Since everybody is always so interested in Fishers foreclosures and Fishers Indiana short sales, I thought it might be interesting to do a side by side comparison of active, pending, and sold homes in Fishers vs. foreclosures, short sales etc. On the left will be all Fishers homes and on the right will be all homes in Fishers that are distressed (bank owned, short sales, HUD, and VA) and the solds will be from 6/1/2009 to today:
|All Fishers Real Estate||Distressed|
|# Active homes||568||73|
|Average asking price||$291,119||$287,381|
|Asking $/ Sq. Ft.||$107||$91|
|# Pending homes||107||31|
|Average Selling Price||$211,893||$186,448|
|Selling $ / Sq. Ft.||$96||$78|
|Sales Price / List Price||97%||96%|
|Days on Market||66||61|
There is some pretty interesting stuff in here. It looks like of the active homes 13% are distressed, 29% of the pending are distressed and 12 % of the solds are distressed. On average, it looks like you can save 25K by purchasing foreclosure/ short sale in Fishers. What is also interesting is that the days on market and selling price to asking price are almost identical for both regular homes and distressed homes Fishers. This may be counter to what you have heard but while banks do want to “get rid of homes” they typically price them aggressively rather than take an 80% offer on the home. This is why we see the 96% sales price to list price. In my experience, I have seen banks more willing to reduce the price on their own terms rather than entertain a low ball offer.
If you are like most buyers you will at least consider purchasing a foreclosure or short sale at some point during you house hunting for Fishers real estate. Do yourself a favor and contact a full time Realtor with experience in this area. We can guide through this long and sometime arduous road.