Foreclosure

Fewer Foreclosures

The year end report for the central Indiana market is just out, and the number of foreclosures has continued to decline.  They comprised just 7% of all closed sales in 2016, and inventory fell 38% year-over-year; making the year end foreclosure inventory the smallest this century.K

Somewhat surprisingly, the median average sale price dropped 4% to $65,000.  One would’ve thought that with declining inventory the average price would have risen— especially since the average price of all other houses rose double digits.

If you’d like more info on the foreclosure market or on how might affect you— call me.  I work harder to make good things happen! 

Fewer Foreclosures Available

MIBOR reports the number of foreclosures listed for sale has continued to shrink.  The number available at the end of Q3 was 456; which is down 21% from a year ago.  As with the rest of the market, new listings are not keeping up with closed sales, resulting in shrinking inventory.

While the rest of the market has been seeing a rise in prices, the average price  of the sold foreclosures was down 10% from a year ago.  Foreclosure listings are largely concentrated under 75k, Kwith almost none available above 175k.

Can you still find a good deal in the foreclosure market?  Yes, but… you may need to do more than carpet and paint, and most definitely you will need to move fast.  The good ones don’t last long.  If a foreclosure is what you’re looking for, say the word.  I can certainly help you get a good one.  ‘Nuff said.

Fewer Foreclosures Available

The number of foreclosures available on the market continues its downward trend, and now is only a fraction of what was available at the height of the last recession.  They now comprise just 1 in 20 new listings, which is a lesser percentage of the entire market than what it has been previously.

A large percentage of higher priced foreclosures have been cleared out, and the current foreclosure market is dominated by houses priced under $100,000.  In fact, the median sales price is now $65,200 and the average discount from list price is 9% (meaning that house with the 100k ask price will likely sell for around $91,000).  But, to be sure, there are still some great deals to be found.

The foreclosures are not spread evenly.  KWhile just 1.5% of Hamilton County listings are foreclosures, a BIG 13.8% of Madison County’s are.  If you’d like to check out the good foreclosure deals, just send me an email, text or give me a call.