Warren County Ohio Foreclosure Update: Sheriff's Sales through 3/22/2016
Foreclosures and short sales continue to be a minimal part of the Warren County Ohio real estate market, hovering around 6% of total sales and the same for percentage of homes available for sale. They're out there, but not in sufficient quantities that you want to restrict your home search to ONLY foreclosures and short sales. Factoring in condition (often not well maintained) and these homes are often NOT the bargain they first appear to be. Stick with us for more details on the Warren County distressed home market. At the end links to search for Warren County foreclosed homes for sale and Warren County short sales for sale.
We'll start with the trend chart of Sheriff's Sales scheduled with this revision including FOUR additional weeks of sales and two additional weeks of no sales scheduled. The ORANGE DIAGONAL line one the chart is the trend line is noticeably downward, indicating fewer homes are being foreclosed.
Homes scheduled for foreclosure include a variety of sources: builders, "regular" home owners, tax liens, estates, etc. And some homes scheduled for foreclosure WILL have the sheriff's auction canceled, either due to catching up on payments, a loan modification or the owner sells their home prior and uses the proceeds to get right with the bank (e.g. adequate equity or a short sale arrangement).
If you want details on exactly what homes are scheduled for foreclosure, click Warren County's Sheriff's Foreclosures to access the official list from the Warren County Sheriff's website and learn how to make an offer on a foreclosed home.
Below is a summary of the recent foreclosure trends. Note in the Net row for the first table, Red font is a trend we see as negative, Green as positive, Black as neutral.
Summary of Warren County Ohio Foreclosure and Short Sale Information:
You'll notice in the 2nd table that the $1.95 million dollar short sale is missing. It's currently off market. Luxury homes at that price point and as a short sale are VERY tough to sell. For the most part, short sales and foreclosures attract homes on the lower part of the price scale. All the December completed sales were below $200,000.
Overall, both as a percentage of completed sales and homes for sale, distressed properties are a small segment of the market.
The number of homes available for sale is dropping and the number of homes sold increased, while Pending homes held steady.
What does this mean to you as a Warren County home seller?
What does this mean to you as a Warren County home buyer?
You won't have a large selection if foreclosures and short sales are your preferred home target. With just 52 for sale for the ENTIRE county, it continues to be a challenge to find a foreclosure or short sale home that matches a buyer's needs.
Be aware that you're competing with other buyers AND investors for these homes. And investors are often CASH buyers, so your financing contingent offer may be less competitive to the sellers. However, some foreclosed properties have an initial period reserved for owner/occupants before being opened up to investors, so don't miss that window of opportunity!
CLICK: VIEW WARREN COUNTY OHIO SHORT SALE HOMES IN CINCINNATI MLS for short sale Warren County Ohio homes listed 1/23/16. Link is good for 30 days.
CLICK: VIEW WARREN COUNTY OHIO FORECLOSED HOMES FOR SALE IN CINCINNATI MLS for foreclosed Warren County Ohio homes listed 1/23/16. Link is good for 30 days.
DISCLAIMER: There may be additional homes offered for sale in ONLY the Dayton MLS that might include additional foreclosed homes and short sale candidates. When working with buyers for Warren County, we use BOTH Cincinnati and Dayton MLS to ensure our buyers have visibility to ALL MLS listed homes.
If you have questions regarding these sales, or other real estate related questions, please don't hesitate to contact us!
Serving Your Warren County Residential Real Estate Needs,
Bill & Liz aka BLiz
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