Buyers in Garden Grove, this is your opportunity to take advantage of the high rate of foreclosures in Orange County!
In the coming months, foreclosures are going to dominate every market in Orange County, and affect housing values in every neighborhood. Throughout the county, there are currently 5954 bank-owned properties, with another 3801 up for auction and 8723 in a state of pre-foreclosure. In Garden Grove alone, there are 574 pre-foreclosures, 254 auctions, and 402 REOs, meaning the number of foreclosed properties is only going to increase over the course of this year.
What does this mean for you? The high number of foreclosures means a large inventory of properties that banks are eager to sell. In Garden Grove, the amount of time it will take to sell this abundance of inventory is 8.3 months. Because of this, banks will accept lower prices than usual in order to clear these properties off their books at a faster rate. In fact, bank repos will always be cheaper than the house next door that is an equity seller. This situation represents a unique opportunity for buyers!
Not since the 1990s has the real estate market been so dominated by foreclosures. Then, the people who bought foreclosed properties at reduced prices were incredibly successful once the inevitable market turnaround arrived. You could be one of those people now!
Contact me, an REO specialist, to help you take advantage of the buying opportunities in Garden Grove and the rest of Orange County.