Over the last five months, the real estate market conditions in the Carson Valley Nevada area have changed substantially. Just as buyers were reluctant to accept the slide in values over 2006-2009, it seems that buyers are reluctant to accept the fact that the market is moving much more quickly. Bank owned properties appear to be the reason why our market has changed direction.
Here is what the market looks like today for bank owned homes in the Carson Valley Nevada area:
As you can see from reviewing the chart, the bank owned properties have all but cleared out of our market. They’ve made up 33% of our sales in the last year. If we drill down a little further, we discover that the median price of the 148 bank owned homes that sold in the last year was $210,000. The median list price was $214,350.
It’s clear that bank owned properties have been sought out in our market over the last year and almost all have sold. Sellers have realized that if they truly want to sell their home, they cannot overlook the bank owned properties as comparables. The bank owned properties over the last year have helped sellers realize values have changed.
Now it’s up to buyers to understand that both banks and individual sellers have already priced their home to sell in response to how bank owned comparables have changed the market. Buyers are advised to have their agents run the last 90 days sales comparables for any property they are considering buying to determine if the price is reasonable. That logic also follows for bank owned properties. More often than not, banks have priced their inventory very competitively, and are not selling them for an additional 20% off. Bank owned properties in the Carson Valley are selling within 2% of asking on average.
If you’re considering buying a bank owned property, be prepared to act quickly. Have your pre-approval from the bank or mortgage broker of your choice ready.
If you’d like more information on bank owned homes in the Carson Valley, call me at (775) 881-8223 or email me at firstname.lastname@example.org.
(Our data is from the NNRMLS, excluding all shared ownership or manufactured housing in Area 300.)