Since the middle of last year, we've noticed a steady climb of bank foreclosed properties becoming available in our city and surrounding areas. Those short sale listings that had our clients funds tied up but never closed are now becoming lower priced REO / bank owned listings.
With the exception of Cupertino, Palo Alto, Burlingame, and a few select areas, homes have been selling for sometimes $200k less than what they last sold for in recent years. There is definitely more to choose from for homebuyers in this current market; however, whereas a year or two ago these properties for sale would have been staged or beautifully presented for sale. If a buyer can look beyond the cosmetic issues some of these houses have, they can often purchase a diamond in the rough.
With the exception of Cupertino, Palo Alto, Burlingame, and a few select areas, homes have been selling for sometimes $200k less than what they last sold for in recent years. There is definitely more to choose from for homebuyers in this current market; however, whereas a year or two ago these properties for sale would have been staged or beautifully presented for sale. If a buyer can look beyond the cosmetic issues some of these houses have, they can often purchase a diamond in the rough.
