Interesting Statistic – Foreclosures
An amazing statistic crossed my desk today.
I love to find interesting statistics that explain people’s behaviors. I found this one today and it applied to a lot of what’s been going on in my life. I get a lot of calls about foreclosures, HUD homes, and short sales lately. I don’t mind getting them, but I do find that when people call about them, there are often a lot of misconceptions about them. I answer the questions and do what I can to help educate the buyer on the ins and outs of foreclosures. Once we start looking and I start sending them info on foreclosures though, many clients keep coming back at me with “this is overpriced” or “this is a dump.” The statistic says it all:
41% of buyers consider buying a foreclosure. Only 4% purchase one. *
Pretty amazing the difference between the two numbers, don’t you think? The reason is simple. Banks are looking to recoup their costs, so while you may hear the occasional story of someone getting a steal, they aren’t as common as you’d like to think. When they are a deal, they’re usually trashed or in such bad disrepair, that by the time you invest in the upgrades and repairs, you could have bought a newer home in better shape.
* Statistic comes from the 2008 Texas Profile Of Homebuyers And Sellers.
photo courtesy of respres
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