Are we going to see more Short Sales or more Bank Owned in the near future or the future as a whole in Palm Springs?
As Realtor in Palm Springs, last time I looked and counted (end of July) I found out that less than 17% of our inventory is Short Sales and REO’s (Bank Owned) combined.
The Realtors handling REOs accounts are experiencing a significant drop in the number of properties that are given to them to sell.
On the other hand, The National Association of Realtors is telling us very clearly (I mean this is an insider TIP) that yes the reason why the number of REOs is dropping is because the banks are “trying to get Short Sales thru” faster and more successfully.
So the whole industry is now shifting from Bank Owned to Short Sales. So be it .
But I have my doubts and I did investigate with “real insiders” and my belief is that we WILL SEE more Bank Owned properties hit the market but the low end of the market (prices under 250K) are going away and this is the second wave with the homes priced over the 300K up to 800K.
I have my eyes on this specific subject and will keep sharing any information I can get with you.