Foreclosures and Bank Owned Properties Could Reduce Texas Coast Prices
We are concerned about bank owned properties and foreclosures for 2010.
If they hit the market all at once, we could see a drop in median
price. Good news for buyers, bad news for sellers.
With the exception of Port Aransas, there is an alarming number of distressed properties on the Texas coast that have not come on the market yet.
RealtyTrac CEO James Saccacio predicted an increase on the horizon: “January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January, then a surge in foreclosures over the next few months.”
Today's property consumer is more savvy, armed with more information and peer reviews, and is also more risk adverse
from the long recession and negative press about the housing industry. In our previous news article we talked about how this new consumer
is avoiding the risk of new home and condo projects and how they favor safer re-sale bargains.
On the Texas Coast
Now is a good time to buy either the newer storm-resistant-energy-efficient homes - where no bank is involved with financing the development - or motivated re-sale bargains, because of:
- less risk,
- better ROI,
- seller incentives,
- owner financing options,
- low interest rates and
- government incentives.
However, If the bank owned properties are of interest to you, wait for them to come on the market."Market Exceptions"
- The most innovative and high-end new home products of the Texas coast, and their buyers who want the ultimate new coastal lifestyle, have voted with their pocketbooks. The clear winners are the New Urbanism communities of The Shores on South Padre and Cinnamon Shore on Port Aransas. Both these projects are doing well - and are also financially strong.
- Another project showing market leadership is The Dawn Beach Condos on Galveston, where its "right price point" and innovative-makeover, has made it one of the few projects in Galveston that is doing well.
Want to know more about bank owned properties and best-bargain opportunities on the Texas coast? Contact us soon, before they are all gone.
Thinking about selling? Do it now before the bank owned properties hit the market and lower the median price.
More Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are some factors that actually make this a good time to sell.
Sell smart and buy low, armed with our market intelligence.
- Down-payment help is available, besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash. And there are seller incentives and owner financing options available.
- Risk adverse consumers are favoring re-sales over new home and condo projects.
- Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business