Southwest Medford Short Sales & Foreclosures

Southwest Medford Short Sales & Foreclosures

If you live in Southwest Medford and have been thinking about selling a home, or have thought about buying a home in Southwest Medford, foreclosures and short sales are a playing a key roll in what type of value your home will sell for, or how much you will spend on your new home.

To give you a feel for what the Southwest Medford home market is looking like as of the past 3 months ending March 31, 2010, there were 50% of the homes that sold that were "normal" sales, while the Southwest Medford foreclosures and short sales made up 50% of homes that sold.

The median price of a "normal" home that sold in Southwest Medford was $180,000, while the median for foreclosures & short sales was $153,750 in Southwest Medford.

As you look at the difference in values between the "normal" sales and the "distressed" sales like foreclosures and short sales, its important to know what each of these means to you.

• A "normal" sale is one where the seller has equity in their home and is not in a situation where if they don't sell the home will be taken from them by their creditors. Oftentimes after an inspection has been done by a professional inspector, if their are any needed repairs, they can be negotiated with the seller to make the needed repairs.
• A short sale is often called a "pre-foreclosure" as well, which means that the person selling their home is asking their lender that loan them the money to "short" the amount that they are owed, or take less than the amount owed, in order to not have the property be taken by the bank in a foreclosure. These are usually sold in as is condition with no repairs being made by the sellers.
• A foreclosure in Southern Oregon is when a homeowner did not make their payments for an extended period of time, often times the home will have some deferred maintenance as they did not have money to keep the house maintenance up. These are usually sold in as is condition.

If you are thinking about buying or selling a home in Southwest Medford be sure and consult with a local real estate professional that knows what is happening in todays market and knows how to help you adapt to the market to best take advantage of it.