Short Sales Soar in Denver Metro

In the first seven months of 2010, short sales in the Denver metro area rose by 48%, compared with the same period in 2009, according to an analysis of data by InsideRealEstateNews.  During this time period there were 2,270 completed single-family home short sales, almost a 42% increase from the 1,610 a year ago, according to Metrolist.  Most of the short sales were for single-family, detached homes.  Condo short sales skyrocketed 88%, although the actual numbers were much smaller – 476 in January through July this year, compared with 253 a year ago.  

Month	2009 SF	2010 SF	2009 Condos	2010 Condos
January	102	244	12	51
February	127	257	32	72
March	236	331	29	71
April	237	373	47	72
May	253	337	42	53
June	308	457	32	96
July	338	271	59	61
TOTAL	1601	2270	253	476

What this means for you: 
-Buyers: If you have the time and PATIENCE to purchase a short sale, it could be a good investment. If you do not have the time and TONS of patience (the deal could last 8 months and all fall apart at the end), stay AWAY from short sales. 
-Sellers: Your biggest competition is any short sale in your area, since they will usually be lower priced then yours. Make sure your realtor markets your home as "NOT a short sale", and "quick possession" on the MLS so people will know they won't have to wait to purchase your house.
-Owners in default: A short sale is probably the best decision for you if you are behind on your payments and cant catch up, and cant get a loan remodification. It will be easier on your credit, and you will be able to get another loan for a home even 2 years after your short sale and you repair your credit. And it's totally free (dont use anyone who charges you). 
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