Over the past couple of weeks I have been getting frustrated when trying to find houses for my clients. They are of the type that do not want to wait for a Short Sale and personally I do not blame them. You wait for weeks (or months) and you still might not get the house.
So we have been looking strictly at bank owned properties. I have noticed a severe decline in the amount of REO's on the market. Furthermore, the properties that are available all have multiple offers within days of being listed. I saw one that had been on the market 5 days and had 14 Offers. So you might ask, "how can this be?" Where are all the REO's going.
I started talking to multiple sources. Many people say that we are in the last year to 18 months of the REO fiasco. I actually had someone call me today, specifically to tell me that. Are we really reaching the end of the large amount of REO's? Or is this just a break before another storm of properties hits the market.
I did a little research to back my conclusion that the volume of REO Homes has declined. I searched on our MLS at brokers that were averaging 200+ REO's at a time. Now they have between 30-50 properties. That is a sharp difference from before.
Well, I guess there is no way of really knowing where things are going because no one has a crystal ball. But, it would be nice to see things return to normalcy and have some equity sellers.
What are your thoughts? What are you seeing in your market? I would love to hear.
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Welcome Home Realty : 13020 W. Rancho Santa Fe, Suite # 102 - Avondale AZ 85392 : 602-904-4722 |
Fabulous 4 Bedroom 2 Bath Home in Avondale, Arizona. This 4 Bedroom 2 Bathroom Home is located in Cashion Park South and is 1485 Square Feet. This 4 Bedroom 2 Bath Home has tile in all of the right places and is a great deal. This 4 Bedroom 2 Bath HUD Home needs some TLC but is at a great price. Check out this 4 Bedroom 2 Bath HUD Home today. Call Matt @ 602-904-4722 today to see this great home.
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Welcome Home Realty : 13020 W. Rancho Santa Fe, Suite # 102 - Avondale AZ 85392 : 602-904-4722 |
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