Short sales have been very popular in Brevard County, Florida over the past several years. Last year there were 1,763 residential short sale closings in Brevard County. During the same period there were 1,247 residential foreclosures reported in the Brevard MLS system.
The average selling price of a short sale was just over $112,000 last year. The average selling price of the foreclosure was just above $89,000.
Why the big difference? This difference can be explained by understanding the difference between a foreclosure and a short sale.
Short sales, while discounted, are not fire sales. It should be noted as the market continues its recovery the discounting of short sales will likely decrease in 2013 (my prediction).
If you are considering buying or selling your home as a short sale, the below links may be helpful.
Why bother with a short sale?
What is the difference between a short sale and a foreclosure?
Should you buy a short sale?
Short sales are not for every buyer.
If you are thinking about selling your Brevard County, Florida house or condo, send me an email or give me a call at 321-693-3850 to discuss how I may help you or simply to request a free market analysis.
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