Buyers throughout the U.S. are finding attractive home prices, and some are able to take advantage of significant markdowns on distressed properties. The extent of the discount varies widely by region, but according to the most recent data, foreclosures sold for 26% less than similar homes in the second quarter of 2010. Properties in default, many of which became short sales, had their prices reduced by an average of 13%
Is Ownership within Reach?
Rock-bottom interest rates and lower prices together mean it is more affordable to buy a home today than at any other time in the last 40 years. In 2010, the mortgage payment required to purchase the median priced home in the U.S. fell below 20% of the median household income for the first time since 1971.
Are you considering a new home in 2011? Words in the media such as foreclosure and short sale can be intimidating. That is why you need a real estate team equipped with the knowledge and experience to work with. Contact the Grove Team, Keller Williams direct (817) 337-0000 to learn how distressed properties have affected our area.
Sources: Brian Buffini, Harvard University, The State of the National Housing 2010
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