For those of you looking at short sales and foreclosed properties in Salem Oregon here is a little short and sweet update for you on where things are at in this market sector.
- 10% of homes listed this year in Salem Oregon have been a short sale or foreclosed property.
- 24% of homes listed as short sales were successfully closed.
- Short sales took, on average, 164 days (5.4 months) from list to close.
- Short sales averaged 13% off of the original asking price.
- 58% of the listed foreclosures have sold.
Having written up several offers for buyers on foreclosed properties, I can tell you that while this is a small market segment the foreclosed property market has some stiff competition. Lenders are underpricing bank properties and driving up bidding.
As for short sales, so far there is a 25% chance of getting one of those homes to closure and the process is taking a while. The good news is that due to the many short sale problems faced by other states that have been hard hit by the housing bubble, lenders are starting to try and streamline the process for short sales. This is good news for our battered economy and our local families facing foreclosure. In the coming months, this process might get a little bit easier.
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