Foreclosed Property Totals Rising on St Cloud MLS
As we went through the spring market and into the early summer months, we have had enough sales to cover the amount of foreclosed properties that were coming onto the St Cloud MLS. We have averaged 325 active and pending foreclosures on the St Cloud MLS since January of this year. Yesterday, when I pulled the foreclosure search for a potential client, I noticed that the total had crept up to 350+.
This excess of foreclosed properties is not a good thing for our market. I think the best thing that could happen is that we sell them off at a fairly quick rate. I know that it isn't great news for people who are trying to sell their homes, but we need to get the vacant properties moved so that our home builders can start on new properties in the future. We have a lot of people sitting idle in Central MN just waiting for this housing lull to pass so that they can resume work.
If you are on the fence about buying a property, I highly suggest talking to a real estate professional about what is going on with the market.
1) I can think of several great potential purchases for a new homeowner that would probably net somewhere between $30-100K in equity to their future owner.
2)The interest rates are rising slowly and if inflation keeps moving upward with the gas prices, home loan rates will follow suit and go even higher.
3)Lastly, if you do not have the money set aside to make a home purchase, your chance to get a home with 0% down could be gone by the end of the summer. The last (non-VA or rural development) 0% down home purchase program is under great scrutiny from both the President and the department of Housing and Urban Development (HUD).
Those are three reasons that now may be the best time to purchase for quite some time. Talk to your professional and I'm sure they will give you several more reasons.
Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty in St Cloud MN
www.StCloudEdina.com - Get a free list of foreclosed properties in Central Minnesota
www.StCloudEdina.com/blog - REAL ANSWERS for REAL ESTATE in St Cloud MN
