I get calls and emails all the time from Austin TX Home Buyers saying "I want to buy a foreclosure because I want a deal!"
Well, I'm here to say, "Stop watching the National News!!"
I'll tell you up front, yes, sometimes, you can find a good deal. However, EVERYONE is looking for the same great deal so it's usually gone before you even hear about it.
Here is what is going on around the Austin TX area. We do not have the foreclosure market like other areas of the countries. To show you facts, I pulled up several zip codes. It's easier by zip codes because many areas aren't within "city limits" so pulling information up by city wouldn't be very accurate.
Zipcode - # of Actives - # of Foreclsoures
78738 - 209 - 2
78734 - 327 - 13
78733 - 77 - 2
78735 - 95 - 3
78746 - 163 - 0
78736 - 28 - 0
78704 - 144 - 2
Some people are looking at the above list thinking, but all you listed are the more expensive areas and those people are more well-off than lower-end areas. That has two sides. The first side, the higher priced people made lots of mistakes too as there are many multi-million dollar homes in foreclosure across the country. The second side is that the higher priced areas should be better off with more people understanding how to manage their money.
Are these generalizations? Yes they are, as there are plenty of people living in a modest home who know how to manage their money... but they're also in the group of people who utilized the 100% financing more frequently.
So, to see some "average" neighborhood stats, look at these numbers...
78613 - 402 - 11
78717 - 106 - 5
78664/78665 - 484 - 22
78732 - 154 - 9
78723 - 111 - 4
As you can see, foreclosures are not that prevalent in the Austin TX area. Ok, East Round Rock has 22 foreclosures, but they also have 484 active listings on the market to choose from! Why narrow your search down to less than 5% of the listings?
Cedar Park has 11 foreclosures, but with 402 active listings on the market, wouldn't you be more likely to find your "needs and wants" with a larger pool of homes?
Basically, I'm just pointing out that we're all looking for "the deal", but don't limit your pool of possibilities with such a large transaction. This isn't a $50 shirt you're getting on sale for $39. Secure a great Buyers Agent who will represent you and your needs, and you'll be sure to get a "deal"... especially if you contact me!
**Are You Packed Yet?**
Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
** #1 Agent in my Office for all of 2008 **
Copyright© 2010 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Real Estate - Austin TX - Foreclosures are Not very Prevalent * was first published on donnahomesblog.com