Fairfax VA -Everyone knows that short sales and foreclosures can affect home values in a Fairfax neighborhood.
But just how they affect home values can vary depending on the circumstances. In fact, short sales help to stabilize the housing market.
That’s because short sales sell for more than a foreclosed property would. Part of the reason for that is because most short sales still have a homeowner living there who keeps up with home maintenance needs.
They’re still there to mow the lawn, trim the bushes and keep the house running. In contrast, foreclosed properties can sit vacant for weeks, even months!
A home left vacant for too long can ruin it. In the summer, mold can grow inside the walls. In the winter, pipes can freeze and break.
Consequently, foreclosed homes tend to sell for substantially less than a short sale or traditional sale.
Here’s an example of this principle at work.
After a Fairfax home was listed as a short sale, a $310,000 offer on the home was denied. The house ends up going into foreclosure.
It ends up selling for $230,000 because buyers know that they can buy a bank-owned home for a deeply discounted price.
The bottom line is that short sales help support home values. So the next time you see a short sale seller, thank them for supporting home values, and as a result the entire economy.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.
Thanks for reading this,
Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, ‘Inside Real Estate’
Phone: (703) 322-0600.
Thierry is an advocate for Homeowners in Distress. Thierry has made it his personal mission to help as many people as possible avoid foreclosure and keep their home.
Thierry Roche specializes in loan modifications and short sales in Fairfax Virginia. Fairfax Loan Modification Help. Fairfax Short Sales. Fairfax Short Sale Realtor. Fairfax County Short Sale Realtor. Fairfax VA Short Sales. Fairfax Realtor.
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This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Roche’s personal views and do not reflect the views of RE/MAX Premier. This information is provided as a courtesy to our viewers to help them make informed decisions.