I was out in a foreclosure open house this past weekend and I had a neighbor stop by concerned about how many foreclosures there are right now. This is a really common occurrence with neighbors being concerned about their property values (who can blame them?) and worried about the negative national housing statistics in the news that they hear constantly.
While the word ‘foreclosure’ has become a more regular part of our vocabulary in the recent years, there is good news for those who live here in Richardson, Texas.
In North Texas we currently have 1,946 bank owned properties for sale. Only 12 (.62%) of those are located in Richardson. The other great news is that, overall, we only have 3.3 months of inventory which means there are actually more buyers than there are homes for sale here. To put it simply, the demand for homes in Richardson is extremely high and the supply is really low.
The 39 foreclosures that have sold in the last six months in Richardson spent an average of 107 days on the market – only 19 days longer than the overall market average for Richardson – and sold at an average of $65 per square foot.
Including all home sales in the last six months, sellers in Richardson are getting 96.3% of their asking price. With foreclosures being included in those numbers it does appear that, while people are getting great deals on these bank-owned homes, individual sellers are still able to get close to their asking prices.
The bottom line is that there are distressed properties everywhere, but here in the Richardson area we have a relatively low number of bank-owned properties on the market and the ones that are there aren’t taking forever to sell. If you’re looking for a great deal on a foreclosure in Richardson now is the time to jump on one before they’re gone!
Matt Cafrelli
Certified Investor Agent Specialist
Buyer Agent Specialist
