Winchester, VA Foreclosure Market - May 2013

By
Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119

REOs decline in Winchester, VAThe 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. 

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Ambassador
1,188,426
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Mike - That's a great sign of recovery in the real estate market, and it mirrors what is going on here. I wonder what ever happened to the so-called shadow inventory.

May 03, 2013 11:04 AM #1
Rainmaker
795,107
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

That's a good question, Dick.  I've wondered that quite a bit.

May 03, 2013 07:10 PM #2
Rainmaker
1,059,309
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Wow Mike.  48 DOM on market is incredible.

May 04, 2013 03:51 AM #3
Rainmaker
795,107
Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

A lot sell faster, but I've seen them on 360 days.  I sold one last year that was that old.  Ironically, there wasn't anything wrong with it.  I did learn that the bank had turned down a couple offers, but other than that, it was a good property.

May 04, 2013 04:51 AM #4
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Mike Cooper

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