Real Estate Trends in Winchester, VA - November 10, 2012

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

The Winchester, VA real estate market is through the first third of November.  As of the 10Th of TrendsNovember, the local Winchester / Frederick County market has 478 properties available.  Eight percent of those properties were added in the first ten days of November.  Of the 34 properties added since November 1st, 33% are distressed properties, with the majority (9) being REOs.

The current market is continuing it's overall trend of 17.3% distressed properties.  Short sales make up 47 current listings, while foreclosures (REOs) make up 37 properties.  These types of sales have changed places since the beginning of the 2012.  Short sales are taking a more prominent place in the local distressed market. 

The rise of REOs during the first ten days of November is a trend to be monitored closely.  Does it signal a return to the previous wave of foreclosures in the area, or is it simply an anomaly in the market.  Time will tell.  Which ever way it goes, strategies are likely in need of adjustment for buyers and sellers. 

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Rainmaker
1,087,906
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Mike * I went to a rental property presentation today where the owner REfinanced in the spring and the appraisal was 60% of his purchase price of 4 years ago BECAUSE of the # of foreclosures in the area....getting these #s DOWN helps those who want to REfinance, sell and maintain their home as a rental property.

Nov 10, 2012 03:52 PM #1
Rainmaker
1,706,494
Dorie Dillard
Coldwell Banker United Realtors - Austin, TX
Realtor-Canyon Creek- NW, Austin TX Homes For Sale

Hi Mike,

I like your post on real estate trends in Winchester, Va..its not great news but it is what it is......By the way I've been meaning to tell you I like your new photo of you!!

Nov 10, 2012 03:55 PM #2
Rainmaker
808,816
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Wallace, I had the hardest time trying to convince a seller that the REOs in the immediate area were impacting the price of his property.  He was convinced that we could somehow explain it away to potential buyers.  Sorry, it is what it is. 

Thanks, Dorie.  Ironically, 17.3% distressed properities is a big change from Jan 1, 2012.  I'm thrilled, but I'm still looking for better days.  Thanks for the kudos on the photo.  I'm not always in jeans, but most of the time.  8-)

Nov 10, 2012 05:05 PM #3
Rainmaker
476,304
Andrea Bedard
Thompson Company, REALTORS - Silver Spring, MD
M.A.; REALTOR Silver Spring, MD and beyond

Hi Mike, it appears that we've seen less REOs and more Short Sales in general. I hope the number of new REO listings in Winchester is an anomaly... more short sales than REOs likely indicates that sellers don't wait till the last minute to attempt a short sale and lenders are more willing to work one out.

Nov 10, 2012 06:37 PM #4
Rainmaker
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Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

I do hope that's a blimp on the horizon, Andrea, but I've been predicting a new wave of REOs locally because of the high volume of BPOs that are offered to me each week.  The last time this happened, our distressed inventory ran up to 42%.  I probably turn down 60-80 BPOs a month, and yet, we still end up doing 20-30 a month.   We get a lot of condition reports offered, which make up the refi market.  So, it's an intersting set of circumstances forming.  It does give me an insight into the REO market before it happens.  That's good for my investor clients. 

Nov 10, 2012 08:15 PM #5
Rainmaker
1,094,548
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Mike.  Short sales becoming more prominent is not great news.

Nov 11, 2012 03:29 AM #6
Rainmaker
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Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

No it's not, Conrad.  Both types of distressed listing were declining.   I hope this early November uptick is an anomaly.

Nov 11, 2012 04:51 AM #7
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Rainmaker
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Mike Cooper

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