Short sales are the new norm in real estate (although that’s changing — more on that later). It wasn’t too long ago that no one had ever heard of short sales, and now here they are dominating the market. This is better than the foreclosure-dominated market that we lived through, but still indicates that distressed properties are driving the market.
I’ve recently completed a long (by agents’ standards) course on effectively dealing with short sales and foreclosures, and I’m now a Certified Distressed Property Expert (CDPE). The whole point of the course was to learn how to better work with short sales and foreclosures so that I can become a better agent, and more effectively help my clients who might be facing distressed property transactions navigate what can be some pretty scary waters.
There is good news on the horizon, at least here in the Denver market — and Highlands Ranch in particular. First, although Colorado was regularly at the top of list in terms of foreclosures, our property values really didn’t suffer as much as other parts of the country. Yes, values decreased, and some areas and individuals got hit particularly hard. On the whole, though, we got through the foreclosure storm in a pretty good position.
Foreclosure sales began to wane as short sales became more prevalent. This turn in the market came about because the banks and foreclosing lenders realized that it was simply more cost effective to process short sales than foreclosures. In a word, short sales are cheaper than foreclosures. Now, short sales are actually waning because of some really good news: the market is improving.
It’s going to be a while before we are completely back to a “normal” market. We might never be. In the meantime, if you or anyone you know is in financial distress and facing foreclosure or a short sale situation, remember that I’m just a click or a call away. I’m here to help.
Let me know what you need from me.
With warmest regards,
Randall Brennan, REALTOR
So what’s next? Take your pick.
Yeah. You should probably do at least one of those things right now.