- There are more than 15,000 homes listed as Active With Contingencies or Pending – in other words, under contract pending closing
- Of those 8,900 listings, fewer than 1,000 are bank owned homes.
- Only 746 are priced at $100,000 and under
- Only 2,834 are priced at $200,000 and under
- About 1,500 or so are located in active adult communities
If you’re looking for a bargain in the sub-$100k range, you’re looking at homes representing less than 10 percent of the current available inventory. And you’re looking at what is by far the most active price band in the market. Good luck.
If you’ve ever considered selling and getting to your next, larger home, the timing couldn’t be much better.
Having said that …
This isn’t “last copter out of Saigon” time. There will be more inventory at some point, maybe not the alleged second wave we’ve waited on for years, but at some point the inventory simply has to move higher as lenders move forward on a backlog of foreclosures. Unless demand flags, though, that bump in homes may scarcely be noticed.
Sit down and figure out what you really want to do. If you’re looking to invest in something sub-$100k, be realistic about what’s out there and the competition that you’re facing. Don’t be one of those folks ruing the inability to purchase a home now when the perfect opportunity was available six weeks or six months ago.
Get serious. It’s the only way to succeed in this market.