Foreclosures offer a great opportunity for a bargain; we’ve been hearing this for a while now.  But, what hasn’t been told is just how big of a bargain that might be.  That’s why I went ahead and did some analysis on the sold foreclosure real estate data for Contra Costa County over the first seven months of 2008.  The results were separated into two groups: 1) comparing the final sold price to the original listing price and 2) comparing the final sold price to the final listing price after any price reductions.  As you will be able to see, the county averaged a 10% price reduction on the original list price and a 2% price reduction on the final list price:

What this doesn’t show, however, is the fact that many of these properties are starting with their original list price already below the current market rate.  In addition, we’re not seeing any of the negotiated lender incentives such as reduced closing costs or reduced interest rates.  Suffice it to say, though, there are huge opportunities for buyers to get a great deal today.

This entry was posted on Friday, August 29th, 2008 at 12:22 am and is filed under Contra Costa County, Foreclosures, Home Buyers, Investing, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.