Santa Barbara, CA (PRWEB) June 19, 2014
RealtyStore (http://www.realtystore.com), a resource dedicated to providing the widest variety of real estate listings nationwide, performed a comparative study on listing growth for the first half of 2014. The study analyzed consumer real estate listings nationwide of For Sale By Owner (FSBO) home listings and REO foreclosure listings. For the time period between January 1, 2014 and June 1, 2014, results show the amount of For Sale By Owner (FSBO) listings increased over 18% and REO foreclosures were up 6%.
Listing counts can be significantly influenced by seasonality and are generally expected to increase in step with the seasonal shift from Winter to Summer. While the overall inventory of homes listed for sale is still considered tight, the growth in both FSBO and REO foreclosure listings points to increased availability of non-traditional home sale types.
RealtyStore’s listing database breaks down with roughly 29% of all listings nationwide currently classified as non-traditional, that is, they are not standard resale (MLS) listings. These non-traditional listings include FSBO, REO, auctions, owner financed, and government owned property. This suggests housing inventory growth may be spurred through a variety of sales types.
The lingering effects of the slow correction of the housing market are also illustrated by the saturation of REO foreclosure listings. Total REO foreclosures currently outnumber FSBO listings by over 2 to 1. New foreclosure filings have trended downward in recent quarters. As the velocity of new foreclosure action slows, REO foreclosure listing saturation is expected to shrink as a result over time.
To illustrate how the rapidly growing FSBO segment compares on price, RealtyStore compiled median list prices of both FSBO and REO foreclosures in 10 randomly selected large counties. Results showed FSBO list prices tend to currently align with the median resale price for existing homes, while REO foreclosures are listed at significantly lower median prices.
These findings suggest FSBO sellers are listing primarily in mid-market price points and offer average, market competitive prices. REO foreclosure listings are priced below average. While lower foreclosure prices may be indicative of less desirable location or property condition, their price points allow for considerable upside potential at resale.
See the accompanying graph for additional illustration and details.
RealtyStore (http://www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 2 million listings including pre foreclosures, foreclosures, auctions, short sales, lease option or rent to own, and owner financed listings.
REO properties referenced herein have completed the foreclosure process with a recording date on or before the date of this press release. REOs have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data and census data is derived from third party and public records offices. Data published is deemed reliable but not guaranteed.