REO, foreclosures and short sales appear to be currently flooding the real estate market. And many potential homebuyers may feel that they can get a great deal for these types of homes, as opposed to what some in the current market are calling “normal” sales.
But as David Welch tells us, this may not necessarily be the case. There are definitely deals to be found with these types of properties, but should someone in the market to buy a new home stay particularly focused on REO, foreclosure and short sales only?
David Welch gives us the breakdown between REO, short sales, and what some call “normal” sales.
“The bank-owned and short sales just tend to be concentrated in lower price ranges. While half of all “normal” listings are priced above $249,000, only about 10 percent of all the closed sales are above $249,000.
Around 7 percent of bank owned properties for sale exceed that number, and just under 13 percent of short sales are currently on the market for $250,000 and above.”
It is still a buyer’s market, so no matter what type of property you find, with a trusted and experienced REALTOR® by your side, you just may be able to get yourself a great deal on the home of your dreams.
~ Reposted from Realtor.com
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