Well, after 18 months what we had been teaching in our Short Sale Course and Short Sale Seminars has finally come to fruition and finally admitted by the braintrust of the National Association of Realtors.
Distressed sales – foreclosures and short sales – accounted for 45 percent of transactions in the fourth quarter.
NAR President Charles McMillan spoke recently about distressed sales. “Distressed home sales have risen from about 38 percent of transactions in the third quarter, meaning people are responding to discounted prices and are slowly absorbing the excess inventory. Buyers clearly see value in today’s pricing,” he said.
“Once again, we see a pattern of strong sales gains, particularly in lower price homes, in areas with price declines resulting from foreclosures,” Yun said. “For example, in California and Florida, where distressed sales accounted for roughly two-third of all sales, the median price fell by much more as lower priced home sales far outpaced higher priced sales.”
Lawrence Yun underscored the distressed property impact on the marketplace. “Once again, we see a pattern of strong sales gains, particularly in lower price homes, in areas with price declines resulting from foreclosures,” Yun said. “For example, in California and Florida, where distressed sales accounted for roughly two-third (66%) of all sales, the median price fell by much more as lower priced home sales far outpaced higher priced sales.”
So with all of this current and relative information, why is it that so many real estate agents are still not accepting the fact that they need to be proficient in dealing with short sales. It truly does boggle the mind!
Learn how to proficiently and expertly execute short sales and get back into the game!
68% in Greater Phoenix were lender owned and another 11% pre-foreclosures for January 2009. I recall last year looking at 40% and that left me in awe.
The Seattle market is picking up steam as well as the buyers that have the cash and credit are realizing there are some great bargains to be had. What is very interesting to me is the number of agents that haven’t gotten it through their heads yet that they need to be at the very least, aware of how short sales work.
I keep running into agents (some that have been the business a while) that are clueless on what needs to be done and what to say or not to say to the bank. It drives me nuts!