People ask me all the time "How's the Market?" An important part of any answer to that question would include the percentage of homes on the market that are in a distressed situation. (Foreclosures being homes that are on the market and owned by a bank, or a short sale or pre-forclosure property which is still technically owned by an individual person.)
As of January 15, 2010, in Federal Way:
Active Listings For Sale: 40% distressed.
Pending Home Sales: 60% distressed.
Sold in the past 6 months: 44% distressed.
Why is this important? First of all, buyers use the info to decide where they might look to find a good price for their purchase. Sellers use the info to help determine how to price their home to sell. Appraisers use the info to determine whether there is a trend on values moving up, down or stabilizing .. actually all 3 groups ultimately want to know what the trends are.
If you are curious about listing and sales activity in your area, email, call or text me at dkawell@windermere.com, text or call 206-794-0844, and you may request my market snapshot service, which is free, comprehensive and in real-time mls market data.
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