Sandpoint Foreclosure Activity Picks Up
I was visiting with some of my friends from Bonner County Economic Development Corporation (BCEDC) here in Sandpoint and I am encouraged by Director Karl Dye’s continued leadership as well as the cooperative attitude among members to find ways to save and strengthen local businesses.
At the same time they are trying to provide for expansion by adding new small businesses that allow existing ones to grow and provide jobs that pay decent wages.
The renewable energy fields are not being treated like some kind of voodoo and members of EDC have been educating and cooperating like never before to assume leadership in identifying current and possible startup companies in the green fields that will create the jobs of the future.
I am starting to see more activity in the market here in Sandpoint, Idaho but the question is whether it will translate into closed sales.
I am reporting to my buyer clients that distressed properties, pre-foreclosures, and foreclosures are being picked up by buyers that have steady income, cash resources, and a long-term plan.
For Investors with a buy now and wait plan there are many opportunities in all areas of real properties.
Prices for distressed properties around the country are starting to reveal that cash buyers are out bidding consumers who depend on a mortgage loan.
Since the cash buyer is not constrained by his qualified loan boundaries, he can bid the price up beyond the conventional borrowers reach and still realize a significant yield when he sells in the future.
The median price for existing home sales in the West was $222,600 resulting in a rise of 3.5 percent for existing homes. The median price is down 21.8 percent from April of 2008.
Forecasters believe that distressed properties will make up about 40-45% of all real estate sales this month. If you need any info on the trends and opportunities available in and around Sandpoint, Idaho, drop me an email. Got questions? Ask Ray.
