7781 Salt Lake Homes For Sale, 6.7% are Short Sales
Of the 7781 Condominiums and Homes for sale in Salt Lake, 6.7% (528) are short sales or are facing foreclosure.
Thats not a bad statistic when you look at some of the other areas of the country, where as much as 40% of the standing inventory of homes for sale can be characterised as distressed.
The Wasatch Front MLS gathers these numbers from home listings Realtors have entered into the system. They Identify a property as being either a Foreclosure, Bank Owned, a HUD Home, Short Sale, or a home that requires approval of a third party before it can be sold or purchased.
New homes/condominiums, (new construction) offered by builders that are sold from model homes, or subdivision sites, with their own Real Estate Agent representing them are not included in this report. Neither are homes for sale by owners (FSBOs) as they are generally not listed.
Short sales can have value for all parties in the Real Estate transaction. The owners get out of a mess without totally destroying their credit. On a short sale new IRS regs allow the debt relief to be a non taxable event, and in Utah the deficiency consequence of selling your house for less than you owe goes away.
Banks or mortgage holders are agreeable, as foreclosures are time consuming, costly, and leave homes vulnerable to vandalism, further value deterioration, theft, insurance liability and a host of other problems.
Best of all, Home buyers, whether they are families moving up, or Real Estate Investors can purchase new and previously owned homes for considerable savings.
The following examines some areas of interest you might have when looking for short sales or Bank Owned Homes for sale in Salt Lake.
Total Inventory of Salt Lake Homes for sale:
As of 4/26/08, there was 6474 single family homes & 1307 condominiums for sale in Salt Lake.
Salt Lake has a housing inventory of almost 17% condos.
Salt Lake Short Sales, or Bank owned Homes:
Eight % of the single family homes, 528 can be considered as distressed property.
Only 3% of the 40 condominiums for sale in Salt Lake are Bank Owned, foreclosures or short.
Thirty day trend:
In the last 30 days 135 homes or condominiums have been added to Salt Lakes homes for sale.
Contracts have been signed by 83 home buyers. Ratified by lenders.
Fifty six distressed houses have closed in Salt Lake in the last 30 days.
Commentary:
Short sales sold in SLC over the last 30 days range from a $99,000 dollar bungalow in Magna to a $775,000 dollar cape cod built in 1939. Available homes for sale are as varied as are the different neighborhoods around the valley. Real Estate, all things considered is in pretty good shape in most areas of the Salt Lake Valley. Pre owned homes show very little signs of problems. Those areas where many New Homes have been built bear watching and if you are looking to buy a new home, should be investigated.
Buying a short sale home, or a foreclosed property isn't difficult, but it takes preparation, and an experienced Realtor.
If you have a Realtor, put them to work TODAY!!!
If you don't have a Realtor, we'd like you to check us out. Go to our web site Salt Lake Real Estate and see how serious we are about this business.
If you want to start looking for your next Salt Lake home among the 7781 houses available, just click on the website pages that provide all the listings, Salt Lake homes. It's FREE, updated daily and lets you see pictures , addresses, prices, and necessary information. Or just give us a call @ 801-567-0946.
Remember, there are 7781 Salt Lake Homes for sale, 6.7% are short sales waiting for you to take advantage of the market.