Sunday, January 4, 2015 / by Teresa DiPeso
"I want to buy a foreclosure". That's the opening line from many of the people we work with.
When we ask why they are focused on foreclosures, most buyers will say that's where the deals are.
What they don't know is that banks are getting smarter about pricing and are not so willing to take any old offer that comes in. Foreclosed properties are more and more commonly being priced to compete with other listings in the neighborhood. Adjustments are made for condition, of course, but banks are no longer willing to take a big hit when selling their inventory.
Let your budget be your guide. Don't limit yourself to just bank owned or short sale properties, especially since they don't make up as much of the Jersey Shore real estate market as they did a few years ago. In some shore towns, inventory levels (supply of homes) are down nearly 30% causing home prices to rise
You'll have a much bigger selection of homes to choose from if you search based on your needs, budget and location rather than who may be selling it.
When you are ready to purchase your new beach home, we're here to help. Call our team of professionals and schedule your showing appointment today!