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Are Foreclosures Still the Hot Deal of the Day

Foreclosures and Investment Real Estate Trends

Foreclosures are still hot with bargain hunters, but an analysis released this week by the real estate website Zillow.com shows repossessed houses might not be the steals buyers previously thought.
The median discount on foreclosures was only about 8 percent from market value both nationwide and in the metro area in September, according to Zillow.
That compares with a peak discount of 28 percent in metro Atlanta in October 2008. (Nationally, the discount peaked at 24 percent in September 2009.)

In the past buyers could expect to see homes list and sell for 205-30% below "traditional" homes sale prices however in recent months move in ready  REO (Bank Owned Homes) are listing and selling within 8%-3% of their non distressed counterparts. 

So traditional sellers last year you left the market slipping away from you know that the narrowing gap offers you a great opportunity to sell your home.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Eric G Reid November 15, 2012 at 05:28 PM
just a correction-- darn auto correct -- 205-30% should read .. 20%-30% --

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