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%
Posted by The Cascade Team Real Estate on
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