The Winchester, VA real estate market is predominately made up of three types of real estate sales. There are fair market (straight seller sales), short sales and foreclosures (also known as REOs or bank owned properties).
The Winchester, VA real estate market report for 1/24/2012 - 2/24/2012 consisted of 62 sales. Of
that number, 31 were fair market, 12 were short sales and 19 were foreclosures. Even though the current active listings show that only 20% of the listings are made up of foreclosures and short sales, the most recent 30 day sales report tells a different story. Fifty percent (50%) of sales were made up of foreclosures and short sales.
The price ranges for each category varies substantially. Fair market sales range from $77,150 - $470,000. Foreclosure sales range from $42,000 - $285,000, and Short Sales range from $76500 - $370,000.
The "list to sold price" also swung sharply from one group to the other. The market data shows that a buyer is better off to buy a short sale than either of the other two types of sales. Short sales on average sold at 84.36% of list.
Fair market sales sold at 95% of list, and foreclosures sold at 
91.42% of list. The advantage of buying a foreclosure during this period is the days on the market. From list to close, foreclosures averaged 45 days. Short sales, which are notorious for taking forever to get to closing, actually only averaged 93 days on market to close. Fair market sales averaged 139 days on the market.
A buyer was likely to pay more for a fair market property during this period, but in most cases, the fair market property offered less potential problems getting to closing. That's not always true, but it often is the case. Short sales and foreclosure properties have potential issues getting to closing due to the circumstances which brought them to market.
All three types of properties offer Winchester VA real estate buyers great options. When you're ready to start your real estate search, give Cornerstone Business Group, Inc., a call and we'll help you find the right house at the right price.
Winchester, VA real estate market report for 1/24/2012 - 2/24/2012
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Give me a call for all your real estate needs, and let's make something amazing happen.
Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029
Real Estate Sales and Property Management
(Disclaimer: All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment. Feel free to cackle.)
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