In today’s REO Properties update, we look at the numbers for all Ascension Parish distressed sales in 2014. These are for ALL financing types, not just cash only sales:
Compared to 2013:
The main numbers to look at are the Avg Selling Price to List price (SP/LP) ratio. For all sales, foreclosed homes sold for 97% of the bank’s list price at the time of sale in 2014, up 1% from 2013. The implication here is that Baton Rouge is a hot foreclosure market not just for investors but for all buyers. Banks know this, so it is more time-consuming to find the deals. We have seen more financed foreclosed sales from owner-occupants in 2014 than in 2013 too, which means investors have faced competition for the same property they enjoyed almost free reign on from 2011-2013.
Tomorrow we’ll look at how just the CASH sales for Ascension parish REOs changed from 2013 to 2014, a figure investors should use to determine what their bid prices should be for 2015.
David R. Madaffari, Realtor
Keller Williams Realty – First Choice
Cell: 225.772.3283 (DAVE)
37325 Market Place Dr. Ste D
Prairieville, LA 70769
Each office independently owned and operated