I?ve been out showing lots of homes to Treasure Valley home buyers, and they keep asking me the same question. Where are all the foreclosures?
They find short sales on the market which don?t really interest them because of all the hassles and uncertainty that comes with purchasing a short sale.
My buyers want to see Bank Owned Foreclosures. Homes the bank has taken back and need to sell to get them off their books.
Sure there are foreclosures we can see around town, but the number of them on the market is dropping very fast.
To put this in perspective for you, since the beginning of the year up to now, there has been a 65% decrease in bank owned foreclosures on the market.
What does this mean for the valley? Well I think it means that the Boise area market is doing awesome right now. Demand is outpacing the foreclosures and not just by a little bit.
To see a 65% reduction in available foreclosures on the market is huge and just what the economy doctor ordered to get the Treasure Valley back to a healthy market.
So when my clients ask, ?Mike, where are all the foreclosures?? I simply tell them, most of them have been sold, and new ones are selling within hours of being listed.
Of course it is not too late to get an awesome deal on a home here in the Treasure Valley, but I am wondering if those days are numbered.
Time will tell, but it is sure nice to see some positive real estate news here in the Valley.
Mike Turner
Front Street Brokers
208-740-5000
Related posts:
- Mike?s Real Estate Minute ? Shadow Inventory
- Mike?s Real Estate Minute ? Inventory of Homes
- Mike?s Real Estate Minute ? Selling Odds
- Mike?s Real Estate Minute ? Time To List
- Mike?s Real Estate Minute ? Ten Year Reset Button For The Housing Market
Source: http://frontstreetbrokers.com/general/mikes-real-estate-minute-where-are-the-foreclosures/
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