Distressed Properties and What They Mean to You

distressed propertySince affordable pricing tops the list of motivation and criteria for buying, it is no surprise that many first-time home buyers purchase distressed properties, which can be up to 30% below market value. Cost-conscious buyers are the most interested in distressed properties, but it is important for them to take into consideration the additional costs and expenses related to damage or neglect that occurred during the foreclosure process. On average, distressed property prices for first-time home buyers are $185,971 with a median of $153,000.

Another consideration for buyers is the transaction time. Short sales and foreclosures typically take considerably longer to close because buyers deal with institutions rather than individual sellers. Yet buyers who are patient can benefit by paying less.

As a seller, it is important to understand the current real estate market, and a real estate agent is there to guide sellers every step of the way. Agents can help sellers understand what the level of distressed sales and competition look like in their area. This way, they will be able to price their home right and will more than likely be able to attract attention from potential home buyers.

Have you purchased a distressed property?  Tell us about your experience.

Patrick Parker Realty
732-455-5252
pparker@patrickparkerrealty.com
www.patrickparkerrealty.com
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About Patrick Parker Realty

Patrick Parker Realty, an independent boutique brokerage located in the heart of Bradley Beach is your local market leader. We understand the demands of a changing real estate market and avail ourselves of the latest industry information and tools to ensure excellent results. Our Commitment to You Our seasoned Real Estate Agents are committed to providing all of our clients, from first time sellers to veteran real estate investors, quality and friendly service. We walk you through every step of the sale process offering the guidance, feedback, and expertise needed to ensure your complete satisfaction.
This entry was posted in Bradley Beach Information, bradley beach real estate, Buyers, CMA, Community Involvement, Competitive Market Analysis, Distressed Property, Financing, foreclosure, home price, home sales, inventory, jersey shore real estate, New Jersey Real Estate, pricing, Real Estate Market Trends, Real Estate News, Sellers, short sale. Bookmark the permalink.

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