Salt Lake Foreclosed Homes Information
There is a lot of information, and frankly mis-information about Foreclosed Homes around Salt Lake.
Some of the information doesn't make a lot of sense to me. Some of it doesn't even seem true.
As a Realtor, I am often accused of whitewashing anything that detracts from our Industry and more than once have been labeled a pollyanna by someone looking to buy a home.
I could be guilty, but it makes sense that if the market is not good for a home buyer it should be pretty good for someone that wants to sell their home. I can think of circumstances where this is not the case, but SLC homes are not there yet.
In today's Salt Lake Tribune, an article entitled "Foreclosures in Utah, Nationally, Soar" gives the impression that the entire housing market in the beehive state is in the tank.
The article points out that Home Owners in Utah snared in the foreclosure trap increased 113% in September.
Another article puts Utah at # 10 in number of foreclosures.
Well.... I just did an analysis of pre-foreclosure homes in Salt Lake County for our blog, and while I find some areas, and some price ranges to be in trouble, the percentage of homes that are either foreclosed or in danger of being foreclosed on is around 13% of those homes that are listed for sale in Salt Lake.
Areas of SLC that are in trouble are basically areas of high end New Construction Homes, like Bluffdale, and Rosecrest in Herriman, where pre-foreclosures have reached 30+% of homes listed for sale. Since a large number of these are new homes in the $400,000 dollar and up range, and the number of qualified buyers in that range is limited it will take a while for that inventory to be absorbed.
On the other hand, communities like Holladay, and Murray UT, with few new homes and a distressed property percentage of under 10% of homes listed for sale seem to me to be good places to live or Invest.
In between these examples is where the truth is. That probably is also where you'll find a home.
My advise is..... Be cautious when listening to the media, find a good Realtor that knows the market in the neighborhood you want to live and then start looking.
Prepare to take advantage of foreclosures in that area by arranging financing, getting your home ready to sell, and investigate the area to make sure that schools, shopping, recreation, drive time meet your families needs.
When buying a Bank Owned or Foreclosed home, you need to be able to move quickly, decisively. The only contingency you want on the offer is the inspection clauses.
To see all of the Salt Lake Foreclosure opportunities, IE: HUD Homes, REOs, and Short Sales for FREE, stop by our website @ Salt Lake Foreclosed Homes and see photos, maps, prices and information only local Realtors get.
If you need to talk about Real Estate, give us a call @ 801-567-0946 and we'll chat about homes for sale in your area, or share with you a bunch of Salt Lake Foreclosed Home Information.