Bank Owned Homes Make Up Large Percentage of Total Sales in Minnesota
I was asked to see what percentage of first time home buyers are purchasing bank owned homes with the recent flood of foreclosures on the market. I was unsure at first, as first time home buyers can come in any price point. But I did pull together this little statistic in regards to foreclosed properties on the St Cloud MLS:
50.4% of all homes sold on the St Cloud MLS under $150,000 were bank owned (Data from St Cloud MLS for the time period of 01/01/2008-10/13/2008).
That means for all of you in Central Minnesota that are trying to sell your home within this price range, over 1/2 of your potential buyers are buying a foreclosed home instead.
In contrast, only 19.0% of all homes sold on the St Cloud MLS over $150,000 were bank owned.
That means if you are looking to purchase a home in the $150,000+ price range, you might be doing yourself a disservice by looking at only foreclosed homes.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud
http://StCloudEdina.com - Search Real Estate in Sartell Minnesota and surrounding areas.
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