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Fauquier Foreclosure Sales
I let you all know, not long ago that the Fauquier numbers for June looked pretty good. There were bright spots everywhere you looked.
I've spent a little more time digging into those numbers and wanted to give you an update.
Of those 67 sales, 33 were foreclosures! That's almost half and it's a very telling statistic. Yes, there are buyers out there. But an awful lot of them are bargain hunters. They're looking for the really, really good deals. Many of these are investors. They'll only buy if the numbers work for them to make a profit.
If you're the average seller, not a foreclosure, and not a short sale, it looks pretty tough. It's hard to compete against a foreclosure sale.
I haven't had a chance to run the Fauquier numbers at this point but in Culpeper foreclosures sold at an average discount of 58% off their most recent sales price. And, most of those previous sales were less than 2 years ago.
I suspect the price cut in Fauquier isn't quite as steep. But it is a tough market out there. If you're a seller there's no evidence whatsoever that prices will firm up any time soon.
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