Many buyers that we are working with continue to ask us about the great deals to be had with foreclosed homes. Whether they are an investor, second-home or primary residence buyer—everyone wants to know where the deals are and what the benefits of buying foreclosed homes are.
We are very fortunate to be living in
When I first read this number, my first thought was that this seems high. In our daily activities of looking at and showing homes, we rarely run across a foreclosure. How can this be if it represents a significant portion of sales?
If you look at the first chart here, you will see that
foreclosed homes are very concentrated in the lower price ranges. Approximately
90% of foreclosure sales happen below
Furthermore, if you consult the second chart you
will see that the sales are concentrated in certain parts of our overall
market.
If you are considering buying a home right now, the majority of you will not step foot inside a foreclosed home. The people that will be buying the majority of these foreclosed homes are real estate investors.
As a homeowner, there are ways to avoid being foreclosed on. Most banks do not want you to loose your house or have you stop making your payments. For more information about preventing foreclosure, please give us a call or send us an email.