Number of Short Sales in Spanish Fork is Currently Around 24%
New short sales in Spanish Fork continue to enter the real estate market. The number of home owners selling their homes in Spanish Fork is 236. The current number of bank foreclosures is 2. This number included Fannie Mae and Freddie Mac homes that are listed for sale in Spanish Fork, Utah. My personal favorite homes to buy are the Fannie Mae, HUD homes and approved short sales. Be careful not to waste your time on an unapproved short sale in Spanish Fork. Here is a graph of the amount of homes for sale in Spanish Fork, UT.
spanish-fork-ut-bank-foreclosures
The population of Spanish Fork is about 33,000. The population of the city continues to grow and homes continue to sell. Many people think that the market is so terrible that homes are not selling. I sold 68 homes through Utah County in 2011 and a little over half of these homes were bank foreclosures, short sales and HUD homes. Homes are selling and the real estate market is much better than many think. Most buyers in the market today have actually saved some money. They typical buyer has saved between 3-5% down on a home.
In years past many buyers showed up on my door step without a penny and demanded to buy a home. They felt like it was their right to own a home for living in America. They were often in debt. It was puzzling that the banks would loan them money. We now know the damage those buyer’s, banks and politicians have caused on the real estate market in Spanish Fork, Utah County and our Country.
The recession has created the best buying opportunity for the people that have saved money. I am afraid times have changed. Basically, If you can’t save money for a down payment you can’t have a home. I hope the time comes when we will clear out the inventory on these short sales and bank foreclosures in Spanish Fork. I hope for a day when the market will become more stable. Unfortunately, this may be a few more years. Keep buying and building your rental inventory or buy your first home. It will be difficult to predict the exact bottom of the real estate market in Spanish Fork, Utah. Take advantage of the massive inventory and low interest rates. This buying opportunity won’t last forever.
If you would like help finding a short sale or bank foreclosure in Spanish Fork call me:
Paul Teasdale with Team Teasdale Realty
