Yes, people who are buying properties are getting great deals. Prices are very low and there is a lot of value out there in the market. People who buy today are getting a good deal, and are usually primed for some appreciation in the near future. But working in this business every day has taught me one thing, Buy Value today and this property will be Valued a lot more in the future. Yes, homes that sold for $200,000 are selling for $100,000 but how about properties that used to be valued at $400,000 and above are now selling for the $200,000 range. I would say the potential range of appreciation is much larger in the higher priced homes, than compared to the lower priced fixer uppers etc. If you are buying today, Purchase something with a water view, ocean view, marsh view, golf course view etc. You'll be much happier than other buyers in the next 5 years!
Every day potential buyers want to know where the are the best deals. Buyers always want to see and purchase the cheapest properties. Short Sales are usually a good deal and are priced to sell. The downside to Short Sales is that they take a long time and you are waiting for a bank to ultimately approve your offer. Foreclosures are also typically priced low, however there are many risks when purchasing a foreclosed property. Typically foreclosures have sat empty for a while, utilities have been shut down, and many of them need additional repairs. When a buyer purchases a foreclosed property, they take that property on and follow the Caveat Emptor belief. Buyer Beware! My strongest suggestion is to use foreclosures and short sales as benchmarks for market value, but it would be best to bid on properties that are lived in and NOT bank-owned or short sales. Finally, when a buyer purchases a listed property, appraisals are done on the property and are largely impacted by local short sales and foreclosure sales. I say buy a house that is in good condition, well-taken care of, and you have confidence that everything is in working order. Why stress through the home purchase process, rely on a Broker like me to handle the process.