Hampton Roads Foreclosures / Distress Sales Only 22% Of Total Homes For Sale

Virginia Beach Foreclosure StatisticsWe hear lots of talk about foreclosures and short sales, and how much they matter in today’s Hampton Roads Real Estate Market. In fact, many buyers may mistakenly think that distress-type property listings make up 50%, 60% or even more, of the total market of homes for sale in our area.

At The Brian Duncan Group, our real estate agents are fully versed on current statistics that we produce internally based on the market segments in which we specialize. I’ll be highlighting some of these stats in the next few posts.

As far as overall, Hampton Roads area-wide Foreclosure and Short Sale inventory (Foreclosures and Short Sales represent the most popular forms of distress property), here’s what we find as of the date and time of this post:

So…Distress listings make up a little over 1/5 of the total market – 22% – of all Hampton Roads Real Estate.

To spotlight one city in particular, let’s see what Virginia Beach looks like:

  • 2,594 Total Listings
  • 582 Foreclosures and Short Sales

As we can see, Virginia Beach has roughly the same percentage of distress inventory – 22%.

To further break it down for Virginia Beach:

Foreclosures and Bank-Owned Real Estate represent only about 5% of the total listings in Virginia Beach, and Short Sales, 17%.

What does this mean? In general, if you’re a buyer and you’re looking for a “deal” by buying a foreclosure, you need to understand that there is quite a bit of competition from other buyers for these properties. Can you save money? Sometimes. Often we advise our clients who say they’re most interested in foreclosures to consider all properties currently for sale…not just bank-owned homes. Foreclosures, though appealing in theory, do not always result in a better value when you look at the big picture.

More on buying foreclosures in the next few upcoming posts…more statistics, too.

Don’t forget to call us if you have any questions about any of this…or send us a message from our About Us page.

Cheers!

 

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