First Time Buyers Snatch Existing Properties and Home Foreclosures

by Donald Hanz on Foreclosures

A surge in first time home purchases is changing the home foreclosures market of Rochester, New York. According to local reports, first time residential property buyers are quickly snatching residential properties within days after these homes have been listed.

Area realtors have reported that houses available for $120, 000 or less are the ones being sold at a really fast rate. They warn home buyers to move fast if they see a property they like because a single house is often being viewed by multiple potential buyers within days of its availability.

The tight competition among new house buyers are making it hard to find bank owned homes and existing houses that can be negotiated for within a period of several months. Market observers have revealed that most property buyers who wait end up not getting their dream home.

Home auctions for sale, regular residences and almost all types of residential properties priced below $120,000 are being sold within four days of being listed, particularly in areas like North Winton and South Wedge.

City real estate reports also showed that home foreclosures and other residential structures are being inundated by people visiting them and taking a look the moment they become available for purchase. However, once properties reach over $150,000, the buying frenzy starts to hit a slower pace.

Real estate experts have attributed the fast pace of home buying in Rochester to the approaching deadline for tax credits. According to them, buyers are required to be under contract not later than April 30 and must close the deal not later than June 30.

They added that home buyers understand that they should buy now while prices are low since they will eventually make a purchase after a year anyway. The current housing market offers them the best deals they will ever have; from foreclosed properties to existing residences to pre foreclosure homes.

Another trend becoming evident among first time home purchasers in the area is that they are finding it more difficult to get home loans compared with a couple of years or so ago. Reports show that the years of “no down payment” are long gone.

Market experts have stated that banks have learned from the home foreclosures crisis and are not easily issuing loans to people who seem to not have the capacity to pay for them.

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