In today’s video, I discuss Sioux Falls’ housing market in 2011 compared to 2010. Statistics include supply, pending sales, and days on market.
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Sioux Falls, SD
Get to know real estate agent Abbie Pagone. Abbie can be reached at 605-366-7730.
Sioux Falls SD
The writing is on the wall–more than 1 million U.S. homes are in some phase of being foreclosed on in America. What does that mean to you if you’re looking to buy a home? It could mean a great bargain. The facts and statistics show that, on average, Short Sales will bring you a 20% discount as a buyer and “real-estate-owned” (REOs) properties can sell for as much as 40% below comparable properties. You may ask how there can be such a difference from a traditional home sale. In one word: motivation! Both home owners who are selling their home via short sale and banks with REOs are looking to sell these properties fast. Sure, a lot of these properties may not be your turn-key home, but with a little elbow grease and some minor repairs, you can polish these diamonds in the rough. Use these four tips and sound advice to unlock a huge discount.
Number 1: Focus on REOs and Short Sales
Unless you’re a seasoned buyer, I suggest you stay clear of Sheriff Sales/Auctions. I say this for a few reasons. With sheriff sales/auctions, they are usually cash sales and often you do not have the option to inspect the property. Not to mention the current owner retains a redemption period. REOs and Short Sales provide a deep discount and, for the most part, are pretty straight-forward.
Number 2: Inspect properties carefully
I cannot emphasize this enough. Most stressed properties are sold “as is,” so trying to save a few dollars on an inspection can cost you thousands on unforeseen repairs. Spend a few hundred now and ditch the surprises.
Number 3: Set up financing in advance
Having financing in order is sound advice. Not only can you act fast when you find that deal, but most lenders will require at least a pre-qualification letter to be submitted with your offer.
Number 4: Hire a good buyer’s agent
Hiring an experienced buyer’s agent can save you a lot of heartache. Navigating a short sale transaction is not routine by any means. Knowing the ins and outs will not only prepare you for the ups and downs of the process but keep you at ease during the process.