- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (4)
Best Answer
- Brett Meade, "Brett Meade"
- Contributions:163
If you're looking for a great deal, Seattle's foreclosure market has a pretty good balance of supply and demand so you're probably better to look elsewhere. Around 10% of the homes on the market in Tacoma are bank owned. You can find some move-in ready homes in decent areas for around $100,000. Many of these would rent for $1,000 a month.
It's hard to believe that foreclosures are going to slow down anytime soon. I don't think we have reached the peak.
Consider, there are a massive number of Option Arm loans adjusting in 2010 and 2011, a majority of which are 1 payment behind or more.
My question is how are these people going to handle the payment shock when their payment jumps 25-75%.
More foreclosures on the way. I see pricing staying down for at least 2 more years.
Consider, there are a massive number of Option Arm loans adjusting in 2010 and 2011, a majority of which are 1 payment behind or more.
My question is how are these people going to handle the payment shock when their payment jumps 25-75%.
More foreclosures on the way. I see pricing staying down for at least 2 more years.
- Fred Rea, "FredRea"
- Contributions:18
Honestly if you are looking at price point, decent area, rentability, and overall investment I would look at Miracopa county in Arizona. There are properties that sell for 100K or less and rent for 600-800 per month. I have purchase a couple over the past year and they do very well. I do everything from Seattle and I would be happy to refer you to some folks who I use to purchase down there.
Cash on Cash returns are great however the upside potential for appreciation is minimal.
Seattle has some unique factors that make it a very strong market to invest in... If you are looking for a quick flip and make 100K then you are going to have a hard time doing that anywhere in the nation! However, if you are realistic and do your homework you would easily be able to find deals in your own back yard either as an excellent addition to your portfolio or as a great flip to net 10-15% returns.
There is also financing to purchase foreclosures at the auction steps. Check out my profile and feel free to contact me with any questions you might have.
Fred
Cash on Cash returns are great however the upside potential for appreciation is minimal.
Seattle has some unique factors that make it a very strong market to invest in... If you are looking for a quick flip and make 100K then you are going to have a hard time doing that anywhere in the nation! However, if you are realistic and do your homework you would easily be able to find deals in your own back yard either as an excellent addition to your portfolio or as a great flip to net 10-15% returns.
There is also financing to purchase foreclosures at the auction steps. Check out my profile and feel free to contact me with any questions you might have.
Fred
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
There's a wide range in Seattle. Foreclosures are definitely still on the rise, although the total numbers are about half of what we're seeing in other large cities.
There are some bargains to be had at auction, but you need to have cash for the purchase, and there are a lot of pitfalls if you're not a seasoned investor.
The REO/bank-owned market is really small right now. The total number of homes for sale on the MLS that are bank-owned are just a tiny fraction of the market. They will increase over time, but many of them are being priced right at the market value. Others do come to the market at a discount--some sell quickly, some just sit.
Overall, there are some deals to be had, but it's not a fire sale. Don't expect huge discounts.
There are some bargains to be had at auction, but you need to have cash for the purchase, and there are a lot of pitfalls if you're not a seasoned investor.
The REO/bank-owned market is really small right now. The total number of homes for sale on the MLS that are bank-owned are just a tiny fraction of the market. They will increase over time, but many of them are being priced right at the market value. Others do come to the market at a discount--some sell quickly, some just sit.
Overall, there are some deals to be had, but it's not a fire sale. Don't expect huge discounts.
What do you think of the Seattle foreclosure market?
Is there much for sale at good prices in Seattle?
What other medium to large US cities (besides empty cities like Drayton, Detroit, Buffalo etc) are good to look at foreclosures?
Thanks
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.