South Florida Foreclosures: Major Discounts Become Less Abundant In The Remaining Months Of 2012
Saturday, November 10 2012 @ 09:00 AM MSK
People who are looking for South Florida foreclosures need to be aware that the opportunity to avail of major discounts is no longer as abundant as it used to be. Property buyers who are looking for the best deals within the region are strongly encouraged to learn all about the details on what to expect when it comes to the market in the remaining months of 2012.
According to recent data, property buyers who had been able to purchase South Florida foreclosures in September 2012 were only able to acquire a total savings of around 2.9 percent in comparison to the price of those properties had they not been foreclosed in the first place.
Such a discount is 6.8 percent lower than it was during September 2011 and 22.7 percent lower than it was in the peak foreclosure month of the region which was August 2008.
Across the nation, the reported discount on foreclosures was 7.7 percent lower than the 9 percent value garnered in 2011 and 23.7 percent value garnered in August 2009.
Experts believe that the diminishing gap between traditional home prices and the price for South Florida foreclosures is a result of the consistent competition among today’s property buyers who are aggressively seeking the most affordable home properties in the region, most especially within areas that have an extremely low inventory supply.
Property buyers can expect to acquire the least discounts within areas that have been experiencing a heavy amount of competition among people who are more than willing to purchase their foreclosure options for the same price that a traditional home would cost on the market.
Given the current situation within the region, many of today’s real estate investors are quite concerned about their opportunities which now seem to be less profit to be made by purchasing distressed properties from the market. Regardless of the fact that there is an existing demand in South Florida, the idea of being able to purchase a distressed home and sell it back on the market for a higher value does not sound too tempting for many because of the increasing prices on foreclosed properties which essentially trim down their potential gains.
People who are hoping to find deeper discounts on the market will have to prepare for quite a challenge as the best South Florida foreclosures do not end up staying on the market for very long due to the fact that there are so many property buyers who are keeping a close eye on daily listings.
People who would like to find out more information regarding the current market for South Florida foreclosures are encouraged to contact a professional real estate agent for more details.