Should You Buy, Sell or Just Wait?
It’s nearly impossible to look for a home today without hearing about foreclosures. But how do you translate this headline news into your dream house?
With over 2 million listings on Trulia, they compared listing prices with foreclosure prices for bank-owned foreclosure properties (aka REOs) across the country to show you how to buy or sell your home smarter. Median List prices (green) are provided by Trulia.com. Median REO (Real Estate Owned by Banks) home prices (orange) provided by RealtyTrac.
Buying in the South or Mid-Atlantic?
Try using foreclosure prices to bargain for a better deal on a listed property. When price tags on foreclosures and listings are neck-and-neck, you have more options at lower prices and a better negotiating position.
Find a foreclosure on Fizber – such as in Brooklyn, NY or Philadelphia, PA – similar to your dream home, and start bargaining.
Selling in the Midwest or Pacific?
If you’re trying to sell before you buy here, you might want to wait if you can. Unfortunately, a tough job market and the subprime crisis have meant a lot of foreclosures at prices well below the list price in markets like San Diego, CA and Detroit, MI.
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It all depends on the area in which you live. You are looking at macro data. There are many areas in Chicagoland that where foreclosures have not had a big impact.
I have found my buyer clients seem to be watching the news everyday and then basing thier decision ot buy based on the housing forecast. If they think prices will continue to drop, they will wait. It’s the same thing as trying to time the stock market, most analyst say it just doesn’t work.