Real Estate Market
National Housing Market Trends: Reality Distortion When Not Looking at the Local Level
| vital
All real estate trends are local, and what’s happening on a national average is of little consequence when trying to sell your $200,000 home in Phoenix or your $2,000,000 condo in New York City. While interesting to look at,…
Real Estate Market
Foreclosure Contagion and REO Versus Non-REO Sales
| Collateral Analytics
Using ZIP code-level data on foreclosure rates, distressed and non-distressed sales in Chicago, Illinois we examine the REO discount. We find significant differences in the difference in price between distressed and non-distressed properties in high- versus low-foreclosure rate neighborhoods. We…
Real Estate Market
Do Short Sales Save Lenders Money?
| Collateral Analytics
Occupancy and attitude can make a difference. Michael Sklarz PH. D. / Patrick Callison, CRA Short sales are a better alternative to foreclosure and REOs because they save legal and administrative costs necessary to foreclose; get someone out of a…
Real Estate Market
A Look at Seller Behavior and Outcomes during Uncertain Times
| Collateral Analytics
These are extraordinary times in real estate markets and, especially perhaps, for homeowners seeking to sell their properties. Presumably, the goal for today’s homeowners wishing to sell is the same as in the past -- get the best sale price possible. However, determining market value is probably more difficult today because of the uncertainties in the current housing and mortgage market.
Besides putting the house in mint condition for sale, the seller has two main choices. First, set the list price; and, set some type of reasonable goal for time on the market. Of course and as we will see, these two are related. What the seller does not control are market forces that influence the number of potential buyers and the prices they are willing to pay.