Did you know that foreclosures sell faster and closer to the asking price?

Studying the market trends can help you determine how to best price your home when listing it for sale and how to position your offer when you are ready to buy. Here are some interesting things I have noticed in the past six months.

Bank owned homes sell for more and they sell the fastest. The median discount on the asking price of a bank owned home is less than one percent. Frequently there is no discount at all. Nearly 50% of all foreclosed homes in Palm Coast and Flagler Beach sold for more than the asking price. How much more? In one extreme case a home recently sold 32% above the asking price. The typical time from list to close of on a bank owned home is 42 days. The short escrow period reflects the fact that the majority of REO transactions are cash deals and because the almost always vacant property quick closings are easy to arrange.

The typical discount on a short sale is 4% off the list price. The average days on market for a short sale is 215 days. which includes that negotiation period with the seller’s lender.

Finally, in non-distressed sales the median discount to the list price is 7% and average days on market is 95 days.