Bank Owned Houses Sold in 2010

Bank owned houses around Southern Colorado in the Pueblo and Canon City  areas are always of interest to buyers. But buyers are under the impression that the banks are giving away the houses.  Buyers bring lowball offers and end up loosing what could have been a great deal to begin with.

2010  Year End Stats:

Pueblo MLS*: There were 469 bank owned (REO) houses sold In the Pueblo area. They sold for 95.46% – 97.07% of asking price. Compare that will all houses sold minus REO’s: 1743 houses sold for 94.86% – 96.88% of asking price. If you compare the REO houses to all others REO houses actually sold closer to asking price.

Canon City MLS*: There were 90 bank owned (REO) houses sold in the Canon City area. They sold for 93.90% – 96.4% of asking price. If you compare the REO houses to all others REO houses actually sold closer to asking price .199 houses sold for 93.90% – 96.4% of asking price. If you compare the REO houses to all others the REO houses sold closer to asking price.

These stats show that ALL  houses are selling close to asking price. Banks are not so desperate that they are giving away property. And home sellers are competitive! Don’t let the bank owned houses sway your options. Homes that are not in trouble are competitive and have the advantage of being maintained. Home owners may or may not  also have the advantage of flexibility in price because of their motivation to move or the equity they are willing to compromise on. Banks have a bottom line, an amount they need to get back out of a property to recover their losses.

Sold price vs listing price:

Pueblo MLS REO’s             95.46% – 97.97%

Pueblo All others               94.86% – 96.88%

Canon City MLS REO’s     93.90% –  96.4%

Canon City All others       94.32% – 95.84%

*Properties listed on the Pueblo and / or Canon City Multiple Listing Services. The actual properties may have been out side the immediate areas.

More information on bank owned property around Southern Colorado, Pueblo and Canon City:

Contact Dena Stevens for more information about REO’s, bank owned properties and for no obligation email listing on any property.

Dena Stevens Putting the ‘real’ into REALTOR since 2004

About Dena Stevens (719) 369.9087

Putting the ‘real’ into REALTOR since 2004

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3 Responses to Bank Owned Houses Sold in 2010

  1. Dena – this is really valuable information – many buyers do not realize that bank owned properties are generally priced very well – and can create multiple offers – knowing where things are selling can help the buyer make an offer that will be accepted yet give the buyer a great price too.

  2. Betty Jung says:

    Nice Dena. Buyers need to know this.

  3. Pingback: Bank Owned Houses, is Cash King or Not? | Real Estate Colorado Style