Shakopee Inventory Down, Shakopee Short Sales Up

The Shakopee real estate inventory seems to be heading lower and lower, however at the same time Shakopee short sales are increasing. The Shakopee real estate market is moving though. I sold a Shakopee foreclosure listing that I put on the market in less than a week and recently  sold a listing of mine on the west side of town on Madison the same day! I did have a buyer for the listing a few weeks in advance and did notify both parties prior to listing the home. With only 260 active homes on the market, good real estate is hard to find. Shakopee town home inventory also seems to be down with only 38% of the active listing classified as Shakopee townhomes. As mentioned in a previous blog, a frustrating stat shows again how few homes are available. Of the 260 active Shakopee homes on the market, 60 actually do have offers, but do still show as active and this does not include the 70 pending homes waiting to close. Those 60 are Shakopee homes that are either subject to inspection, another home or subject to bank approval (which is essentially short sale listings). That brings me to my next CRAZY set of stats including Shakopee short sales :

  • 75 of the 260 active Shakopee homes are short sales, 29% and a high percentage.
  •  If you include Shakopee foreclosures, 39.6% of the market is distressed, which is actually down thankfully.
  • Of the 200 remaining Shakopee homes without offers, 34 are Shakopee short sales, again another positive sign as we are down to only 17% of the market being short sale listings in Shakopee.
  • Only 32% of the remaining 200 Shakopee real estate listings are townhomes. Typically 42-48% of the total sales annually in Shakopee are townhomes.

I remember a time when it was hard to find Shakopee homes for sale under $200,000, today 92 of the 200 listings without offers are under $200,000 and 32 of those are single family homes. Only 36 homes are listed over $350,000 and 15 over $500,000.

 

With MN Short Sales, Can Cancelled Mortgage Debt Be Taxed?

Without Qualifying for Exemption, Forgiven Mortgage Debt May be Taxed

I always advise you to talk to your account and or attorney as I am not an attorney or account and can not give you legal advice pertaining to MN Short Sales. With hundreds of thousands of homeowners having negotiated loan modifications, MN short sales or been foreclosed upon during the past year, the Internal Revenue Service (IRS) has issued fresh guidance on how to handle canceled mortgage debt during the tax season.  In its latest guidance, the IRS focuses on several key points that MN homeowners  and former owners need to know, especially pertaining to MN short sales. One guideline is just because a lender wrote off a portion of your mortgage debt  doesn’t mean you automatically qualify for special tax treatment during a MN short sale. To the contrary, there are essential tests you need to pass to qualify: The debt your lender canceled during the MN short sale must have been used by you “to buy, build or substantially improve your principal residence.” Anyone who has had mortgage debt cancellation as part of a loan modification or foreclosure should go to IRS.gov and download Form 982 and IRS Publication 4681 for additional filing details. If you think you may potentially have a reason to call due to an MN short sale or foreclosure you can also call 800-TAX-FORM to request copies. Lenders who write off unpaid mortgage balances typically provide borrowers with a year-end IRS form 1099-C cancellation of debt statement, including the amount of the loan forgiven for the MN short sale and the fair market value of the property. If you’ve had mortgage debt canceled but have never received a 1099-C from your lender, get in touch and request it if you want to avoid federal tax hassles. If you need any help with MN short sales we, the Twin City Real Estate Team with Remax Advantage Plus in Shakopee can help. We work with multiple attorneys in the area that offer free consultations to show you your options if you are considering staying in your home, foreclosures or MN short sales.

Shakopee MN MLS Short Sales Are Selling, BUT…..

With all the talk about short sale homes in Shakopee many buyers are wondering what is going onin the current market place. I took a look at only the Shakopee short sales and what their numbers looked like so far this year accornding to the MN MLS. For those looking at the MLS online website, themlsonline.com is NOT the MLS, iot simply is a company just like Edina Realty, Remax or Coldwell Banker however they were grandfathered in to using the term MLS in their name.

SHAKOPEE SHORT SALE INVENTORY & SALES

Anyway accornding to the MN MLS there are a total of 286 homes in Shakopee listed, of those 286 homes listed 86 are Shakopee short sales. One common way homes are listed in the MN MLS, but not on other broker sites are homes that are consider “sold subject to third party approval” whihc means they are a short sale home waiting for the bank to say yes or no. The seller likely has signed the offer as they still own the home, but need approval from the bank. There are 40 homes in Shakopee currently listed as active that have this classification….annoying, I know. There are only 10 pending Shakopee short sale listings that are waiting to close and have approval from the bank according to the MN MLS. It seems half or 2 out of every 3 listings is a short sale which i found this statitic interesting: from January 1, 2011 only 26 Shakopee short sales have closed! Only 26 home in 6 months! With all the short sale listing out in the marketplace these banks need get their acts together.

PRICING OF SHAKOPEE SHORT SALES

I think the pricing of Shakopee short sales is what is contributiong to lower prices for the average homeowner. So many buyer avoid short sale in Shakopee because they can not wait the 3-9 month time frame many short sale homes require. Oddly enough I looked a one niche in Shakopee that has a higher sales price and lower days on market of short sale listings than traditional sales. Shakopee townhome short sales had an average sales price this year of $129,033  with 143 days on the market with only 12 homes closing since 1/1/11. 94 foreclosure and tradtional sales netted $109,531 with 155 days on the market. I do think the foreclosures contributed to bringing this price down, but I can’t explain the shorter time frame, that baffles me. Looking at single family homes brings numbers you would expect.  The short sale listings in Shakopee averaged a sales price of $183,511 with 261 average days on market where the traditional sales averaged a sales price of $221,627 and only 125 days on the market.

SHAKOPEE SHORT SALE REALTORS HELP

If you are looking for a Shakopee Realtor or real estate agent to help represent you in buying a home or selling your home make sure they have the experience required to help. Having a knowledgeable Shakopee realtor who know the ins and outs of the bank short sale process can be beneifical even when purchase as they can know the right questions to ask to make sure eve

Shakopee Foreclosure Homes

It seems so many homes I show now are Shakopee foreclosures that when you see a home with someone actually living there you are taken back. I showed a Shakopee foreclosure townhome today that was just listed and the bank had this place sparkling better than most Shakopee homes for sale. Shakopee bank owned homes are now taking it upon themselves to start painting, replacing carpet and make these homes ready for showings.

If you look at all Shakopee foreclosures and short sales there is currently a total of 137 homes for sale as of today. Total Shakopee homes for sale equals 293. Given those numbers, that represents a total of 46.8% of the total homes for sale in Shakopee to be Shakopee foreclosures or a short sale listing.

Breakdown those numbers further it appear more Shakopee townhomes are becoming Shakopee foreclsoures as 61.4% of all townhomes in Shakopee currently listed are Shakopee short sales or foreclosures. Only 35.5% of single family homes for sale in Shakopee are foreclosures or short sales.

Overall listing  inventory is down from that of last year, but I think you can expect listing inventory to rise being typically the market peaks in inventory in July and there will also be many Fannie Mae Homepath properties coming to the market over the next few months.