Alexandria VA Short Sales - Market Report Oct 2015

Alexandria VA Short Sales -
Market Report Oct 2015

Alexandria VA short sales continue to be a small part of the real estate market in comparison to past years.  Let's take a look at how the short sale market performed in October 2015.

How many short sales closed in Alexandria VA in October 2015:

There were four short sales that closed in Alexandria VA in October 2015; this is twice the number that closed in September, and one more than in October 2014.

Are there are lot of short sales on the market for sale in Alexandria VA:

They're not totally non-existent, but they are less than 2% of the total active inventory of homes for sale. In October, the inventory of homes for sale decreased for both traditional sales and short sales.  The number of active listings was 556, while the number of active short sales was 7, down from 10 active listings in September.

How many short sales are pending in Alexandria Va?

In October, there were 25 pending short sales out of the 276 homes in Alexandria VA that were pending.  So, while the short sale listings seem to trickle onto the market, they do make up 9% of the number of homes that are under contract, or pending.

Are the prices of short sale negotiable in Alexandria VA?

Short sale are notorious for taking months to close.  First, they have to be approved by the bank, and sometimes there is more than one bank involved.  There may also be other unpaid liens on the property that will have to be paid or negotiated, such as unpaid condo or HOA fees.  It's not uncommon for a buyer to wait for several months to close.  But is the price always worth the wait?

Take a look at the interactive chart, and you will that from June to September of this year, Alexandria VA short sales were sold below the list price.  Back in August, short sales sold on average of 89% of the original list price.  In October, Alexandria VA short sales closed at 98% of the original list price.

Buyers who have time on their side may want to consider including Alexandria VA short sales in their home search.  Sometimes, it could be an opportunity to get a home in the neighborhood you want at a lower price.  Also, consider that most buyers don't look at short sales, so there is also the greater likelihood that you will not be competing.

If you are facing a financial hardship, please give me a call at 703-623-8759 for a confidential consultation to see if you qualify for a short sale.