Yesterday, I posted information about Austin TX Foreclosure and Short Sale Listings being a small part of the Austin TX overall real estate market. Today, I wanted to put more of those numbers into perspective for you.
You can read the Austin TX MLS numbers in this post, but it basically boiled down to a mere 7.56% of 6335 listings currently on the market are either in the Foreclosure status or trying to be sold as a Short Sale prior to going into a foreclosure. Some people still think it's realistic to focus on only these 479 listings, but here's some more reality for you.
So I don't have to repeat numbers, I'll be combing the foreclosure and short sale listings for these numbers...
If you're in the price range of under $100k, you have 60 properties to look at. But, you want to be in Round Rock schools with at least 4 bedrooms. You're left with only 2 options.
If you're in the price range of $100-200k, you have 285 properties to look at. But, you want to be in South Austin with at least 1800 sqft. You're left with only 15 options, which is actually a nice number, until you go further with your criteria. Do you have an age or bedroom count cutoff as well?
Here's one for you... you want $300-500k in the Lakeway and Bee Cave area with at least 4 bedrooms and 3000+ sqft. There has to be a lot of people who bought out of their price range and must be hurting in this range, right?? WRONG!! You would have only 4 properties to choose from!
What I'm trying to help all the Austin TX home buyers understand is that just because you've heard somewhere that Foreclosure and Short Sales are a great deal and in abundance, you should really look at the local data as that will tell you the true story. I'm here to help explain it all to you so you make an educated decision.
Spin the wheel and see what falls into your search parameters. If it's a Foreclosure or Short Sale at a great price, by all means, let's go for it, but don't eliminate other listings in the area to minimize your search. Austin TX Foreclosures and Short Sales might not work for you. You will probably need to expand your search into traditional listings, which are usually easier and shorter time frames with a little less stress.
**Are You Packed Yet?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.coma
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.
* Austin TX Real Estate - Foreclosures and Short Sales in the Market Part 2 * was first published on donnahomesblog.com
Donna
They are some great numbers, it show Austin Texas to be a very stable market.
Good luck and success.
Lou Ludwig
Donna,
That really does put it in perspective for the people wanting foreclosures and short sales.
Yes, they are out there but are they what you want!
Great correlation stats Donna with more available at the lower price ranges.
Hi Donna, Love your persistence in getting accurate stats out; this seems to show a trend in Austin Texas that perhaps we're moving out of a buyers Market.
Lou, We like being stable!
Brenda, Exactly!
Gary, But not many people buying in the lower price range these days...
Nathan, Austin was never in a true "buyers market", so we're just getting more stable instead of rocking a little.
Good advice and stats. Truly not a market for buyers to focus on just one thing.
yes they look so nice but Foreclosures are such tough on to stomach.