5 Best Cities in America for Short Sale Deals

Posted by The Cascade Team Real Estate on Sunday, April 7th, 2013 at 9:22am.

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1) Santa Barbara, Calif.

Average short-sale price: $283,825

Average discount vs. nondistressed sales: 42.69%

Santa Barbara experienced the biggest increase in short-sale purchases, which rose 107% during the fourth quarter from a year prior, nationwide, according to RealtyTrac. Real-estate agents say buyers returned to the market late last year in search of deals as home prices appeared to bottom out: the median sales price of all properties in the city was roughly $600,000 at the end of 2012, down from about $700,000 in 2010 and approximately $800,000 in 2008, according to listings site Trulia.

2) Phoenix

Average short-sale price: $149,094

Average discount vs. nondistressed sales: 37.84%

Buyers have been rushing into Phoenix in search of big deals. Short-sale purchases increased 43% during the fourth quarter of 2012 compared with a year prior, according to RealtyTrac. It’s not just investors who are behind the trend. Owner occupants are also competing for these properties. Given the competition, experts say, buyers looking to pick up a short sale will have a better shot if they come to the table with an all-cash offer.

3) Las Vegas

Average short-sale price: $124,555

Average discount vs. nondistressed sales: 33.4%

4) Cleveland

Average REO sales price: $57,782

Average discount vs. nondistressed sales: 56%

5) Charlotte, N.C.

Average REO sales price: $111,260

Average discount vs. nondistressed sales: 43%

The Cascade Team Real Estate

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