We all know from last month that the inventory has grown, and rapidly so. The most notable activity took place in The Pointe neighborhood, which saw nine houses hit the market in the past 60 days. The Oak Hills neighborhood also has seen some significant activity, including new listings, a short sale and a foreclosure hitting the market, and some price reductions.
We are seeing a trickling of sales begin, with three new pended sales. These are the first West Savage has seen since November of 2009. Our sleepy winter period is starting to (hopefully) rouse.
Short sales are about to get more interesting on April 5. A new program called HAFA (Home Affordable Foreclosure Alternatives) is being put into place to provide incentives to sellers to sell short and prevent foreclosures. This program will pay out up to $1,500 for relocation assistance, to help “short” sellers move out of homes. There are 43 pages of guidelines regarding the program and much is yet to be learned. More on WestSavageBlog.com about this later…..
Our West Savage absorption rate is 10.47. That means if zero new homes come on the market, it will take 10.47 months to sell our existing inventory. It has trended upward due to the rapid rise in inventory, but we are expecting a drop in time.
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