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Saturday, November 10, 2012

Are Foreclosure Prices Creeping Upward?

There was time when “foreclosure” meant significant discount potential. 

According to Zillow the average discount of an REO (foreclosed) to a non-REO property in Florida was 7.7% in Florida for September 2012.   That is really a lot less than many buyers expect.

According to the same report the peak nationally was 23.7% in August 2009.

As the inventory of non-foreclosure properties and short sales on the market shrink, buyers may start looking more at foreclosures which will potentially drive the prices up as well. 

Strengthening, and not shrinking, foreclosure prices are good news for the market.

Real estate prices are simply a reflection of supply, demand, and the economy (interest rate).

For information on homes for sale in Brevard County, Florida, call me at 321-693-3850 or email me at agent@moving2brevard.com.


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