Beat the Banks at Their Own Game

Year to date in South Lake Tahoe there have been 42 single family homes that have closed escrow.  I continue to see the number of bank owned and short sale properties making up over 50% of the market.  Especially surprising numbers since that type of listing is just 19% of the properties that are for sale.

Sold Stats for 2010

  • 42 Sold Listings in 2010                    
  • 15 REOs
  •   9 Short Sales
  •   Comprising 57% of total homes sold

Active Listings Stats

  • 307 Single Family Properties Currently Listed (Not in Escrow)
  •   24   REOs
  •   34  Short Sales
  • Comprising 19% of Market Total

Pending Listing Stats (Homes in Escrow)

  • 87 Listings Currently in Escrow
  • 20 REOs
  • 45 Short Sales
  • Comprising nearly 75% of the Total Homes in Escrow

These numbers are amazing to me because they show that the distressed properties are selling and other listings are not.  I would caution any seller who attempts to navigate these turbulent times of home selling to price their home boldly, perhaps even a bit under the current market value to play the same game as the banks.  This strategy can create a “feeding frenzy” and savvy sellers could end up with multiple offers which can go over the listed price.  Otherwise you may be looking at a listing that can languish on the market without activity for months while the value continues to decline.  If you need to sell a property now,  price courageously and get the listing on as many websites as possible with an agent who has access to an extensive National Distribution Network on the Internet.