Good morning everyone! Today will be my last post for Monday Morning Market Reports for 2009!!
As expected, there were more closings this week than last as everyone rushes to close before the end of the year. By doing so, you can file for Homestead exemption in 2010.
In order to qualify for Homestead Exemption (read more about Homestead Exemption here), you must reside in the property as of January 1st of any given year. There are usually a flood of closings toward the end of the year as people race to qualify for this classification.
The stats for the week are:
New Listings: 5 (To see the New Listings, Click Here)
Active/Contingent: 0 (No properties were put under contract this week)
Pending Sales: 3 (To see the Pending Sales, Click Here)
Closed Sales: 5 (To see the Closed Sales, Click Here)
Price Reductions: 8 (To see the list of Price Reductions, Click Here)
The “story” of the week is a house that sold for $242,250 at 1342 Wolfe Street. (To see the full details of 1342 Wolfe Street, click here). It was listed with a flat fee MLS service (a glorified for sale by owner) in December of 2008 for $315,000. It was reduced only once to $299,000 in June of 2009. After it expired in November of 2009, it was listed with a Berkshire Hathaway HomeServices Florida Network Realty realtor at $254,500 — the house sold within 10 days! This is another example (of thousands just like it) that you are better served to list your property with a realtor if you really want to sell it.
Thanks for reading — I look forward to seeing you here next year and sharing all of the great news that 2010 is sure to bring about real estate in Avondale, Ortega and Riverside.