Prices Down But Short Sales Declining

A very nice article in yesterday’s Park Record newspaper echoed many of the statistics I have recently reported: 

1. Short sales and distressed property inventories are decreasing and making up a smaller portion of our market.

2. Prices vary by neighborhood. Some neighborhoods, like Park Meadows and Silver Springs have seen prices go up; prices are down in other neighborhoods.

3. When a home is priced right, the buyer generally pays about 95% of list price.

4. Desirable homes are sold quickly with multiple offers while other homes may sit on the market for a year or more.

5. Even though market activity is down from the peak, there are on average about 7 sales per day, every day.

The takeaway–There are still great opportunities for buyers, but if you are looking for a distressed property, that window of opportunity may be closing. If you are a seller, your home can be one of the seven per day that are selling if your home is priced and presented right.

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