* 8% of those listings under contract are "short sales"
* At least 22% of the listings under contract are vacant
* The median price of the listings under contract is $225,300
* The median price of active listings is $272,450
* There is an 20.9% disparity between what sellers want to sell their homes for and what buyers are ready, willing and able to pay for a home
Source: Wasatch Front Regional Multiple Listing Service
Knowledgeable & Professional Representation ... Aggressive Negotiation
Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:
ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist
Wow, those are some striking numbers. I'm curious how the occupied listing sellers are dealing with this info. Are any of them lowering their prices?
It's horrible news!
I have a short sale going on that the bank's BPO is at $255K (NOT!!!) - 534 days on market. We have an offer at $225K and I can't even get to anyone (at Chase) in the short sale department to talk to me. They know who the analyst assigned to the file is, but can't find his number in their company directory! So I have been leaving messages with the short sale dept. supervisor, a number which I'm sure is a receptacle that fills up with agent calls and gets deleted unheard.
The other listing I have isn't a short sale, but one where we had a failed sale - 279 days on market. I'm sure because the buyer felt they were paying too much for the home. We'll see what the next 10 days bring. Hopefully, improving market news.
I've just sent this report to my clients. I'll let you know if they adjust their pricing or sit it out.
I hope you can get something put together for your clients, how frustrating. I think things will get better, but it may take some mighty big pills for swallowin' first. May the force be with you!