Alexandria VA Short Sales - July 2013 Market Report and Statistics
What is an Alexandria VA Short Sale? - A short sale is when a homeowner is 'upside down' on their mortgage. That means the value of the home is less than the outstanding balance of the total debt or liens against the property. When the homeowner needs to or decides to sell the home, they are in essence, selling short. There are many traditional sales where the homeowner is upside down but has the financial means to pay the total short amount at closing. However, when the homeowner does is unable to afford to pay the short amount, they need permission from their lender(s) and creditors to sell the home.
How many short sales were sold in Alexandria VA in July 2013? - Take a look at the interactive chart below. In July 2013, there were 224 homes that sold in Alexandria, VA and short sales represented a small number of those sales, only five.
How many new short sale listings came on the market in July in Alexandria VA? - The number of new listings in Alexandria VA declined for the second straight month, for a total of 262. Of the 262 new listings, 11 of them were short sales. The number of new short sale listings in Alexandria VA totaled five in June 2013.
Are people still buying short sales in Alexandria VA? - The real estate market is still recovering and nothing is being overlooked. In July 2013, there were 205 new pendings in Alexandria VA. This means that 205 homes went under contract. Of these 205, 11 were short sales.
Do short sales take longer to sell than traditional sales in Alexandria VA? - For the past two months they have. In July, Alexandria VA short sales averaged 53 days on the market, while the total average days on the market for non-bank mediated (traditional) sales was less than a month, at 28 days.
Can I buy an Alexandria VA short sale below list price? - Suprisingly not! Buyers looking to purchase a home before it goes to foreclosure are paying more than asking price on short sales. For the past three months, short sales have been selling on average above their original asking price. In July, short sales sold for 103.22% above asking price in Alexandria VA, while the average for all homes sold was 97.94%
If you are in the market to buy a home in Alexandria VA consider taking a look at short sales. Inventory is still low, so it's important to consider all of your options in a tight real estate market.
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Buying or Selling Real Estate in Alexandria VA? I specialize in new construction homes and short sales throughout Alexandria VA. Contact Tamara Inzunza, Associate Broker of RE/MAX Executives to list and sell your home, or purchase a new home. Proudly serving the beautiful Alexandria VA communities of Old Town Alexandria, Del Ray, Kingstowne, and Manchester Lakes.
Call me at 703-623-8759
Be sure to visit my website where you can Search MLS Listings of ALL Homes For Sale in Alexandria VA at www.MovingToNova.com/. If you're thinking about selling and would like to know how much your Alexandria VA home is worth, visit http://www.confidentialcma.com/ for a complimentary market analysis of your home.
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