Prescott Valley has begun initially to do lively business within the foreclosure industry with foreclosed homes selling nearly two times as rapidly as traditional domiciles.
There are now ninety bank-owned/REO and also shortsales site built residential listings at the Prescott Valley MLS and they have been on the market a mean of 80 times at $190,355, and such homes normal 1,757 sq feet and $108 each sq ft.
This compares to 542 total listings that have been available on the Prescott Valley market to get an average of one hundred seventy times at $253,508, and such homes normal 1,933 sq ft and $131 each sq ft. inside the last 6 weeks of 2008, 6 7 bank-owned/REO along with short-sales domiciles were on the market to get an average of eighty two times at $183,579, and such homes regular 1,735 sq-ft and $106 each sq ft.
Assess this to 408 full Prescott Valley house listings which sold at an average of $131 times in $211,484, and these homes regular 1,749 sq feet and $121 per sq ft Prescott Botox .
What the hell does any of the indicate?
When we look at the days on market (DOM) amounts, the speed of eighty two times on market which the REO possessions are noticing is like the”great past of 2005″ for real estate.
the overall economy is just taking 131 days to offer 63 percent longer than REOs. It follows that REO possessions are priced at some time where buyers and investors are stepping in to the marketplace.
The proportion of REO properties on the market is now at 17% of the entire Prescott Valley marketplace in contrast to 6% of the Prescott market place. Sales within the past six weeks of 2008 made up 16 percent and 11 percent respectively. Prescott foreclosure potential buyers were purchasing at double the ratio of listings.
Conventional wisdom suggests that homeowners wanting to sell real estate in the current market must be prepared to value aggressively to vie against the REO marketplace. And they’re going to have to get prepared to provide concessions for buyers such as paying closing expenses, etc..