I wanted to compare Short Sale Figures to other type of sales. I selected to look at Brentwood as prices are stable compared to other markets and there are a number of sales this year to compare. These figures are all sales of Single Family Homes in Brentwood this year as of the MLS on May 23, 2009.
Short Sales are only selling for a little more than Bank Owned properties. The banks need to approve short sales and probably will not approve much less than market or what they can get for it if they sell it. Also, on average the Short Sale homes are in better shape than the Bank Owned Homes. Traditional private sales are running a little over 10% higher than Short Sales.
Now the average days on the market for a Short Sale are 71, about 30 days longer than other types of sales. There are several reasons for this; people do not like to make offers on Short Sales, and the banks take a long time to approve the Short Sales. Please note there are a lot more Bank Owned Sales than Short Sales, but at this time there are more Short Sales than Bank Owned homes on the market. Many banks will not approve many Short Sales and the offers fall apart.
If you are willing to make a decent offer and wait you can get a good deal on a Short Sale.
Each home is unique and if you want an evaluation of your home please let me know.
If you are interested in Buying a Home or Selling a Home in Brentwood or anywhere in East Contra Costa County, Antioch, Oakley, Discovery Bay, Pittsburg and others please contact me. I specialize in helping buyers of Bank Owned Homes. For regular updates please subscribe to this blog.
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