First-Time Home Buyers: Finding Foreclosure Deals

by on Real Estate Investing

Couple Relaxing with Coffee by Boxes in New Home

If you are a first-time home buyer in the current real estate market, then you are more than likely wondering how you can find the best discounted properties on the market. With real estate market recovery underway, many areas are already making significant progress and therefore have a very low inventory of foreclosures and other distressed properties (short sales, pre-foreclosures, etc.). However, there are still some incredible foreclosure deals on the market – you just have to know where to look.

Finding Amazing Foreclosure Deals

When it comes to real estate, it is essential that you understand the importance of the local real estate market when searching for foreclosure deals. Although some real estate markets have a low inventory of distress properties, others still have a surplus of foreclosures and short sales, providing the perfect opportunity for you to secure a home below market value.

With 19% of the homes sold in Q3 being foreclosures, clearly there are still some amazing deals on the market. The key is for you to find these amazing deals before they leave the market. Below are some cities that are perfect for finding amazing foreclosure deals with prices well below market value.

  • Memphis, Tennessee and Harrisburg, Pennsylvania: In these two areas you can find foreclosures for an average of 47.82% below market value.
  • Chicago, Illinois: In the Chicago area, foreclosure properties sell for approximately 48.32% below market value.
  • Cleveland, Ohio: In Cleveland you can find foreclosures for an average of 49.95% below market value.
  • Dayton, Ohio: Coming in at number one for foreclosure savings, Dayton foreclosures are an average of 52.13% below market value.

Therefore, if you are a first-time homebuyer, then look in the surrounding areas of these key cities to find some of the best foreclosure discounts on the market. Other great places to look include Memphis, Tennessee; Atlanta, Georgia; Columbus, Ohio; Milwaukee, Wisconsin; San Francisco, California; and Toledo, Ohio.

First-Time Home Buyer? Act Now!

Currently the national real estate market is making significant progress toward recovery. With this recovery comes rising home prices. Although you can still find amazing deals on foreclosures and short sales in some areas throughout the country, these amazing deals will not last forever. Therefore, now is the perfect time to buy your first home.

Despite the amazing opportunities in the current real estate market, many first-time home buyers are missing out on this great opportunity. According to the Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey, only 34.7% of the homes sold in October were purchased by first-time home buyers, which is a decrease from 37.1% in September.

At the end of the day, now is the perfect time for first-time home buyers to take advantage of incredible foreclosure deals while they last. If you are a first-time home buyer looking for an incredible deal on your first home, then start your search today – before it is too late!