Tuesday, June 15, 2010

"Send me the Good Deals" Why Foreclosures and Short Sales in Bucks County Aren't Always Good Deals

Although I haven't been as active on Trulia, Zillow, or even ActiveRain as I have been in the past (Baseball season is a killer when you have two boys!) I do keep an eye on them every day. I may not be participating, but I'm watching. Something I see pop up all the time is "How do I buy a foreclosure in Bucks County?" or "How do I buy a short sale in Bucks County?"

I also regularly have clients email me, "Where are the really good deals? The short sales and foreclosures?"

I think it's important to point out that these two phrases "good deal" and "short sale" or "foreclosure" are not synonymous in Bucks County.

The first hurdle is that short sales and foreclosures may have some lending issues. Many of the foreclosures that we are seeing, unless they are in the higher price point, are wrecked. As in, someone has ripped all the copper out of the house and you have no heat. We are also seeing the investors come back into the market at the lower price points. It's extremely difficult for an owner/occupant to compete with an all cash/no inspection offer, which is typically what investors throw out there.

At the higher price points, typically the homes are in fine shape, and investors aren't the problem. However, the scarcity of foreclosures above the $350,000 price range will make it a waiting game for you.

Short sales in Bucks County? Ugh. Another post for another time. Are they "good deals?" Sometimes. Not all the time. And you never really know if that short sale is going to pan out. If a short sale doesn't happen, it's not a "good deal."

So, I would encourage this:

Look for a good deal. Period.

They're there. There are plenty of people who are sitting on an vacant home as part of an estate, or have already re-located, or are sick of showing their house, or (gasp!) are just reasonable about their sale price. Don't limit yourself to a foreclosure or short sale. Bucks County has plenty of deals to go around, don't get hung up on a specific type of sale.

Some ideas for finding "deals:"

  • Run a search of homes that have been on the market 120 days or longer
  • Look at homes that may be estate properties (typically outdated, but not trashed)
  • Look at homes that have relocation addendums posted to the MLS
  • Look at homes that have "motivated seller" in the comments

Or, give me a call or shoot me an email and I'll let you know when I see a really good deal come on the market.

Saturday, June 12, 2010

Bucks County Open House in Warrington, Central Bucks School District 6/13!

Ahhhhhhh....Such a joy to relax at this prime location/yard this summer! This 4 bedroom, 3 full bath home in Warrington, in the Central Bucks School District will be held open this Sunday June 13th from 1-3. Here's the open house deets....

512 C Taylor Avenue
Warrington, PA


Open House Sunday 6/13
1-3 p.m.

Need more info? Ok, here goes...

  • Nestled at the end of a dead end street
  • Close to shopping and major roadways
  • Almost completely remodeled
  • Lighted horseshoe pits (whoot! whoot!)
  • Large family room
  • Beautifully remodeled eat-in kitchen
  • Full finished basement
You really need to visit to truly appreciate this home. Come visit us on Sunday at the open house and take a look!

Monday, June 7, 2010

Bucks County and Council Rock School District Real Estate Market Update May 2010

Ok, ok...I missed two months. Mea culpa. Forgive me. I have, however, been posting to my facebook fan page, which can be found here. Hit the "like" button and get more frequent updates on happenings in Bucks County.

Here are our median and average price ranges in Bucks County and Council Rock School District as of May, and it's still good news overall:

Bucks County real estate has an increase in both the median price range, and average price range. Because the chart is a bit difficult to read, here is the year to year average and median pricing:

Average +5% (from $311,000 in 5/09 to $327,000 in 5/10)
Median +6% (from $260,000 in 5/09 to $275,000 in 5/10)

Council Rock School District, specifically, did not enjoy as much of a recovery. My thoughts on this is that we do not enjoy a large percentage of first time homebuyer properties as compared to other school districts. Let's see if that first time homebuyer credit really does trickle up to the more expensive price points over the next few months.

That being said, Council Rock remains a very stable market without significant fluctuation in the average or median price as of May 2010.

Here is the breakdown of the Council Rock School District median and average pricing:

Average +1% (from $433,000 in 5/09 to $438,000 in 5/10)
Median -1% (from $355,000 in 5/09 to $353,000 in 5/10)

As always, if you would like to see what your own little corner of Bucks County is doing in terms of average pricing, median pricing, months supply of inventory, etc, please don't hesitate to contact me via email or cell. I'll be happy to run your numbers and email you your report!