How much do I offer on a foreclosed home?
A great question, so I thought I would run some statistics about how much these homes really sell for, vs the listing price that is advertised.
A study done of closed sales, on bank owned properties January 1st through today, 2009.
391 bank owned homes sold in 2009.
The bank owned homes that sold the quickest? Price in the 130’s – the average days on the market for this category was approximately 30 days.
The bank owned properties that took the longest to sell? Price in the 800’s and up – the average days on the market for this category was over 300 days, up to 800 days.
When we look at how close the sold price came to the actual listing price, when a bank owned property sold in the first 30 days, the LISTING PRICE TO SALES PRICE RATIO was 99%. When the bank owned property stayed on the market over 120 days, the LISTING PRICE TO SALES PRICE RATIO went to 93%.
It is notable that this statistic is the same for CDOM (cumulative days on the market) to DOM (days on the market).
I have attached the study document for your review, and if you have questions about this, don’t hesitate to get in touch with us!
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