We often talk about the Real Estate market and the inventory is the homes that are for sale. But let’s talk about the inventory that really isn’t inventory; yet. What sits waiting and what exactly are they waiting for? Out showing properties to a client of mine this evening, we discussed a problem that many people are experiencing. This is a conversation that I hear across the country.
We have been looking for a Buffalo double for him to purchase. It has been a couple of months of searching. Finding a good double in Buffalo is much like finding the Holy Grail. A well priced double in certain areas of the city of Buffalo do not stay on the market very long. There are also a number of doubles that let’s say are interesting. We have seen so many bad doubles, tonight was not an exception.
When we were done, we started to discuss the homes we had searched and the number of homes that in exploring homes we have found many vacant homes. With each of these vacant homes, I have done some research. What I have found is the number of these homes have been foreclosed upon and are at this point just sitting.
Hello Mr. Banker — What Are You Waiting For?
Try reaching the Bank REO department and you get placed in a loop of computer generated messages. When they do finally get listed, reaching some of the agents is just as difficult. There are ready, willing and able buyers here wanting these homes! It is almost criminal that they are allowed to hold onto these properties for over a year letting them sit vacant. A vacant home in a neighborhood is not a good thing, it brings values down. Not only that the home deteriorates at faster rate when things are not used like they are designed to. Causing more problems in the future.
These foreclosed homes are waiting to be sold, and there are more to follow. Some of these homes have been sitting for several years. This does not take into account the number of Buffalo homes that were on the market and expired. Or the group of homes that are sitting on the sidelines waiting to sell once there is an upswing in the market.
Let’s talk about those foreclosures that haven’t hit the market. Last year there was an interesting story that hit the media about abuse by a Bank Exec regarding a foreclosed property. It makes you wonder what is happening in the banks? I have had a buyer who tried to purchase a Bank Owned Property, they decided to opt against it because the bank made it so difficult.
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All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
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