North Austin Foreclosure Listings Are Selling
A review of the MLS for the most popular North Austin areas on July 2 , 2010 showed 3614 active listings of those 4% or 139 were bank owned foreclosures offered for sale. Experience tells me that most sellers will want to dismiss these as not being fair comparisons of value. While that may be true they are very viable competition for home buyers. Studies have shown that home buyers are not afraid to purchased distressed properties andthe numbers that follow will help to support that claim. As of the same date foreclosure listing represented 11% of the pending sales and for May 2010 9% of the total sales in the same areas. It seems clear here that these properties are selling at a faster rate. In a market that is slowing down considerably why is it? The truth is it all boils down to supply and demand. That’s why it is important to know what is selling in you area as well as what is not. The most important piece of data to understand is absorbtion rate which can be calculated for any micro market. Absorption rate will give you an idea of the true supply and demand so you can price your home accordingly. If you need more information please call Jim Morelli directly at 512.918.1562
Written by Jim MorelliREMAX Capital City | 13018 Research Blvd. | Austin TX 78750
Direct 512.918.1562 | Fax 512.331.7480
http://www.LivingNorthAustin.com
jim@livingnorthaustin.com
« Facing Foreclosure? | Home | Short Sale and Foreclosure Listings Are Hot »
Comments
Trackbacks