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%

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the music-note to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Virginia Frederick County Winchester Oakdale Crossing
Groups:
"Whacked"!!!
Dedicated Bloggers
The Lounge at Active Rain
Active Rain Newbies
BananaTude
Tags:
distressed properties

Comments 7 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the chair to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
980,290
Debbie Reynolds
Your Dedicated Clarksville TN Real Estate Agent
Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730

Mike, Distressed properties as you call them offer opprtunities for buyers to pick up some really good properties at below market prices.

October 26, 2012 06:50 PM
Rainmaker
773,749
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Yes they do, Debbie.  They are disappearing around here.  So, it's a good time jump in. 

October 26, 2012 06:56 PM
Rainmaker
968,535
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
1,004,119
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
773,749
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
514,775
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
773,749
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
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cat to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
773,749

Mike Cooper

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

Accessibility option: listen to a question and answer it!

To submit the form,
drag the sunglasses to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

" style="overflow:hidden;" seamless scrolling="no" id="custom-widget-content" onload="resizeIframe()">Your browser does not support iframe.