Foreclosures at Record Low. Can you still find a deal?
There has been some good news in the media lately regarding housing. The share of US mortgages that are seriously delinquent fell to their lowest level in almost five years. And the percentage of loans in the foreclosure process at the end of the second quarter was 3.33%, the lowest since the fourth quarter of 2008, and down from 4.27% a year earlier.
What does this mean for us locally? In many areas of the Triangle, foreclosures are also down significantly. Although our area was not as hard hit as many parts of the country, we did experience an overall market decline. However, home sales are up and prices are on the rise in many areas of the Triangle.
A broad generalization should't be made about the overall local market however. In reality the previous sale in a particular neighborhood, demand, time of year and other factors will determine if a home prices are rising - neighborhood by neighborhood. As a broad picture of the market though, locally the market is stabilizing and sales volume and prices are up.
TRIANGLE FORECLOSURE PROPERTIES
So does this mean that there are no deals to be had? No! Are you going to find a home for 25% below market value? Not likely. However, even in the worse of times in our area, that was never the case anyway.
The Value of a home is dependent on many factors. An experienced Realtor can help you weigh all of the factors that make up value - including your own personal needs and life status - and help you get the best home at the best value.
The Don Johnson Real Estate Team is ready to help you make your next move. Contact Us for a home buyer or home seller consultation. Our goal is to help you get top dollar when selling and get the best value for a home purchase.
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