Short sales still not so short?
Short sales are slowly on the rise, now accounting for 12 percent of all home sales, USA Today reports.
That said, real estate agents selling homes across the state report that the short sale process is still anything but short.
In a recent survey by the Massachusetts Association of Realtors, just over half - 54 percent - reported they had handled at least one short sale over the past year.
Here's a breakdown of how long it took:
- 22 percent reported it took an average of 1-3 months to close on the home
- 46 percent reported it took 4-6 months to close
- 25 percent reported 6-12 months to close
- 7 percent reported it took over 12 months on average to close a short sale
So we are looking at an average sale time, roughly, of four to six months - that's a long time for a buyer to hang in there, especially in this market. And for a good percentage of the real estate agents surveyed - 25 percent - it took even longer, even up to a whole year.
The fact that short sales remain so difficult to pull off is a tragedy for many struggling homeowners, especially in a still very high-priced market like Greater Boston.
There is a constant lament in the comments section on this blog is about all those sellers who are trying to unload homes at prices that might have worked during the bubble years, but aren't going to get any takers now.
Well here's a big barrier for sellers who might really want to move on, but remain trapped by the simple fact they bought in 2005 instead of 2001 or 2002.
If you've been successful with a short sale - either as a seller, buyer or agent - we'd all love to hear from you. And if you found yourself in an absolute nightmare after trying to go the short sale route, by all means share your story.
Feel free to email me directly as well.
