“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Market Report....Distressed Properties VS ...

Market Report....Distressed Properties VS Typical Sales in the Treasure Valley

Today I wanted to show a chart on distressed property sales vs typical property sales.

What is a Distressed Property?

A distressed property is one that is either an REO (foreclosed property that the bank owns), a short sale or a property in the process of being foreclosed upon.

Our area has been hit pretty hard with distressed properties in recent years. Many homes have been foreclosed upon or the home owner has no equity and is forced to sell their home in a short sale.

What does this mean to you as a buyer?

Actually it means that there are some very good bargains to be had when you are purchasing your next Treasure Valley home. However a bit of patience is very necessary.

Distressed property sales take a bit longer to complete. Bank Owned homes (REO's) are a bit quicker turn around time. A short sale can take much longer....figure that you may be in contract for 3-6 months.

For the Treasure Valley seller what does this mean?

The biggest impact that the distressed properties have on the Sellers in the Treasure Valley is the price you can expect to sell your property for . Even though your home may not be a short sale or a bank owned property the appraiser may use those homes as comparison sales in his appraisal.

Prepare to sell your home for a bit less...does this make it a bad time to sell your home? Absolutely not....the market will increase...but it is relative...if the price you expect to sell your home for increases...then the next property you purchase will also increase in value.

You may net more out of your home but if you purchase at a higher price and possibly higher interest rates you may not be coming out a head.

I like to tell my sellers this question...."which home do you want to gain equity in? The one you currently live in...or the one you intend on purchasing?"

Call me for a Market Analysis on what your home is worth today. 208 703-1433

(Market Statistics provided by Hennessey Appraisors and Intermountain Multiple Listing Service)

Sold Homes in IMLS

2011 Summary - Ada & Canyon County (Jan - Aug)

IMLS Defined Area




Distressed

Count

Distressed

Percent

 Typical Count

Typical

Percent

Notus

2

100.0%

0.0%

2

Caldwell

534

77.2%

158

22.8%

692

Nampa

986

72.9%

366

27.1%

1352

Melba

8

72.7%

3

27.3%

11

Kuna

204

70.6%

85

29.4%

289

Parma

27

69.2%

12

30.8%

39

Greenleaf

10

66.7%

5

33.3%

15

Wilder

24

64.9%

13

35.1%

37

Middleton

97

61.4%

61

38.6%

158

Star

82

59.9%

55

40.1%

137

Boise

1281

48.7%

1349

51.3%

2630

Meridian

599

48.6%

633

51.4%

1232

Eagle

158

47.6%

174

52.4%

332

Garden City

37

42.5%

50

57.5%

87

Grand Total

4049

57.7%

2964

42.3%

7013

Posted Friday Sep 30