Are Northern Virginia Buyers Losing Interest in Short Sales?
Northern Virginia buyers are getting the message about Short Sales. They aren't selling below market value anymore unless their condition warrants it, and sometimes not even then. Short Sale Banks are tracking Northern Virginia market trends and want every penny they can get on the Short Sales presented to them.
Seems Short Sales, which had been filling a void of inventory, are just sitting on the market while Northern Virginia buyers are looking for move in ready homes. And why not? If a buyer is going to have to wait for months for an answer, or pay full market value for a home that needs work, why not go for certainty and move in ready?
Every home eventually finds its buyer, but with Short Sales, there is the added wrinkle of getting the bank to approve the contract and resulting short payoff. Maybe 2014 will be the year the banks get a little more reasonable and stop trying for the top of the market on every single home.