Short sale deals in Arlington, VA? While short sales and foreclosures only account for 8% of all homes listed for sale in Arlington currently (63 out of 778 on the market), a few of my clients have asked me recently if they should be looking at short sales to get good deal – and how low they could go with a lowball offer.
My advice – if you are looking for a $700,000 townhouse or a $500,000 condo in Arlington and you are looking at a short sale you’ll still need to look for a short sale in that same price range.
Short Sales Selling At 95% Of List Price
Why? In comparing the final sale price of short sales vs. their initial listing price over the last three months in Arlington, I found that short sales sold for 95% of the list price. That’s very similar to the 96% that regular home sales in Arlington received.
Based on that 95% listing vs. sales price figure, that means an offer of around $665,000 is more realistic for that $700,000 townhouse than an offer of $600,000. However, that doesn’t mean a short sale can’t be a good value where you might end up with more house for your money.
Like any offer that you might make on a home, it’s important to look at comparable sales in the area I usually caution buyers to think twice about making on offer on a short sale because there are many pitfalls, including the length of time it can take to close on a short sale (up to six months).
Learn More About Short Sales in Arlington, VA
Interested in learning more about short sales? Read the article Thinking Of Making An Offer on a Short Sale? What You Need to Know on my MegRoss.com website.
There also was a good article explaining a new federal program – Home Affordable Foreclosure Alternatives – that may help to streamline short sales recently in the Washington Post.
If you want to know more about the housing market, search homes for sale in Arlington or need help selling your home, feel free to e-mail me at Meg@MegRoss.com or give me a call at 703-447-0970.
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