Real Estate Foreclosures Houston Texas: About to Grow Scarcer?
In the past, Houston foreclosure buyers have been able to take their time combing through Houston real estate foreclosure listings. Savvy buyers have been looking for the kind of terrific Houston real estate bargains that the last few years have provided in bank foreclosures. But recent news stories, indicate that it may be time for real estate buyers to step up their efforts. According to ReatyTrac, the company that reports on current real estate foreclosure activity, banks are increasingly leaning toward short sales as a way to handle defaulted properties. There are good reasons why they would prefer short sales over the foreclosure track. Short sales are significantly less costly to the mortgage holder. You would expect that if that trend continues, we should see a decline in the number of foreclosure listings on the market. That appears to be happening in the Houston real estate market and nationwide.
Nationwide in April, fewer than 190,000 of real estate foreclosures notices were reported. That makes it the lowest monthly total in 5 years and a decline of 5% from March. It appears the high water mark in total number of foreclosures may well have been passed. Another indicator, the national average price of completed foreclosures rose from the year’s average of $226,953 to $256,027. Lower supplies and higher prices appear to be the national trend, Houston real estate foreclosure bargain hunters may soon find themselves having to search a little harder to find the best deals.
There are many websites that offer to provide foreclosure lists. They offer REO properties that have been rehabbed by the bank, pre-foreclosure properties, REO foreclosures in as-is condition, and even auctions of foreclosed properties. Any real estate buyer thinking about taking advantage of the bargains that are still out there should consider consulting an experienced Houston real estate agent to help with the process. Houston Prime Realty can provide you with a current and accurate foreclosure list. There are many web sites out there that claim to list foreclosed properties, but most of them charge fees to view their listings, and sometimes contain listings that have already sold. Experienced Houston real estate agents have the resources to obtain an accurate list of available foreclosure listings as well as the experience in finding the best property for each individual buyer. Check out the Houston Prime Realty Foreclosure Page for an updated list of available foreclosures for sale in the Greater Houston area.
Kevan Pewitt and the Houston Prime Realty team can also be a guide through the sometimes tricky process of purchasing a foreclosure home as many foreclosure listings have not been well maintained and/or the lender may try to get more for the house than it is actually worth. If you intend to improve a property through your own sweat equity, our first-hand knowledge of Houston real estate market values can help you estimate a property’s current value, either as an income-producing rental or to sell for profit.
To get the best property at the lowest possible price, make sure to put your search in the hands of an experienced Houston Realtor. Call Kevan Pewitt and the Houston Prime Realty team anytime!