One of the hottest segments in the current real estate market is the purchase of foreclosed property.  Year to date figures in Sevier County’s MLS show 105 foreclosed single family homes sold at an average price of $160,853 with an average days on the market of 125.  When you combine the low cost of foreclosures with today’s historically low mortgage rates it can be a recipe for opportunity.

Trends indicate that foreclosure inventory is modest and steadily being absorbed, but prices for this type of property are going up.  Foreclosures are a low percentage of homes (only 3.4% currently)  on the market.  Current figures reveal 116 foreclosures out of 3,454 available homes on the MLS and the current average foreclosure price is $238,563 with an average days on the market of 91. 

News out of Washington DC indicates that foreclosed home supply, at least for the present, should continue.  The Obama Administration has allowed the Freddie Mac/Fannie Mae moratorium on foreclosures to expire on March 1st of this year.  This should allow more foreclosed properties to enter the market and become quickly absorbed.  If this opportunity for bargain-priced homes, combined with historic low mortgage rates sounds great, then be sure to contact Jason White a realty professional with foreclosure experience.