Great Opportunities for First Time Home Buyers in Central MN
I get phone calls and e-mails every now and again for people looking for high end homes and lakeshore properties that are bank owned. Unfortunately, I have to tell them these high end homes are much less likely to be available in the foreclosure market. Most (but not all) owners in these higher price points had enough equity to weather the storm through this correction in the real estate market. It seems they were even better off if they bought lakefront property. For example, there were 13 bank owned properties sold last year on the St Cloud MLS that were located on a lake. That accounted for just over 1% of the total number of foreclosed properties that we sold in 2008 through the St Cloud MLS.
So where are the great deals? What price range? I think the statistics for the 4th quarter 2008 show pretty well that the screaming deals we are seeing are more prominent in the first time home buyers bracket:
1) Bank owned homes made up 59% of all sales on the St Cloud MLS under $150,000.
2) Bank owned homes made up 19% of all sales on the St Cloud MLS over $150,000.
3) Bank owned homes made up 42% of all sales on the St Cloud MLS regardless of price.
*All data pulled from the previous total residential units sold on the St Cloud MLS as of 01/30/2009
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud MN.
http://jasontangen.edinarealty.com - Try the e-Market Analysis free home value estimator.
http://StCloudEdina.com - Get a free list of all the bank owned homes located on the St Cloud MLS.
