Short Sales, Foreclosures, and Bank Owned Property on the Outer Banks.
The numbers of short sales, foreclosures, and bank owned properties are continually making national headlines. The problem is that national numbers are simply that - national numbers. And, since we all know real estate is local - local - local, I want to give you the local statistics for the Outer Banks.
Do you have thoughts on the number of short sales, foreclosures and bank owned property on the Outer Banks? I ask because I recently had an agent suggest the short sales and bank owned sales were 60% of our market! Now, first, I must admit I was flabbergasted. Did he mean current homes for sale or those that have been sold?
Let's look at the facts based on all single family homes, both sold and currently for sale from Corolla, through, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, through Nags Head. These numbers are based on all Outer Banks Association of Realtors reports.
1186 homes are currently for sale
99 are short sales
38 are bank owned
Short sales, foreclosures, and bank owned homes for sale are 12% of all listings
623 homes sold in 2009
63 were short sales
104 were bank owned
Short sales, foreclosures and bank owned homes sold on the Outer Banks in 2009 were 27%
307 homes have sold through May 2010
44 homes were short sales
65 homes were bank owned
Short sales, foreclosures, and bank owned homes sold on the Outer Banks 2010 through May were 36%
The sold percentage of short sales, foreclosures, and bank owned property on the Outer Banks is obviously higher than the current homes for sale because the buyers today are looking for bargains often found in those short sales and bank owned homes. If you are ready for this experience, contact me for the latest lists of short sales, foreclosures and bank owned homes for sale on the Outer Banks.
Other buyers certainly still want bargains but do not want to wait extra weeks and months with little or no communication from the selling side. If you are a buyer wanting a great deal without the additional time and paperwork of short sales and bank owned homes, please know I will find a super bargain for you.
Many sellers have priced for today's market. They are ready to sell their property now. While we know they will take their asking price, some owners are indicating they will negotiate. To help you find the best property at the best price, I will complete market comparisons and show you the current market value.
Let's discuss your needs on location, features, and price. Begin your search today and make your Outer Banks dream a reality. Why not discover how experienced Outer Banks Realtors can make it happen for you? Call me at 252-599-2845 or e-mail me to request the information you need.
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