How Long Does it Take to Sell a South Lake Tahoe Distressed Property?

March 19th, 2010 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, short sales, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline, NV

A short sale takes longer to sell than it does to fall.A Short Sale is a Process, not a Race.

There are always issues when looking at data about how long it takes to sell a house. The source of that data is our multiple listing service (MLS). All mls's across the country do not look at the-average-time-it-takes-to-sell-a-house data the same, however. At the core of the issue is how a particular mls accounts for a listing that has been on the market before, but is relisted with another agent.

When a listing is relisted with the same agent, most mls's across the country continue the days on market data without interruption. Both of ours do that too. Our mls's also start days on market data anew when a property is relisted with another agent.

This is good for the agent, because they get a fresh start, so to speak, on their new listing, but it's not great for data integrity. A prime example of this occurred some time ago with a high-end listing that had been on the market for 5 or so years, but was relisted with another agent and sold within a few months. As such the days on market data reflected the property being on the market for months, rather than years.

So, one always looks at days-on-market data with an understanding that it is a guide, not an exact fact.

Nevertheless, while working on stats this morning, we we wondering what the difference might be in how long it takes to sell a short sale here in South Lake Tahoe, CA. We thought it would be fun to look at a comparison of short sales vs. bank owned sales, and homes that are not.

Here's what we found out:

  • At present, it takes 100 days (37.9%) longer to sell a short sale than a home that is not a distressed property.
  • So far this year, it takes 107 days (36.2%) longer to sell a short sale than a home that was not a distressed property.
  • In 2009, it took 100 days (28.3%) to sell a short sale than a home that was not a distressed property.

Here the data is sound, because it's the relationship of the data that we're after. What we see above is a consistency over time that it takes about 100 days, or a little more, to sell a short sale.

 What Does it Mean ?

It means anybody involved in a short sale must be patient. It's a process, not a race.

How much longer does a South Lake Tahoe, CA short sale take?

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This entry was posted on Friday, March 19th, 2010 at 9:27 am and is filed under For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, short sales, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline, NV. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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