2010 Wesley Chapel Home Prices

The following chart depicts the sold prices of MLS reported Wesley Chapel single family homes sold from January 1, 2010 through June 30, 2010.* The majority of single family homes sold between $126,000 and $175,000.  Additionally, 35% of the homes reported sold were identified as Short Sales, 11% as REO/Bank Owned, and the 54% majority were not distressed sales.

*6 month reported home sales were from various participants in our MLS.  Information deemed reliable but not guaranteed.

2010 Single Family Homes Sold as Short Sales are 19% of Total Sold in New Tampa

The volume of Short Sales and REO/Bank Owned homes continue to have an impact on home sales in New Tampa, but may not be as significant as you may have been led to believe.  From January thru June, 2010 the New Tampa single family homes sold as Short Sales (reported in our MLS) represented 19% of the total sales, while REO/Bank Owned single family homes represented 13% of the total reported sold.  Non-distressed (traditional)  reported single family home sales represented 68% of the total sold for the first six months of the year in New Tampa.*

*All reported sales are from various participants in MLS.  Information deemed reliable but not guaranteed

Homebuyer tax credit set to expire today

Under current law, eligible homebuyers who qualified for the tax credit of up to $8,000 by having a valid contract to purchase a home on or before April 30, 2010 must close on the home no later than today to qualify for the credit.  (To date, Congress has unsuccessfully attempted to pass a bill extending the required closing date to September 30, 2010.  However, the House has just passed HR 5623 and it could get a vote in the Senate as early as today.)  Most of the qualifying homes that haven't closed are short sale homes and buyers should have been keenly aware that sellers' lenders can take months to approve (or reject)  the transaction.  Unless the law changes, if those homebuyers don't close by end of business today they will lose the tax credit.

Wesley Chapel Short Sales

You've all heard about Short Sales / Pre-foreclosures which require the Seller's lender(s) approval of the Purchase Contract terms and price.  Here's a recent analysis of year to date sales reported in our MLS for single family homes in Wesley Chapel*:

• 220 Single Family Homes were reported sold (year to date) in Wesley Chapel
• Of the 220 single family homes reported sold only 37% were identified in our MLS as Short Sale / Pre-foreclosures.

Currently there are 245 single family Wesley Chapel homes in our MLS reported under contract.  70% of those are identified as "Short Sale" contracts.  A large number of those short sale contracts will end up not closing for a variety of reasons such as:

• Seller's lender(s) won't accept sales price
• Counter offer by Seller's lender not accepted by Buyer
• Seller's lender doesn't respond to offer within designated time period of contract and Buyer chooses not to wait indefinitely
• Seller's lender deems that Seller does not qualify for a "short sale" based on hardship package presented by Seller

31 of the Wesley Chapel single family homes currently under contract and identified as Short Sales have been under contract since 2009 (and 2 since 2008)  and have not yet closed!

Typical time from contract to closing is 4 to 6 weeks when the home is not a short sale/pre-foreclosure.
*Information deemed reliable but not guaranteed.  Required National Association of Realtors Disclaimer:  No, I did not sell all the homes reported sold in Wesley Chapel year to date!  These reported sold homes were listed and sold by a variety of participants in our MLS.

Market update for Seven Oaks in Wesley Chapel

Our MLS reported four single family homes sold in Seven Oaks in the last month.  Sold prices ranged from $150,000 to $292,068.  The sold price per square foot ranged from $65.85 for a "short sale" resale which went under contract back in November, 2009 and just recently closed, to a high for a new home at a sales price of $94.89/Sq. Ft.   Seven Oaks single family 3 or more bedroom homes currently for sale range in asking prices from a low of $171,000 for a three bedroom "short sale" to a high of $699,000 for a four bedroom, 4 bathroom pool home with over 4,000 square feet.

Bridgewater still troubled with high pre-foreclosures

Bridgewater has been perhaps one of the Wesley Chapel communities hardest hit with distressed properties for sale.  Of the 47 Bridgewater homes shown under contract in our local MLS, 40 are classified as "Short Sales" and awaiting the approval or rejection by the seller's lender, with several waiting for an answer since as far back as August and September of 2009.  Currently there are 27 Bridgewater homes listed for sale in our local MLS; 24 are Short Sales, and one is bank owned.  This is a community where the HOA has actively tried to turn things around by enforcing covenants and last year they even hired a public relations firm to help improve the image of the community.  See recent article in The Tampa Tribune:  Bridgewater Community Still In Financial Distress

Home inspections on Short Sale homes short circuited

So, after waiting months for the Seller's lender(s) to respond to your offer to purchase that Short Sale home, you finally have an approved contract and are ready to start the home inspections on the vacant home.   Right? 

Maybe not if the power company is Withlacoochee River Electric Cooperative!  According to the Tampa Tribune, WREC has been refusing to temporarily turn on the power at vacant homes for inspections if there is an unpaid balance remaining from the "previous" owner.  You can't properly inspect the HVAC, major appliances, etc. without power, and the owner who is "short selling" the home with an unpaid electricity bill balance may not have the money to pay to get the power turned on. Buyers aren't too eager to pay unpaid balances on electricity bills just for a home inspection.  This impasse is frustrating many in the short sale process which is already riddled with delays.

The situation has now received the attention of State Sen. Mike Fasano who is attempting to work out a compromise.

Short sale delays threaten to cost many $8,000.

First time home buyers who are eligible for the tax credit up to $8,000 and are under contract on short sale homes are feeling the pressure of the November 30 deadline. It is unfortunate that the sellers' lenders don't feel pressure to give a timely response on Short Sales! (Contracts on short sale homes must be approved by the seller's lender(s) and that can take as long as seven months!)
James Thorner, real estate expert of the St. Pete Times writes: "An estimated 1.4 million home buyers across the country, including 106,000 in Florida, have claimed the credit already. But with the deadline less than two months away--and little indication so far that Congress will extend the freebie--real estate agents and home builders are warning buyers away from shilly-shallying with the bank." (on short sales). Full Story from the St. Pete Times

PR for Bridgewater

The Tampa Tribune reports that the Wesley Chapel community of Bridgewater has hired a public relations firm to help turn around the image of the community and increase property values. Hit with high foreclosures, (TBO slide show) other issues and list home prices starting at $110,000., Bridgewater is trying this new approach with focusing on the positives of the community. Full Story St. Petersburg Times October 13th piece on Bridgewater: Link

First time homebuyers feel pressure to buy before deadline expires

First-time homebuyers looking to take advantage of up to $8,000 in federal tax credits are feeling the pressure of the November 30, 2009 deadline: http://tinyurl.com/lqltzg