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Are foreclosures the way to go in todays market?

By
Real Estate Agent with Citiwide Real Estate Services 0577763

When looking for a home, a potential buyer is always trying to get the best deal one of the largest investments of their lives.  A buyer typically asks "how do I get the most for my money" or another question in today's market is "I want to buy a foreclosure".  Today's marketplace, though rough nationwide, is still doing better than most in the Dallas/Fort Worth area.  Count your blessings you aren't living in California today!   I have found that though you can find a good deal on a foreclosure, many are not necessarily the "best deal" and can actually cost more than a neighboring home just put on the market.  Some Foreclosures also come with possible repairs needed, etc.  If you are not much of a "fixer-upper" then it may be more of a hassle than it is truly worth to you. 

When searching for a home, some of the best deals can be seen by asking for looking for the price per square foot.  This will give you an idea of how much you are buying for the price.   Say an average home is $90 per sq/ft, then for a 2000 sq/ft you are paying 180,000 for the home.   Now switch that to $110 per sq/ft and you are buying a $220,000 home with the same size.  Upgrades like granite countertops, updated bathrooms, etc can also play a factor in the price per sq/ft, but it is a good rule of thumb when finding the "Best deal".  Compare the sq/ft to the rest of the neighborhood and you'll be happy in the future! 

Don't be focused on just foreclosures.  There are many ways to find the "Best Deal"

 

Comments (2)

Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re
People do think they will get the best deal with a foreclosure and forget about they will be in the house for a long time and need to focus on the amenities of the home not just the price. Good advice Have a Happy Holiday.
Dec 21, 2007 03:46 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Landon,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Dec 21, 2007 10:05 AM