The Long Realty Short Sale Resource Center provides you helpful information on short sales, the short sale process and how to search for short sale properties. Articles are provided by the Long Realty Short Sale Resource Group, a collaboration of Long Realty agents and managers with an expansive knowledge of short sales.
What's Happening in the Short Sale Market - June 2012
One of the most asked questions by sellers investigating their alternatives to foreclosure is "Are creditors approving short sales? I have heard they are impossible to accomplish." Although a short sale may be more difficult than a traditional real estate transaction to bring to a successful conclusion, with the combination of an experienced and knowledgeable Realtor, a cooperative seller, and committed buyer, they can be accomplished.
In 2011, there were 1,573 closed short sale transactions recorded in the Tucson Multiple Listing Service. This constituted just over 11% of all closed sales for the same period. Through the first quarter of 2012, there have been 635 closed short sale transactions compared to 420 closings for the same time last year. At this pace we will surpass last year’s total by over 50%. As of 5/1/2012, there were 400 active properties listed as short sales and an additional 1,413 short sale properties with buyers waiting either short sale lender approval or final closing of the transaction. Clearly, short sales can be accomplished.
The average sale price of a short sale last year was $151,237 and the median price $120,000, both within 7% of the overall market pricing. The lowest price recorded last year was $20,000 and the highest $2,325,000. Average Days on market (from listing until offer received) were 111, which is approximately 35% longer than the market average.
What conclusion can be drawn from this information? First, short sales are being completed in our market. Second, the prices that short sales are getting are in line with the market average and if presented properly, should be looked upon favorably by a creditor willing to work with a seller attempting to prevent foreclosure. Third, the short sale alternative to foreclosure is prevalent in all pricing segments of our market.
If you or someone you know is investigating alternatives to foreclosure, it would be worthwhile to include the short sale option as one of the avenues to investigate. Be certain that you choose a real estate professional experienced and knowledgeable in the short sale process to give you the best advice and represent you if you pursue this option.
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