Foreclosure Homes in Today’s Market

Green Bay, WI REO HomesAhhh, foreclosure homes. REOs. Bank Owned properties. Whatever you want to call them, I get asked about them all the time. Are foreclosure homes still out there? Are they the best deals? Yes and no. To both of those questions. 

Yes, foreclosure homes are still around, but according to the Wisconsin Realtors Association (WRA), “annual single-family foreclosures are down 19.4 percent in just the last year, and they are down 69.8 percent from their peak 2009 levels. Indeed, foreclosures are at their lowest levels since 2000, well before the housing crisis emerged.”

So, yes and no. They are out there, but definitely not as many. And this leads into my next most asked question; are they the best deals? Well, some are. And some of them, not so much. They either need a ton of work, priced high, or have heavy competition with multiple offers which leads to a higher priced home. What does a ton of work mean? Mold, foundation issues, roof work, new windows. You know, the more major money suckers, and that’s before you clean the place, add back in appliances, and redo flooring and paint. 

Don’t get me wrong, I like foreclosure homes. I’ve sold them to many clients, and have even bought one myself. But they are not what I like to call creampuffs. (Nothing to do, because it all updated and move in ready.) 

Set your expectations accordingly, and happy hunting for your foreclosure home!

Want more info on a foreclosure home? Contact Green Bay Realtor Elysia Diaz