Short sale and foreclosures (distress sales) continue to go to contract & sell at disproportionately higher rates than non-distress homes – relative to the number available for sale. And it seems their popularity may also be on the rise.
You see, while distress sales represent just 12% of the homes listed for sale, they represent 47% of the homes in contract at the moment & 29% of the homes sold recently.
366 single family homes for sale in the foothills
12% are distress sales
79 homes in contract
47% are distress sales
34 homes sold last 30 days
29% are distress sales
and at a million $$ & up
68 homes for sale in the foothills
0% are distress sales (they’re all gone, for now anyway)
8 homes in contract
62% are distress sales
3 homes sold last 30 days
0% are distress sales
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So at 29% of all single family sales in the foothills, distress sales for this 30 day period are higher by about 10% & more than any other month this year.
And who knows, maybe it’s just a blip, we’ll see, but a few things occur to me as to why distress sales continue to be popular and maybe, at this time, even more popular than ever.
-the banks have gotten their act together and are now able to handle these transactions so that more often than not they actually close escrow in a reasonable amount of time, though that’s still in bankers time.
-buyers and Realtors have gotten familiar with distress sales and now approach them with much less trepidation than in the past
- right out of the gate distress sales are better priced these days than they were in the past
- as a result of the poor economy and poor everything, distress sales are now more attractive than ever
- What else?
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