West Savage is finally starting to see some pending inventory, with 7 pending listings as of today. This is a very positive sign. Five of the seven pending properties are distressed, meaning they are either foreclosures or short sales. That said, traditional sellers have become more competitive as well. Eight sellers have reduced their listing price in the past two weeks. West Savage inventory is still low, sitting at about half normal spring levels.
Financing continues to be a hot topic. Appraisals remain conservative and lenders are dotting i’s and crossing t’s when approving a buyer. Some sales fall through if the buyer is not grade A perfect or the home does not appraise.
West Savage has seen two pending sales fall apart this month, returning both homes to the active market. One was a foreclosure, one was traditional in nature. Perhaps this is how it always should have been, but we still think the pendulum has swung a bit far in the other direction. Sellers questioning their true value may want to have an appraisal before discussing going on the market, and should review a REALTOR®’s CMA (comparative market analysis) carefully before determining list price.
Those of you following the Workforce Housing Proposal regarding the 14 acre parcel of land behind Rainbow Foods probably know that the City Council rejected Ron Clark’s proposal for high-density housing. But all is not over yet. Mr. Clark has another new proposal in the works–a part residential/part commercial plan. More on this new proposal will undoubtedly follow in the Savage Pacer.
Single family/townhome inventory in Savage and Scott County is up slightly since last month. Our West Savage absorption rate is 12. That means if zero new homes come on the market, it will take 12 months to sell our existing inventory.
Comments