Foreclosure

Fewer Foreclosures Available

The number of foreclosures available on the market continues its downward trend, and now is only a fraction of what was available at the height of the last recession. They now comprise just 1 in 20 new listings, which is a lesser percentage of the entire market than what it has been previously.

A large percentage of higher priced foreclosures have been cleared out, and the current foreclosure market is dominated by houses priced under $100,000. In fact, the median sales price is now $65,200 and the average discount from list price is 9% (meaning that house with the 100k ask price will likely sell for around $91,000). But, to be sure, there are still some great deals to be found.

The foreclosures are not spread evenly. While just 1.5% of Hamilton County listings are foreclosures, a BIG 13.8% of Madison County’s are. If you’d like to check out the good foreclosure deals, just send me an email, text or give me a call.

For the most up-to-date info on houses for sale

I get calls all of the time from people asking about XYZ property. It doesn’t register. So I do a quick search— but nothing comes up. So we talk a bit more and I tell them I’ll do some research and get back with them with what I find. This happens all of the time- like every day.

What happens next is pretty much routine. I start down a list of websites which includes Zillow, Trulia, Craigslist, etc. Sooner or later I find the XYZ property, and after cross-referencing it with other public records I discover that the property has already sold or is winding its’ way through the foreclosure process. Those that are lingering in the foreclosure pipeline are not available to purchase- no mater who you call or how many times you call. You can fuggetaboutem. Someday down the road (months or even years from now) they’ll be brought to market- that is, if they’re not purchased for cash off the courthouse steps.

And the ones that have already sold? Well, they’ve sold and are no longer available.

So, if you want to buy a house, and want to have the first crack at new houses as they come onto the market, then go to my website www.indyschoicerealestate.com and click on the Available Properties tab. From there you can select whichever tab/property type appeals to you; OR you can select All Properties and then make use of the EZ Button OR you can select the House Finder Service (and after telling us what you want we’ll do all the work to find the perfect property for you!) Going this route, you’ll have access to all the latest in information that could possibly be available.

So, why do those other sites have old information and advertise houses that have already been sold? Well, they’re aggregators, meaning once a week or every couple of days they sweep up info from other sites and then label it their own. But, because they do not operate in real time, their posts are sometimes stale. Others just leave properties on marked Active even though they’ve been sold so that possible buyers will call them and they can sell them a different house. So, back to the paragraph above, if you want the most accurate, current info available then head on over to my website! www.indyschoicerealestate.com

And P.S. if you have questions, just ask. I’ll be happy to make your search successful and more convenient!

“I work harder to make good things happen!!”
-Bob

Number of Foreclosures Continues to Decline

The number of foreclosure properties available for purchase continued to decline in the fourth quarter. The number was down 18% from a year ago. And the number of new listings was down 12%, foreshadowing a further decline in this inventory.

The decline is bad news for investors shopping for properties to “fix n’ flip” and for would be homebuyers shopping for a fixer’ upper. On the other hand it’s good news for sellers as foreclosures depress prices generally. It’s also great news for homeowners as foreclosures tend to depress the value of nearby homes.

We’re still rooting out some good deals and getting creative to win bids.