Foreclosures Account for 28% of Real Estate Sales in Q1

Daily Real Estate News.

Interesting story posted by Daily Real Estate News, produced by Inman News.  If you don't have time to read the whole story, cliff notes include:

1. 158,434 U.S. residential properties owned by banks or in some stage of foreclosure sold to third parties in the first quarter of 2011.
2. That's a decrease of 16% from Q4 of 2010
3. Its a decrease of 36% from Q1 of 2010
4. Foreclosure sales sold for nearly 27% less than regular sales

The story still refers to "shadow inventory".  This is the number of homes owned by the banks but not yet on the market. 

Want to know more about foreclosures in Southeast Texas?  Contact me.

Beaumont, Texas didn't make this list

REALTOR® Magazine-Daily News-10 Most Searched Real Estate Markets.

It really shouldn't be a surprise.  Most of these markets are much larger than the Southeast Texas housing market.  Its still interesting to see what markets are being searched the most and what the median prices are. 

The median home price in Southeast Texas has been holding steady at about $140,000 for a while.  This year it has dipped below a few months since more early level and distressed homes are selling and there haven't been as many sales in the higher price points. 

Southeast Texas Residential Home Sales Data, April 2011

Hello Spring!    Welcome back home buyers. 

 

Yes, we still have more than a balanced supply of inventory (homes for sale).  Yes, homes are taking four and a half months on average to sell.  No, 166 sales doesn't shatter any prior sales records.

"Take note of this,"

Home sellers are still getting close to 95% of their asking price on average.

If you make an offer on a home that's in great shape don't expect to get the seller to come down 15%.  It's not happening.  Foreclosures and homes that need updating maybe, but not on one that's move in ready.  Its still not a seller's market but for those homes that are in great shape the sellers still have a lot of control.  Multiple offers on the best homes are not a thing of the past.

If you want more information about Beaumont home sale or Southeast Texas home sales, contact me.  You can call or fill out a contact form here on the blog.  Look in the column and click contact icon.  You'll get a better deal and save money if you work with a professional REALTOR who knows the local market.

Foreclosures Fall Again, Reaching 3-Year Lows

REALTOR® Magazine-Daily News-Foreclosures Fall Again, Reaching 3-Year Lows.

Interested in finding out more about how many homes are in foreclosure in Jefferson County?  Contact me.