While 56% are distressed, that means that 44% are not. So there is a slice of the market that is a straight up buyer/seller transaction and you can bet that the high proportion of distressed deals are weighing on their value. That means that you may well get a very good deal on a traditional transaction and avoid the hassle of a short sale, which can be time consuming, cumbersome, and ultimately uncertain. Bank-owned are more like traditional deals in their timing.
In terms of waiting, if you are in the position to buy, I would give it a shot. Prices are good, borrowing rates are so good as to almost be silly. Distressed deals will likely not go away in a year.
Good luck to you,
Unwavewring Commitment to Service, Unsurpassed Results
Gina Chirico, Sales Associate
Unfortunately we are in a buyer's market and the short sales are the result of the housing down turn from the "mortgage meltdown". It's hard to say that if you wait to sell in a year if the market will be better or worse because of a large amount inventory for sale. If you owe more on the house than what the home is worth, then you will likely need to consider a short sale to sell.