Here’s my Rio Rancho Foreclosure report for January 2011.
Rio Rancho Foreclosures made up 25% of January Sales
This graph illustrates the breakdown of January sales by type including regular sales, foreclosure sales and short sales.
As you can see from the graphic, distressed home sales, including bank owned homes (foreclosures), HUD sales and Short Sales, made up a good portion of all Rio Rancho closed sales in January. In fact, distressed home sales accounted for 40% of the closed sales in January.
Rio Rancho Foreclosure Homes Have the Best Prices in Town
Foreclosure homes in Rio Rancho sold for a lower price than regular sales and short sales. Regular sales averaged $97 per square foot, short sale homes averaged $82 per square foot and foreclosure homes averaged $77 per square foot.
Rio Rancho Foreclosure Houses Sell for Close to List Price
I understand the today’s buyers want to get great deals, but the truth is that lowball offers to not work. That’s because Rio Rancho home prices have already come way down and foreclosure homes are already priced below fair market value. All three types of houses sold for very close to the list price:
Rio Rancho bank owned homes are a good way to get a good deal on a home, and the banks are starting to come down a bit off of lost price to make the deals even better.
Rio Rancho REO’s Sold Faster Than Other Home Types
REO’s, which stands for Real Estate Owned, sell faster than either short sales or regular sales:
from the MLS for the period 01/01/2011 through 01/31/2011