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Distressed Properties Causing Housing Prices to Drop

December 5, 2010

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

Zillow reports that  47.4% of all homes sold in September were distressed sales.  The breakdown from Zillow shows that 27.3% were short sales and another 20.1% were foreclosures.

Unfortunately,  because appraisers use all available recent sales (distressed and otherwise) to determine property value, this negatively affects condo sales as well as single family homes, and causes property values across the board to drop.  

If a property is not going to appraise for it’s sales price, there is little reason for it to be priced there.

Real estate experts indicate that foreclosures sell at about 65% of their full value, on average.  Short sales sell at about  85% of their full value.  So with the increase in the number of distressed properties available, it would not appear that prices will be edging  up anytime soon.

If you are looking to buy or sell real estate and would like the help of a Top Miami Realtor,  please don’t hesitate to contact  either Alexandra orVicki Restivo – anytime.   Cellulars:  305- 793-1365  and 305-632-0164.

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