Just Some Observation
As someone who is “immersed” everyday in the real estate business of selling and evaluating homes in Collin County I have noticed for awhile now, a strange trend in the foreclosure listings: REO listings on the market for a long time. 6 listings are on the market for over 100 days (even 304 days for one in Princeton!).
Usually a foreclosure will be under contract and sold within 60 days, but not anymore. 4 REO listings are on the market over 60 days, but less than 100 days. 7 REO listings have between 30 and 60 days on the market. The remaining 8 listings are on the market between 2 and 29 days.
38 REO listings are in different phases of contract (Option to Pending) with an average marketing time of 64 days. One listing has been on the market for 419 days before status has been changed to “Pending”.
There are less foreclosures on the market lately and foreclosures are priced on the market value – this is based on the average sale price/listing price ratio of 99.27%. 55 sales have been recorded in the past 90 days with an average marketing time of 54 days and an average sale price of $184,609.
Buyers are more picky lately: many listings are going under contract and after 6-7 days back on the market. Most likely buyers are not happy with the condition of the property. (No wonders!). Those properties are coming back on the market and price is reduced. Of course, marketing time will increase.
If you want to buy a foreclosure property in Collin County, right now at 10:30 PM on December 1st, 25 REO listing are still available.
- 3 in Allen
- 2 in Blue Ridge
- 1 in Dallas (at $579,000)
- 1 in Farmersville
- 1 in Frisco
- 1 in McKinney
- 1 in Nevada
- 9 in Plano
- 1 in Princeton
- 5 in Wylie