Since foreclosures are in many buyer preferences when searching for a home these days, I started posting the quarterly foreclosure report for our region. Just hot off the press from the Collin County Association of Realtors.
The take away is that foreclosure listings are almost down 12% from a year ago, (see chart above) a two year hiatus from double digits. Could be positive news – but more than likely- it’s another calm before another storm. A signal of the lower listings are the multiple offers you encounter when trying to bid on one. Even though the high end market has relatively few foreclosures, it has increased over 35% the last two years….I believe there will be more of these. The report goes into depth by area and compares traditional vs foreclosure sales. Knowing where to look is half the battle in finding a deal.
Foreclosures are few and far between in our bubble neighborhoods, so if your in this market, you need to act fast, like lightening. Lately, I’ve even seen a luxury foreclosure that was on the market for over two years, sell for market value because it was way under priced and bid up by 3 buyers and one just had to have it! Also- listing agent was the selling agent too, so it’s in your best interest to know who represents you. Kinda defeats the whole purpose -huh, but good for neighborhood comparables. And so it goes….
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