Everybody wants a deal! I mean – who doesn’t? But what does a deal mean to you?
All the time, I hear: “I want a deal”, “I want to buy a foreclosure or a short sale”. But is a foreclosure a deal? It might have been true 2 years ago. In the past, when banks listed houses on the market, they priced them based on their interior condition, but their exterior condition, and most often their interior condition, still needed repairs. Many times the cost of these repairs brought you to market price anyway. So what do you think? What is a deal or not? It probably was if the repairs cost you less than what the bank thought they’d cost. My point is, that you shouldn’t buy a house that is foreclosure just for the sake of buying a foreclosure. Today, the banks learned their lesson, they list fewer foreclosures at a time, and they price them closer to market value even if repairs are needed. Since the inventory is so low, buyers are willing to pay more for a foreclosure or “a deal” even though the bottom line shows it’s not a real deal.
Still not convinced? Contact me today to learn more about the most up-to-date real estate market trends in the metro Atlanta area.