Some U.S. areas are considered better places for homebuyers than others. Although housing industry analysts stated that most of the country's residential markets offer a lot of bargain properties, including those under a HUD foreclosure list, there are others that offer more choices and where buyers can renegotiate a deal for an even lower price.
According to realtors, foreclosure listings in Minneapolis offer some of the best bargains in the nation. They stated that median prices of houses in the city and other nearby metro areas have declined to around $120,000, which means that a buyer with a relatively good job can afford to buy a house in the region. They also stated that buyers can often negotiate for a price that is even lower than the listing price of the property.
Real estate market observers stated that it is not only in foreclosure listings for Minnesota where homebuyers can find great bargains. Some of the areas highly recommended by realtors are Miami, Sarasota and Orlando in Florida and Chicago, Illinois; and, of course, Las Vegas, Nevada. According to realtors, in these markets, a house is often sold at around $10,000 to $15,000 less than its listing price.
They revealed that prices of residential properties as well as those found in the HUD foreclosure list of Minneapolis are affected by the circumstances of the seller and by the condition of the neighborhood where the property is located. A seller eager to unload his property will be more than willing to lower his asking price.
They also stated that an area with a high number of short sales and properties under foreclosure listings often offer the best bargains for homebuyers. Realtors explain that a house being sold will experience a decline in value if one of the properties in the block where it is located gets foreclosed. If another foreclosure in the same area happens, the value of the for-sale property drops another notch.
Despite these great bargains, housing market observers stated that majority of potential homebuyers are still waiting on the sidelines. They stated that this is so because most of them believe that the housing industry has not yet hit bottom and the number of foreclosures, such as those available in a HUD foreclosure list, will continue to rise and prices will drop further.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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