Today we discuss the availability of deals on foreclosure homes and why they’re harder to find than in years past.
Today I’d like to talk to you about the topic of foreclosures and about whether or not there are still good deals available on foreclosures.
If you’d asked about foreclosure deals four or five years ago, I would have said there were tons out there, and half of what sold at the time were foreclosures.
However, in today’s market, it’s a little bit of a different story. Foreclosures are becoming harder to find. The ones that are out there, if they’re priced-well, are receiving lots of interest and likely have multiple offers thrown at them. Investors and homebuyers are bidding those prices up.
It’s harder to get the deals on foreclosures now than what we saw a few years ago: Is this a good or a bad thing?
If you’re looking for a deal, it’s a bad thing because of how hard they are to find.
In the grand scheme of the economy and the real estate market, however, it could be seen as a good thing. It shows that the market is improving, prices are rising, and homeowners are no longer underwater like they were a few years ago because the values have increased, which has helped them be able to sell, instead of being forced into foreclosure.
We are still working with buyers who are getting great deals on homes, so if you are looking for something, reach out to us. Oftentimes we hear things before they officially hit the market. It may or may not be a foreclosure—it could just be a motivated seller.
If you’re in the market for a new home, let us know, and we’ll help you find a good deal.