Last week, someone asked an interesting question. How many of the pending sales are NON REO properties. So I added a data element and have begun tracking that metric also. This week Norfolk (+4%) and Chesapeake (+2%) were the only cities to have a measurable increase in REO inventory. REO properties continue to represent about 10% of the available inventory. But when you look at the pending sales, REO's represent 26% of the pending sales. Obviously if the REO properties are getting more than their fair share of contracts, homeowners who just want (or need) to sell must remain competitive.
If you are considering selling your home, you need an agent who can put every tool to work for you in the current market conditions. Call me today and let's get started right away.
Comments(1)