Just doing my job!
In the process of looking for possible homes for a client in the Parker area, I conducted a search for recent sales with the idea that those statistics would be an indication of what to expect in the “for sale” category over the next few months.
What were the criteria?
Pretty general. $400,000 to $600,000 on a minimum half acre site.
And the results were?
Drum roll. Eight homes. SEVEN of the eight were “lender owned” homes and most were new construction in the same community. The sales prices were 30% to 40% under the original asking prices.
Is there a message?
Perhaps two. One is that homes more distant from employment centers are always hit the hardest in a real estate recession. Second is that there are some really good deals out there as long as you can see yourself in the home for 5-7 years.