Denver Short SalesFirst-time home buyers account for more than one in six home sales in the United States, and the once-optimistic group is finally losing interest in short sale properties thanks to processing. Those that are still  looking at Denver short sales should accept that the process may take an extended period of time to progress.

In August, first-time buyers accounted for about 39.4 percent of short sales nationally, down from 54.1 percent in November 2009. Average prices for short sale properties are 27 percent lower than non-distressed properties, but approval times of several months and more are starting to take their toll on inexperienced buyers.

Distressed properties as a whole feel from 46.2 percent of the market in June to 45.9 percent in August. In addition to short sales, the distressed properties category also consists of damaged REO (bank) properties and move-in ready REO properties.

What do you think about short sales in Denver and across the country? As a first-time buyer, do you think you would have the patience to try and buy one? Let me know by leaving a comment! If you are looking to purchase a short sale in Denver, give me a call at 888-860-1931.

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