12 September 2008

Tooele County Short Sales May Be Bank Owned ??

 Tooele County Short Sales are likely to become Bank Owned Homes.

At least thats the conventional wisdom.

I'm not so sure. We just don't have as many out here, and with few exceptions, they are houses with great promise at a good price.

What brings this up, is Cories article last Tuesday, out of our Salt Lake Office, that quotes the NAR, and Realty Trac as projecting that as much as 35% of all the homes for sale across the U.S. will soon be "Bank Owned". That of course assumes that a particular market has a large number of homes for sale as short sales, they don't sell, and the bank forecloses. ( read REO Boom).

Just to prove my point, I investigated the distressed property in the major home selling areas in Tooele County, IE: Stansbury Park, Tooele City, Grantsville, Erda & Stockton UT.

This is what I found !!!

Tooele County:

There are 625 homes or Condominiums listed for sale on the MLS in Tooele County.
48 of those homes or condos are either Bank Owned, HUD Homes,or Short Sales.
This represents only 7.6% of the homes listed.

Stansbury Park:

There are 129 homes or condominiums listed for sale on the MLS in Stansbury Park.
Only 6 of those houses are distressed property.
Those 6 homes are less than 5% of the inventory of homes for sale in Stansbury Park

Grantsville UT:
Grantsville UT has 115 homes or condominiums listed for sale across the WFRMLS.(MLS).
Seventeen of these listings are distressed homes.
Those seventeen homes represent almost 15% of the homes for sale in Grantsville.

Erda, Lakepoint, UT:
There are 23 properties listed in the Erda, Lakepoint areas.
None of these homes are Bank Owned ,HUD Homes or Short Sales.

Observations:

It is very unlikely that Tooele County will find itself in a position any where near what the NAR, and Realty Trac were suggesting in Cories blog.
Only Grantsville approaches the negative numbers that seem to be the norm in parts of the country. Even that number of 15% would not be considered a problem number in parts of California, Arizona, Nevada, and Florida, where percentages of pre-foreclosures often reach 40% to 50%.

Keep in mind, that the stats we have used are from the Wasatch Front Regional Multiple Listing Service (MLS) and do not include either Homes For Sale By Owner (FSBOS), or most of the New Construction Homes. Even though most FSBO homes are eventually sold by a Realtor, they are not initially listed on the MLS. New Home Builders like you find in Stansbury Park, IE: Ivory Homes, Richmond America, Symphony Homes and Fieldstone Homes sell from models, and like to control representation through their own sales people.

To see the over 600 homes for sale in Tooele County, stop by our website @ Tooele Homes For Sale and get photos, prices, maps, addresses and most of the information your Realtor uses to search for homes.

If you would like to talk to someone about the New Homes, Town-Homes, or Condos in Stansbury Park, give us a call @ 435-840-5029. We can also tell you which Tooele County Short Sales may be Bank Owned.  

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