Over the last few months, short sales have been a hot topic in our sales meetings every week in the Carson Valley. There are many agents in our office who have attempted short sales but haven't gotten to closing...Some agents avoid them at all costs, and refuse to even list them. So it got me to thinking, how many short sales actually closed last year in the Carson Valley?
In 2008, there were 472 sales in the Carson Valley, Nevada market. Well, according to the Northern Nevada Assocation of Realtors (NNRMLS) only 19 homes of the 472 that sold in 2008 were short sales.
Comparatively, 110 of last year's 472 home sales were bank-owned properties (REO). That means that 23.3% of last year's home sales were bank owned, 4% were short sales, and the rest - 72.7% were traditional transactions...you remember those, right? Those are the transactions with a motivated seller and a ready, willing and able buyer.
Data is courtesy of the NNRMLS for area 300, excluding manufactured and shared ownership housing.
For more information us on our listings, please visit GreatNevadaHomes.com.
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.
I think banks only agree to them when they have to. If your market is not that upside down with lots of foreclosures then why would a bank write down the loans?
Christine,
I followed you here because you commented on my Winter Scenes and I thought I would check your posts. I agree with Robert's comment above.
Like you I am fairly new to ActiveRain. It has been a great place to learn and meet others. I will subscribe to your blog and ask you to do the same for me.
Make a difference in someone's world today. Be positive.
Hi Robert and Christine - Thanks for the comments. I am in Northern Nevada and we've had a 30% hit on values in the last 24 months. One adjacent neighborhood, Dayton, is 53.8% distressed...so I don't think it's a matter of the banks not wanting to agree to them because our market isn't decimated...I think the banks are slow to realize how truly decimated we are...
That is interesting. I thought there would be no way to avoid them but I guess you don't have to deal with them if you don't want to.
Christianne - I wish I never heard the words! Can't live with them, can't live without them! What's the use? We've had a few successes but not a very good ratio when considering the times we have tried!
I wish lenders and asset managers would look at the reality of today's market!
Great stats, I think I will see if I can get the local stats for short sales and REOs here. It sure does put things into perspective. I am currently working with buyers on a short sale that went into bankruptcy before the bank responded. It was like drawing a line in the sand for me, I am DETERMINED to get my buyers that house that has been vacant for over a year! I am just irritated enough with the whole economic situation that I welcome the opportunity to take my frustration out on ramrodding this almost transaction through to a successful close. No matter how long it takes, or what it takes, my nice, qualified, professional first-time buyers ARE GOING TO HAVE THAT HOUSE when it is all said and done. You can take THAT to the bank!
I've had some success with short sales, but not nearly the success I've had with traditional sales. This is the reason I send a letter to my congressman every week showing him how bad these banks are to deal with and that they really aren't there to help the public, they just want the publics tax money.
Hi Todd - This is the best comment I've had on this blog post so far. What a great idea. Do you by chance have this letter available (like when NAR has Calls to Action) that you can provide to the rest of us so that we can just print, sign and send?