Daytona Beach Foreclosures - Getting Started for Buyers
November 8, 2008
Foreclosures in Daytona Beach
Daytona Beach Foreclosures continue to mount creating a tremendous glut of homes in Daytona Beach, Ormond Beach and Port Orange. There are close to 6,000 residential homes for sale listed in the Daytona Beach MLS. That’s 27 homes on the market for every homes that sold in October 2008. In other words, for every home that sold 27 did not.
Foreclosures will not be going away for some time. Adjustable Rate Mortages and balloon mortgages will continue to kick in through 2011 putting more homes on the market.
Great News for Buyers - Lousy News for Sellers
The good news is that foreclosures and pre-foreclosures can be great bargains if your looking to buy a primary home, second home, vacation or investment property. Nearly every property I’ve sold this year has been either a pre-foreclosure or bank owned foreclosed property (REO property). People are getting tremendous values.
Sellers are struggling. The only segment that has been consistently selling is in the under $200,000 price range, but even in that range there are 17 homes on the market for every one that sold in October. This is a bleak picture.
To say that we are in a buyer’s market is like saying Florida is hot in the summer - a definite statement of the obvious.
How Do I Purchase a Foreclosure or Short Sale Property
If you are going to purchase a foreclosure or short sale, you really should work with an experienced Realtor, but first, I always recommend to start with your reasons for buying:
- Why are you buying?
- What is your price range?
- How long will you hold the property?
- What communities and neighborhoods do you like?
- What do you want in the home? (Bedrooms, pool, waterfront, etc.)
Once you know what you want, it’s time to search for properties or contact a real estate agent to do it for you. The choice is yours. You can search all properties in the Daytona Beach MLS and more at www.lynnbyrne.com. Just go here ==> Search Daytona Beach Area Real Estate. There are several options for you there and you do not need to register. If you want me to conduct the search for you, give Lynn a call at 386-566-7503 or 888-519-9579.
The problem with searching the MLS is that it’s not apparent to you which homes are distress properties and which are not. I have the network and the tools to help you get to seeing properties that meet your criteria faster and more effectively, saving you time and frustration.
It’s better for you to have a pro in your corner during this process. Give me a call to get started.
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