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OKC Realtors

OKC Realtors: Are foreclosures cheaper?

OKC Realtors: Is it really cheaper to buy a foreclosed home?

Buying a home is all about balancing the perfect set of features with price. This might make foreclosed home look more attractive as common wisdom says they’re cheaper, but are they? Well, OKC Realtors is here to set the record straight.

According to most data, it is actually cheaper more often than not to buy a foreclosed home. Depending on where you buy the home, it may be anywhere between 18 to 59% cheaper than surrounding homes. And while this initial price reduction might make the home seem like a steal, there are a few things to consider when buying a foreclosed home.

Foreclosed homes often show signs of stress and neglect. People who get behind on payments often stop taking care of the home as well. The previous tenants may have also become upset at losing their home and done damage to the home on there way out. Banks are not likely to fix these damages either. The other thing to keep in mind is who owns the home in the case of a foreclosure. Unlike other homes, foreclosed homes are owned by a bank. Homeowners will try to make small improvements to help increase the value of their home. Banks are usually just trying to recoup losses on a foreclosed home and are less likely to make these improvements as a homeowner will. Before you buy a foreclosed home, make sure that it hasn’t deteriorated to the point that it’s not worth the price cut to make it livable. The home may be cheaper up front, but if the home has been left idle long enough, it might cost more to renovate the home than to just buy a new home!

If your in the market for a new home, give Metro First Realty, OKC Realtors, a call today at 405-242-4004!

OKC Realtors

OKC Realtors: The best time to buy a house?

OKC Realtors lay out the best time of the year to buy a new home!

Buying a new home is a process. Finding the right home, in the right neighborhood, with the right neighbors is just the beginning. After that you’ve got to deal with making the down payment, hiring movers (or prepping to move it all yourself), and making sure all the little things are in order for your move. Your considering a lot of factors, but have you ever considered when your buying your home? When is the best time of the year to buy a new home? Well, Metro First Realty, OKC Realtors is here with the answer.

You may notice that alot of houses come up for sale in the spring. Houses get built, deals are signed, and people are looking for a fresh start. It’s nice outside so moving isn’t as much of a pain. There are alot of reasons why the housing market tends to spike in the spring. Here’s the thing, the spring can actually be the worst time to go house shopping. Why? Because everyone else is also house shopping! The spring selling market is the most competitive time of the year, the chance that someone won’t be looking at the same house you are are slim. These leads to generally higher prices and less favorable deals. Sure Spring is when the largest number of houses are on the market, but that’s also when they’ll be the most expensive!

If your looking for low competition and good deals, then you’ll want to wait for things to cool down a bit, or a lot! Houses drop to a 12 month low in December. Specifically though, buying a house on or around Christmas is the best time for many reasons:

  • People are in a giving, cheery mood because of the holidays
  • There aren’t going to be a lot of buyers competing with you
  • If a person has a home on the market over Christmas, you know they’re serious about selling.

The big key here though, is making sure you’ve got a real estate agent persistent enough to work through the holidays and get you that home! Nobody is more persistent that Metro First Realty, OKC Realtors. Give us a call at 405-242-4004