Every morning, I pull up the foreclosure "hot sheet" on the local MLS of Portland and Vancouver. This search lists only REO/bank owned properties in Clark, Skamania, Cowlitz, Multnomah, Clackamas, and Washington counties of Oregon and Washington State – new listings, price reductions, and homes that fell out of escrow and are back on the market. I like to know what properties are available daily in our market area.
I am a true believer in the power of a good photograph. Even if it is an ugly house, it should have as many pictures as possible broadcast to the home buyer…. the good, the bad, and the ugly. I was frustrated as I scrolled through the list because so many lacked quality photographs. The kicker was a 14,000 square foot custom home on over 30 acres with a fabulous view - 7 hazy photos. So I decided to a little research.
Out of 61 foreclosure properties priced from $68,000 to $549,900 - here are the statistics:
- NONE, I mean ZERO, out of 61 bank owned listings had a virtual tour
- 24 had only a front shot or NO photographs
- 22 had less than 7 photographs, of which 60% were blurry (looked to be taken from a cell phone issued in 2001). The rest were dirty floors, toilets, kitchens with the cabinets wide open, or half of a room:
The bottom line is that inadquate photographs are costing banks/sellers money. Out of the 46 with inadequate photographs, 38 were price reductions. Coincidence? I don't think so.
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