Knowledge is Power

By
Real Estate Broker/Owner with RE/MAX Advantage

Distressed Homes Continue to Grow Marketshare

1 to 2  in 10 listings in the MLS are bank repos.  The assault of reposessed homes continues to flood the market and make the resale market tough for traditional owner/sellers.  Short sale offerings now account for 1 in 5 mls listings.  Bank repos and shortsales combined account for more than 30% of the market offerings.  More are coming.  More than 500 reposessed homes were auctioned in the past 2 weeks.  No numbers on the total homes sold, but many of these homes will return to the market to compete.  They will undoubtedly re-enter the market at lowered prices creating further pressure on already declining prices.  Chew on this, roughly 1 in 2 homes on the market are vacant with motivated investors, builders or institutional sellers.  With every offer, Sellers need to consider this in their responses...greedy or grateful?

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