As previously stated, an average 32% of all homes on the market (Utah County and Draper areas) are being sold with "third party approval", meaning bank involvement or bank owned. I evaluated all homes for sale in increments of $200K - $300K, $300K - $400K, ... through $1M and above. This was also done for the cities of Alpine, American Fork, Cedar Hills, Draper, Highland, Lehi, Pleasant Grove, and Saratoga Springs.
Sample of typical findings:
Highland - Total homes on market between $200K and $5 M is 180 with 64 (36%) of them being Short Sales. These short sales are selling between $76 and $85 per sq. ft. on average.
Example: Homes for sale between a $400K and $500K sales price: There are 37 for sale with 15 of them being Short Sales... (26%).
Draper - Total homes on market between $200K and $15M is 485 with 163 (34%) of them being Short Sales. These short sales are selling between $84 and $96 per sq. ft. on average.
Example: Homes for sale between a $400K and $500K sales price: There are 93 for sale with 35 of them being Short Sales...(38%).
Buying? Call me first and I can supply you the expected price based upon the city.
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