Finding Foreclosure Deals in 2013

Foreclosure Home For Sale Sign in Front of a House

If you are an investor of potential homebuyer interested in buying or selling real estate in 2013, then you more than likely want to know as much as possible about what the real estate market will look like this year.

Over the last few years, there have been some incredible real estate deals on the market. Specifically, many investors and homebuyers have taken advantage of the low home prices of distressed properties (foreclosures, short sales, pre-foreclosures, etc.). These discounted properties often require some renovations, but can lend themselves to great profits for those looking interested in flipping houses. At the same time, they are great for families looking to buy a new home on a budget.

Will these same bargain homes still be available in 2013, or are foreclosures the thing of the past?

A Look at Foreclosures in 2013

If you have been worrying about not having foreclosures on the market in the near future for investment purposes, then rest assured that is not the case. It is true that foreclosure activity declined in the most recent reports; however, the number of loans that were delinquent rose a little. Florida and Nevada are among the states with the highest number of loans that are either delinquent or in foreclosure, along with Mississippi, New York, and New Jersey.

Therefore, investors or potential homebuyers hoping to have the opportunity to buy foreclosures throughout 2013 might be pleased (in a sense) to know that foreclosures are not going away—yet. Instead, 2013 will continue to have an abnormally-high foreclosure inventory, and new foreclosures will continue to enter the market on a relatively-consistent basis.

Below is a video that compares and contrasts short sales and foreclosures:

Tips for Investing in 2013

If you are looking to buy real estate in 2013, it is important that you do not simply snatch up the first property you find that is listed below market value. Instead, take your time. Look for foreclosure deals that meet your investment goals and only purchases homes in a real estate market that has a promising future.

As with any type of investing, investment decisions should be carefully thought out and considered before signing on the dotted line. Therefore, make sure you understand as much as possible about the homes you are interested in buying and take into consideration foreclosure repair costs when calculating the total price of the home.

In conclusion, those looking to buy foreclosures in 2013 will definitely have their share of opportunities. There will still be discounted properties on the market that are great for investors and potential homebuyers alike, making 2013 another great year for real estate market investing.

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