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?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
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.
For real time Austin TX listings, click here.
** #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
Oh, Donna, I LOVE THIS POST! I get the same calls and there just aren't as many out there as people like to think. And, your post wonderfully illustrates that a buyer severely limits their selection by seeking out ONLY foreclosures! KUDOS!
Donna - What a great point! I don't know how many of my buyers started out with that same exact request, only to buy a regular 'ol house for sale!! :-) Nice post!
Donna- Everyone wants the deal of the century. We have similar statistics, with more short sales than foreclosures, usually they are sold in days after multiple offers are submitted.
Amen...Amen...AMEN! And another thing is the people who arrive here from other parts of the country convinced we are in the same bad position as they were...NOT! It's a job just getting folks to look at REALITY!
You are absolutely correct. I got a call from an out of town buyer wanting a high end foreclosure in anywhere in the Bee Cave Rd. corridor...he didn't believe me when I told them there were exactly 2 to choose from. In fact, I have had investors who can buy anywhere in the USA consider Austin and get discouraged because our market hasn't cratered...they want it to have dropped 40%...or they don't think they are getting a good deal. I ask them where they want to invest... In a market that is a war zone of foreclosures, short sales and oversupply in a city with high unemployment and an economy built on speculation and unsustainable growth?..(Las Vegas, S. Florida)or a market that has stayed fairly stable with modest declines and one of the best performing 21st century economies around that also happens to be a great place to live..i.e. Austin...
Donna
That great news, the Austin Texas market is in great sharp regarding the number of foreclosures that are for sale.
Good luck and success.
Lou Ludwig
Leesa, Thanks! I hope it helps people!
Jeanna, And then they want to low-ball like it was a foreclosure! LOL
Ellie, If there really were great deals to had, the agents would be buying them all for investment properties!
Russell, I know!! They're sometimes the worst!
Jeff, High end foreclosure? There's one in Spanish Oaks right now for $2,950,000...
Lou, Yes we are!
Thanks I sent him that in Spanish Oaks and one in Seven Oaks and one in Barton Creek. He is not a fan of Spanish Oaks. Still looking. He is relocating and tough to please. :-). I am still looking and bet he will end up without a foreclosure....just a really good buy...
Donna, you are so right that there are much more to the Foreclosure deals than people are thinking. And Buyers will save their time and avoid the frustration if they find something other Foreclosure sale.
Bravo! Bravo! Well said! Now get the Austin American-Statesman to publish it!
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YOU GO GIRL! Heck we are the foreclosure capital of the world (not proud) and our actives are EXTREMELY LOW!
Jeff, He doesn't like Spanish Oak? If I could afford it (no, if I wanted to afford it), I would live there!
Irina, Exactly!
Russel, Now that's an idea!
Renee, That's great to hear that people are buying them up!