In 2009, a survey done by realtor.com showed that only twenty-five percent of potential buyers were interested in foreclosed homes. An updated survey, done this year shows that the number has jumped by forty percent, and that nearly 65% of buyers in the current market would be willing to consider a foreclosed property. In addition, the survey showed that most of the people (over 93%) considering a purchase that had been through the process of foreclosure would be purchasing the home as their main residence as opposed to an investment property.
This rising interest is in part due to the amount of foreclosures on the market. Because of the attention the foreclosure market has gotten in the past few years and the supply available, purchasing a foreclosed home is a much less intimidating prospect than it once was.
The survey also showed that purchasing a home that has been through the foreclosure process can save a homebuyer between 10-30 percent, and different survey done this year by Lender Processing Services stated that the nation-wide average discount on the price of a foreclosed home is nearly 29% .
Buyers willing to consider REO properties can take advantage of the market to score some great deals. And according to these surveys, most buyers are willing to consider this prospect.
If you’re a prospective buyer, call Cooper Realty Associates – we are REO specialists, and we’d love to help you through the process of buying your home, whether you’re interested in a foreclosed home or not. Call us today – 302-629-6693.