There is an old joke about the single men here in Jackson, which goes “The odds are good, but the goods are odd.”
Point being, there were once plenty of guys for the women to choose from, but some of them didn’t exactly have all the qualities one may desire.
The phrase comes to mind when researching available properties lately. There are homes to look at, but many of them may as well not be listed. Too many properties are priced well above market because the sellers are unwilling to accept a market that has lost upwards of 30 percent. Perhaps more likely is that the seller is unable to sell at market value because they owe more on the property that can be realistically garnered. This is called a “short sale.”
Short sales continue to be the bane of Realtors, even as the process has become streamlined and more banks become willing to deal. Currently, there are 15 properties in Teton County Multiple Listing Service listed as potential short sales. Highlights include:
- Just as in bank-owned properties, discussed below, the range of short sales is commensurate with the rest of the market with the lowest listing price at $229,000 for a 2-bed townhouse in Cottonwood and the highest just over $2 million for a 7,800+ square foot home on nearly five acres in Hoback Junction. In other words, distressed properties are hardly synonymous with lower income housing.
- Three potential short sales are short-term rental properties in Teton Village (2) or the Aspens/Racquet Club subdivisions.
- Rafter J subdivision also has three potential short sales, all of which are single-family homes listed between $430,000 and $485,000.
On the other hand, when sellers finally become realistic or have been able to work with a bank to facilitate a short sale, often there are multiple buyers. Even more in demand recently have been bank-owned properties that in a few cases have sold above list price.
Currently, there are 11 bank-owned properties in Jackson Hole. Highlights include:
- A single-family home in Melody Ranch that was once deed restricted, meaning buyers had to qualify under income and asset requirements per Teton County, became free market after the foreclosure process. Listed at $409,000 it was shown a dozen times before hitting the market and is under contract after one day.
- The least-expensive bank-owned property is a 3-bed, 1,200-square-foot townhouse near Jackson Town Square.
- The highest-priced property is 4-bed, 5,237-square-foot home in Spring Creek Ranch listed at $1.95 million.
- A duplex in East Jackson was listed today at $560,000. Includes two 2-bed townhouses and a detached garage. Sold for $975,000 in 2007, subsequently listed for as high as $1.295 million.
What this means today’s buyers need to be prepared to move when a good deal comes along. That means having financing secured and a pre-qualification letter in hand, an up-to-date understanding of the real estate market and a strong relationship with a full-time Realtor that has thoroughly explained the entire process and associated documents ahead of time.
I can’t help you get a loan, but I can help you make sure you know a good deal when you see one. Contact me today for a personalized look at the local market and an ongoing dialogue aimed at reaching your real estate goals.