So what kind of deal can you expect to get on a bank owned property in the Phoenix Metro Area? Well, let’s see what the statistics are like for the past 3 months, eh?
- Number of Listings Sold = 19,393
- Average List Price = $181,521
- Average Selling Price = $177,331
- List|Sold Percentage = 97.69%
What can we deduct from this…well, if your expecting to get a bank owned home for 50% off the list price, you might as well be pounding sand. In my experience, the bank typically won’t budge until the home has been on the market for at least 30 days. The fact is that the bank has already discounted the property under market value to generate buyer interest. Also, sometimes banks price homes to stimulate bidding wars and it is not uncommon for homes to sell for over list price. *please note that this is the average, obviously every situation is unique.
