Not everyone wants to buy a foreclosure
There are foreclosed homes in just about every neighborhood in the Charleston real estate market and my neighborhood is no exception. It's unfortunate and it's especially sad when you actually know someone who lost their home. And many buyers are seeking to buy distressed properties and purchase the most home possible for the least amount of money.
But apparently, not everyone wants to buy a foreclosure.
I have listing alerts set up for every property in my neighborhood so that I know about all new listings, which homes went under contract and which homes sold and for how much. When I clicked through this morning, I was somewhat surprised to see a home go under contract for considerably more money than the list price of an identical home that I know is a foreclosed property.
This specific home also went under contract in just 5 weeks, I won't know the sales price until it closes but I'm guessing it is just 1% or 2% below list price at most (compared to an average of 5% below list per Charleston MLS market statistics). The home has great curb appeal and the listing indicated nice upgrades throughout.
The lesson here for any sellers thinking about putting their home on the market is that if you put your home in no apology, mint condition and price it correctly, it does not have to languish on the market for months and months and you won't have to consistently take price reductions in order to sell.
If you are looking to buy, there are many nice homes available to choose from at attractive prices that are not foreclosures. Or if you are so inclined, I can help you purchase a foreclosed home. It's a buyers market and either way you decide is best for you, it's great to have choices.