Originally posted at http://StCloudEdina.com/blog on 01/26/2009:
Whew. I noticed late tonight that the total number of active and pending foreclosed properties on the St Cloud MLS. That is a huge increase from roughly 200 that we had at the start of 2008.
This surplus of foreclosed properties is making for some phenomenal buys! For example: I had one buyer just pick up a 6 BR, 4 BA two story home in Sartell's "The Wilds" development for just over $180K. Crazy.
So go ahead and take a look. With interest rates floating around the 5.5% range, this might be the perfect time to buy. I can't guarantee that we are at the bottom yet, but I do know that this influx of foreclosed properties should stabilize and start to deteriorate as the year progresses. Therefore, the last of the great flood of bank owned properties should be hitting us this year.
Happy house hunting.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud.
http://StCloudEdina.com - Get a free list of the foreclosed properties listed on the St Cloud MLS.
http://JasonTangen.EdinaRealty.com - Try the e-Market Analysis free home value estimator.