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: http://www.realestatecoloradostyle.com/bank-owned-houses-is-cash-king-or-not
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