Increase of Distressed Homes in South Puget Sound Real Estate Market.

Distressed homes aren't necessary dilapidated homes. They may look just like your house, or be brand new. Distressed homes are homes that have either been foreclosed upon and are returned to the market with the banks as the sellers, or they are "short sales", listings that are being offered for sale by their current owners for less than what they owe to the banks. Sometimes these homes are in less than desirable shape, but can be a real bargain for buyers. If there are a lot of distressed homes on the market in your neighborhood, these low sale prices will influence your home's value if you plan to sell soon. The ratio of distressed listings versus non-distressed listings, is also an indicator of the general real estate market in any given location.

A few years ago the term "short sale" was not very well known, as short-sales were uncommon. Since 2007 short sales and foreclosure listing in our area have increased dramatically.

Currently, short sale and foreclosed listings make up over 32% of all active listings in Pierce County. Close to one out of three homes in Pierce County is distressed.

In Thurston County this ratio is 16.6%. Consequently, the median home value in Thurston County is $235,000, versus in Pierce County it is $225,000.

Sandy Nelson
Olympia Realtor®, GRI, ASP, Built Green
360-789-7505
www.SandyNelsonRealEstate.com

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