As of December 4th 2008 the Virginia Beach real estate market had a total of 116 REO and Bank Owned listings currently on the market. Also...in the Virginia Beach real estate market we had 25 REO and Bank Owned Homes sell in the last 30 days giving us an absorption rate of 4.64 months of REO and Bank Owned Homes for sale in our market. Also in the last 30 days we had 29 REO and Bank Owned sales close in Virginia Beach averaging 59 days on the market. With all of that mentioned...the most important statistic that most consumers want to know...is the list price to sales price ratio for these REO and Bank Owned Homes and that number is 95%! Meaning that on average REO and Bank Owned Homes in this market are selling for 95% of their list price! So keep this in mind when you want to make an offer and don't be surprised by the banks firmness on their list prices because according to the Hampton Roads MLS these homes are selling on average in less than 60 days of their listing date at pretty close to FULL Price!!
How could this be? The banks do their research that's how! Typically they hire an asset management firm to oversee the process that screens the real estate professionals they hire, order appraisals and market studies, and hire local repair contractors all to insure the highest net return to the bank. Obviously the system is working as the list price to sale price ratio mentioned above is direct confirmation that this is true. Other statistics that support this are the facts that on the South-Side of Hampton Roads we have an absorption rate of consumer owned and listed homes of about 15.5 months as of last week compared to the REO and Bank Owned properties 4.64 months and with and average market time of 80 to 90 days for consumer owned homes compared to 59 days for REO and Bank Owned Homes in the Virginia Beach real estate market! Those are the facts from our MLS I'm not making this stuff up!
In conclusion, REO and Bank Owned Homes in the Virginia Beach real estate market are doing just fine and if your considering buying one do your own market assessment to determine the market value and don't walk away from a home that may already be priced as a great deal! Call us...we are happy to help or simply sign up to receive automatic REO and Bank Owned homes dropped into your inbox as soon as they hit the market at http://VBReo.com or check us out at www.ByrdRealtyGroup.com
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