The short sale market in Winchester/Frederick County, VA is alive and well. The current market for both city and county offers 555 active listings. Of that number, 55 are currently listed as potential short sales. In the Frederick County listings, short sales make up 9% of the 443 current active listings.
With the combined area of Winchester City and Frederick County, short sales make up between 9-11% of the overall available active listings. Foreclosures make up another 9% of the overall listings. That leaves 80+% of available listings that fall into the fair market category. That high number of fair market properties are as likely to give support to short sale and foreclosure prices as the reverse.
The price ranges for short sales in the Winchester / Frederick County area range from $69,900 - $589,433. Both high and low figures can be found in Frederick County with it's higher number of overall properties, as well as higher numbers of short sales and foreclosure listings.
The average price range for a Frederick County short sale is $178,766. That property is off it's original list price by 16%, and it has been on the market for 88 days. In Frederick County, the days on the market range from 722 to 1. Winchester averages vary between 487 - 1. The longer number of days on the market may signal that distressed homeowners have found a way to continue to support an upside-down mortgage while attempting to short sale a property closer to the payoff.
The pace at which properties are moving through the local market and the limited number of property sales indicates that the ratio of buyers to sellers is still leaning in the buyer's favor. That presents many buying opportunities for savvy buyers, but it places a great deal of pressure on distressed homeowners who are trying to get out from under a house that is currently underwater.
Even though the high ratio of fair market properties available in the Winchester / Frederick County Virginia area may signal good news for homeowners hoping to maintain some of their previous equity in a sale - it means little for a distressed homeowner who is still looking for a little relief.
If you're in the Winchester / Frederick County, Virginia area and you need to sell your home through a short sale, don't give up hope. We can help get you through the process and on to a fresh start with a lighter load. Give Cornerstone Business Group, Inc., a call and we can discuss your options.
Short Sales in Winchester-Frederick County VA - February 2012