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Foreclosure in Avon : Real Estate Advice

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Sun Oct 7, 2007
Mike Kelly Allison Norman answered:
If you live in a "brand" new subdivision I would keep a wary eye on the builder/developer. Do they have any new "Phases" coming on-line? I ask this as some builders are really slashing on their “new” phases by as much as 25%!! If no more phases then I would want to know did most of these sell before our current credit crunch. Is this community below the median home price in your area? Or does it represent an affluent Buyer? The reason I bring this up is if these have been sold in the past few years then your prices might be dropping or are ready for the big "hit". How are the foreclosures in your zip code? Keep track of them. If homes come up in your area and you see the words, "Short-Sale" or "REO" the spring sale may become an "out of pocket" sale for you!! Talk to your local Realtor in the area. Any one Realtor dominating your community? Ask him or what’s happening and what the trends are. And ask yourself, "Why am I selling?" If you can't afford to live there and have a loan which just got "re-cast" or adjusted, then your neighbors might all be in the same boat! That ain't good! ... more
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