short sale their homes.  Among these developments is the Washington Fairness in Foreclosure Act by which a homeowner can require a face to face meeting with their mortgage holder in order to negotiate a loan modification or a short sale price.  There has also been a recent consent decree between a number of the larger banks and the state attorney generals for all states which sets out certain requirements and standards that the banks must follow when dealing with short sellers.  There are also dedicated short sale negotiators who can interface with the banks on the seller’s behalf to gain short sale approval. 

If you or someone you know is facing a situation that will likely end in a foreclosure, contact me at SteveAndrews@hughes.net to discuss the possibility of a short sale and the process involved.  With the right representation, the short sale process does not have to be intimidating or painful to the seller.  A short sale can result in the best outcome to a difficult situation.