For quite a while now, bargain hunters have been
able to take their time combing through Savannah
foreclosure listings. They’ve been
looking for the kind of terrific real estate bargains that the last few years
have provided -- and there have been plenty. But recent signs show that it may
be time for them to step up their efforts.
According to ReatyTrac, the outfit that reports
on current real estate activity of all kinds, banks are increasingly leaning
toward short sales as a way to handle defaulted properties. There are good
reasons why they would prefer short sales over the foreclosure track. You would
expect that if that trend is for real, we should see a decline in the number of
foreclosure-related notices being issued. In April, that is exactly what
happened.
In April, fewer than 190,000
of the notices were reported. That makes it the lowest monthly total in 5 years
(and a decline of 5% from March). In other words, although it takes some time
for a foreclosure to occur, the writing seems to be on the wall: the high water
mark in foreclosures may well have been passed.
Another sign: the average
price of completed foreclosures rose from the year’s average of $226,953 to
$256,027. Lower supply, higher prices -- if the early trend continues, Savannah foreclosure
bargain hunters may soon find themselves having to hunt a bit harder.
There are many online
resources that provide foreclosure lists: properties that are in good shape as
well as distressed foreclosure properties, pre-foreclosure properties, REO
foreclosures and foreclosure auctions. Anyone thinking about taking advantage
of the bargains that are still out there (and they ARE still out there) should
consider consulting an experienced Savannah
agent to help with the process.
First and foremost, we can
provide you with a current and accurate foreclosure list. There are many web
sites out there that claim to list foreclosed properties, but most of them
charge fees for their listings, and sometimes contain little or no contact
information for accessing a property (or worse, are inaccurate). Licensed real estate agents have the
resources to obtain an accurate, timely list, as well as the experience in
targeting the correct contact people.
Your agent can also be a guide through the
sometimes tricky process of purchasing a foreclosed house. Many properties on
the foreclosure list have not been well maintained; the lender may try to get
more for the house than it is actually worth. If you intend to improve a
property through your own sweat equity, our first-hand knowledge of Savannah market values
can help you project a property’s future value, too…either as an
income-producing rental or to sell for profit.
To get the most bang for your buck, make sure to
put your search in the hands of a professional.
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