Savvy investors are often the first to jump at a potentially profitable housing market and a new national survey indicates things are heating up. More than 12 percent of home buyers today plan to purchase a home or condo as an investment, compared to 5.6 percent just seven months ago, according to a recent Move.com® survey.
Bank owned property buyers account for 25.3 percent of consumers interested in purchasing a home. 42 percent of potential foreclosure buyers regard their purchases as investments, while 57.6 percent plan to live in purchased distressed property themselves on either a part-time or full-time basis.
Our '09 Property Sales Breakdown By Category:
- 39% Traditional sales
- 35% Bank owned properties
- 26% Short Sales
We are continuing to see inventory tighten up in the entry-level segment representing properties priced under $500,000. In some of our most popular communities in this price segment the 'winning offer' is now over the bank asking price in many cases. In fact, the most coveted properties sold in the last 90-days went for 1% to 5% over the respective banks asking price.
More Multiple Offers On Bank Owned Properties
Another trend we have started to see in the last 90-days is that banks are now accepting multiple offers over the course of five to seven days rather than acting immediately on an initial offer. The banks are aware of the increased buyer competition in this price segment.
About 90 percent of our sales in '09 were cash sales. That said we do have several good recommendations for those wishing to finance their desert home or condo.