Currently, there are ONLY 289 active Parkland single family listings on the market, with ONLY 10 being foreclosure listings. Parkland residents should be ecstatic at this exciting news, as the market is showing signs of settling! Inventory is low and buyer activity has increased in the past few months.
Typically, foreclosure, or bank owned properties, have a very large impact on the current market values of properties. Banks are trying to sell their inventory quickly at a discounted price. When a foreclosure sells, appraisers are forced to use these homes as comparable sales when performing appraisals on pending sales. But, the less foreclosure inventory on the market, the better the values will maintain through the rest of 2009 and hopefully into 2010. Also, with less than 4% of the active single family Parkland listings being foreclosures, buyers will be forced to look at regular listings. As a result, current Parkland sellers have been receiving more showings on their homes. More traffic will ultimately equals more offers!
If you are potential buyer who is still sitting on the fence, waiting to get a better price, think again! Many Parkland listings are getting multiple offers and are closing close to asking prices. Potential buyers are starting to smell the coffee!
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If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.