Distressed properties in the Winchester, VA are steady at 17.3%

By
Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119
http://actvra.in/KC9

Distressed properties in the Winchester, VA area are holding steady at 17.3% of total active listings for the month of October 2012.  The number has barely moved since May 2012.

The biggest difference in the October and January numbers is in the
"what kind of distressed property" category
.  The beginning of 2012 was still showing the effects of the REO wave that passed through the community.  As the year has progressed, REOs have declined and short sales have increased.

Winchester, VA currently has 494 active properties.  Of that number, 85 are distressed properties.  The distressed properties break down into 55 short sales and 30 REOs.  The volume of distressed properties has changed less than 1% in 5 months.  That's a good indication that market has stopped progressing vertically and is starting to show a horizontal movement.

The presence of 17.3% distressed properties provides buying opportunities for bargain shoppers.  It doesn't matter if it's an REO or a short sale, bargains are available for every budget.  When you're ready to jump into the market, give your Cornerstone agent a call, and let's make something happen.

Distressed properties in the Winchester, VA area are holding steady at 17.3%

 

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Topic:
ActiveRain Community
Location:
Virginia Frederick County Winchester Oakdale Crossing
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Rainmaker
888,372
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Mike - it seems your percentage of distressed properties is much higher than in our market offering some great opportunities for renters to become owners and for savvy investors to pick up some great investment opportunities.   

October 26, 2012 09:36 PM
Rainmaker
922,477
Sheila Anderson
The Real Estate Whisperer Who Listens 732-715-1133
Referral Group Incorporated

Good morning Mike. I am taken back by your numbers, but certainly agree with your conclusions. Whatever the reason, or type, it is a good time to buy.

October 27, 2012 04:40 AM
Rainmaker
719,595
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Ironically, Michael, it was 42% at the first of the year.  So we've actually had a big drop, but it has gone flat since May.

Sadly, Sheila, the 17.3% is a substantial improvement too. 

October 27, 2012 05:00 AM
Rainmaker
501,176
Christine OShea
Naples Florida Homes for Sale
NATIONS

Hi Mike, Do you think the lenders are holding back some of the distressed properties in your market area?  I know that they are here in Naples and several more waves of them will come into the market in the future.

October 27, 2012 03:47 PM
Rainmaker
719,595
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Probably so, Christine.  Just the number of BPOs I get offered would make me thing a wave of foreclosures are coming.  I did notice there were about ten new ones listed in the newspaper last night. 

October 27, 2012 04:24 PM
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Rainmaker
719,595

Mike Cooper

Your Winchester, VA Real Estate Pro
Winchester has a place for you! Call me.
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