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by Jace Stolfo
on Friday, February 12th, 2010 at 5:14pm.
In the last two months there's been about 100 bank-owned home sales in Boise. I compiled this data to look at latest trends as they pertain to the percent discounted off the asking price. Contrary to the tone you hear in the national news the local Boise bank-owned properties typically sell very quickly and close to the asking price.
42% of the Boise bank-owned properties sell at asking price or more. Just 3% sell at more than a 15% discount. It should be noted that the homes that sold with the larger % discounted were homes close to or under $100,000. It's less likely the get a 20% discount on a $300,000 home as it on a $100,000 home.
There's several factors in determining how much can be negotiated off bank-owned homes: (1) how long has it been on the market (2) when was the last price reduction (3) price point (4) area of town (5) repairs needed (6) is it financeable (7) and are there competing offers.
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