Friday, August 22, 2014
As I have noted time and again, the distressed home sales(foreclosures and short sales) have become a smaller and smaller segment of the available listings. Though this attached post notes the now low 11% active distressed homes, it fails to note that home buyers in all but the very lowest price ranges are choosing to ignore the distressed sale.
Throughout Hampton Roads, distressed homes are lagging the rest of the market. In most price ranges, one will see, as an example, 8% of homes listed are distressed but only 6% of sold homes are distressed properties. Thus, home buyers prefer to work with a home seller than a home sale involving a bank. No doubt the quicker turn around in negotiation and closing on the home are key factors to this growing movement away from distressed homes.
Distressed Sales Accounted for Just 11 Percent of Total Home Sales in June