Tags: Buying a Forclosure in Denver CO, Denver CO Forclosures For Sale, Denver CO Houses For Sale, Foreclosures For Sale in Denver CO, Selling Foreclosures in Denver CO, Selling Your Home in Denver CO
Foreclosures have been in the headlines for months now. I received an email today that was trying to sell 1 of 10276 Colorado Foreclosures, HUD Homes, Pre-Foreclosures, and Bank REO’s. But, what do all these foreclosures mean to the average person?
It depends on where you are in the real estate market. If you have a house that you are comfortable with, or if you have no interest in buying or selling a house, then this information does not really affect you.
However, if you are looking to buy a house, or you wish to sell your current house, then this information should be of great interest to you.
For people looking to buy a house, the large number of foreclosures means that house prices are very attractive because supply greatly outstrips demand. In many areas you can buy a house at less than half the price that they were selling for only a couple of years ago. The glut of foreclosures means that this is a great time to find a great value on a house of your own.
For homeowners who are looking to sell their current home, the large number of foreclosures is depressing real estate values throughout the whole market. Your property is competing with hundreds of other properties that the banks are trying to sell from their portfolios. Again, with supply far outweighing demand you may have to lower your price to compete with all the other houses for sale in order to attract a buyer.