Fairfax County Bank Owned Home Sales in 2012
Fairfax County Bank Owned Home Sales.
All over the country and real estate industry one of the buzz words has been Distress Sales. And of Distress Sales, even more specific buzz words are foreclosures or REOs or Bank Owned homes. Short sales are another popular buzz word. The general perception of the press or public is that these scenarios lead to “deals.” That definitely may happen sometimes.
It was interesting when at a conference of CRS recently, I discussed with some other CRS certified Realtors from all over the country, the make up of the inventory or types of sales in our geographic markets. The majority of Realtors agreed that in most markets across the country many buyers want to buy one of these types of Distress sales, yet of the 100% that say they want to, only about 5% actually do. It seems that this is because: [a] these distress sales are not as plentiful as many home buyers think, [b] the bank owned and short sale properties take more work than expected or desired by the home buyers, or [c] the short sale process takes longer than the home buyers are willing to wait.
Of all the listings on the market in 2012 in Fairfax County Virginia, a small percentage of them were short sale or bank owned (also referred to as REO). The bar graph above shows the small amount or percentage of bank owned/foreclosure and short sales vs. the overall inventory of home sales throughout 2012 in Fairfax County. This is the entire county: Springfield through McLean, and Alexandria through Reston/Herndon. So even if there was some area where these types of sales were more prevalent, it’s not significant enough to affect the county’s inventory.
Fairfax County is not immune to these situations, but many homeowners and residents are certainly grateful for strong employment, high ranking schools, and strong demand from home buyers.
If you have questions about home sales, distress sales, bank owned homes, or short sales – I’m more than happy to have a dialogue with you on phone, text, email, or in person. You’re local Realtor, Jeff Wu.
