How can I find a foreclosure to buy in Denver?
It's a question I get a lot with new buyers starting the process and it's quite a different conversation than I had with buyers 5 years ago.
I can't remember the last time I saw a foreclosure or short sale listed on the MLS. The reason for this stark contrast from 5 years ago is thatwith prices going up so quickly the past few years, most homeowners in Denver now have positive equity and if they need to sell, do not need to go down the foreclosure path. Thanks to stat genius Megan Aller with Land Title, I now have some solid figures to back my theory up.
The percentage of distressed properties in the residential segment have dropped from a peak of 46% in 2011 to 3% in April of this year. The numbers are just as low for condo distressed sales as well. A peak of 51% in January of 2011 to 3% today. With 4,416 home selling in April, 3% is 132 homes in the entire market that sold in either foreclosure or short sale. If you don't like your odds for buying a normal house in this market, your odds of getting a distressed property should make you nauseous. But, 3% is not impossible, so if you want to talk more about distressed properties, definitely let me know.
Mic Ortega
m. 303.903.3734
mic@liveurbandenver.com
www.micortega.com
Socials