The Winchester, VA foreclosure market is seeing a steady decline in available REOs. There are only 25 REOs available. That's a great improvement since the real estate market collapse in 2008. It is a good sign that the real estate market is making a recovery in the local market.
Of the 25 REOs available, 6 are in the 120000-149999 price range. Another 6 are in the 150000-179999 price range, and there are 4 in the $240000-269999 price range. Most of the remaining price ranges have one or two. The overall price range is between $49000-$575000. Click here for current foreclosure/REO listings.
The average days on the market are at 48. That's a change from previous years. In the early days of the days of the market collapse, REOs were sold quickly and as-is. Today, some banks are making repairs, including, new paint, flooring, plumbing and electrical repairs and some HVAC repairs. That was not typical of previous years. The new attitude toward their REO holdings is reflected in the amount of time they are willing to hold properties in their portfolio.
With the improvements in the Winchester, VA real estate market, banks are looking for more money from their REOs and they are willing to invest a little more to get it. They are willing to wait longer for an acceptable contract, and they are not as flexible on seller contributions toward closing costs. That doesn't mean that there aren't good deals out there, but they are slipping away each month. If you're in the market for a bank owned property, now is the time to call your Cornerstone Business Group, Inc., agent.