Is the Winchester, VA real estate market healthy?

Is the Winchester, VA real estate market healthy? Real estate is an ever shifting business. National, state and local events can affect a real estate market overnight and change dramatically. The economic collapse in the real estate and construction industries put many localities in deep turmoil in 2008. There has been a slow grinding climb back to some semblance of normalcy, but we’re not back to the pre-collapse days by any stretch.

There were high hopes for 2013, and on the surface, it looks as though some of those hopes were met, but there was a darker trend bubbling under the surface. In the early part of August, I started to receive an increase in BPO (broker price opinion) requests from multiple companies.

Before the 2008 collapse, I started receiving the same wave of request. In early 2008, the requests started in the 15-25 a month, but by the time the market finally collapsed, the requests were 85-150 a month. That meant that a large number of homeowners were behind on their mortgages and the lenders were looking to foreclose.

BPO requests don’t always signal a wave of coming foreclosures. They can be individuals refinancing, or maybe an insurance company or lender is asking for a condition report or an owner is requesting permission to do a short sale on the property. There are multiple reasons, but a primary reason is a pending foreclosure.

The numbers of BPO requests continued to climb from August 2013 until the end of the year. Again, they went from 15-25 a month to 50-75 a month. That’s better than before the 2008 collapse, but it is an alarming trend.

The January 2014 sales consisted of 93 total sales. There were only 4 short sales, but there were 24 foreclosures. That means that 31% of all sales were distressed property sales, and 26% of all closed properties in January were foreclosures.

The numbers have changed a little since the same period in 2013. Distressed sales in January 2013 were 40% of the total closings. Of that number 29% were foreclosures. There is a 3% decline year to year, but that low rumbling of BPO requests has me keeping a closer eye on the local market.

It may be an anomaly, but it may be something more ominous. It will be worth monitoring more closely than when we were in a confirmed healthy market.

Is the Winchester, VA real estate market healthy? 

 

 

Winchester, VA Real Estate Short Sales and Foreclosures for 2014

The Winchester, VA real estate market saw a healthy drop in foreclosures and short sales throughout 2013. That drop continues as we enter 2014. There are only 20 short sales and 22 foreclosures on the market today. Take a minute and browse through the listings below, and if you see something you like, give your Cornerstone Business Group, Inc., agent a call. We will be glad to help you find that perfect home.

Winchester, VA Short Sales 2014

Winchester, VA Foreclosures 2014

Winchester, VA Foreclosures For Sale December 2013

The Winchester, VA real estate market has seen substantial improvements this year, but there are still a few foreclosures or REOs (real estate owned) properties available. If you see something you like, give your Cornerstone Business Group, Inc., agent a call today.

Winchester, VA Foreclosures for sale December 2013