Folsom Short Sales a Hot Commodity?
Buyers targeting short sales!
Yesterday I held open my listing at 1224 Souza Way, here in Folsom. This home is a regular sale, not a distressed property. I had two different people come through specifically asking if it was a short sale. They were disappointed when I told them it was not. I asked them why they were looking only at short sales. Their comment to me was they believed they could get a better value with a short sale. I thought I would show you by graph, what those buyers are talking about. As you can see by the two graphs, there is a definite price difference between a short sale and a regular sale.
What gets interesting, is in the past, the short sales took a long time (if at all), to close.
Average days on market for a short sale, in the past few months has been averaging 160 to 180 days. For a regular sale about 45 days. In July short sales average days on market went to 116 and regular sales went to 38.
It is too soon to tell if this trend will continue, but I think we are going to see short sales take less time, because the banks are more interested in making a short sale work, the banks have departments more experienced to do the short sales. Not to mention more agents are getting the hang of it.
What does this mean for buyers? If you can wait, know that the home will be as-is, a short sale might save you some money.
If you are a seller, I think you are seeing more competition from short sales, and you should market the value that you have over the short sales.