Here’s my Rio Rancho Foreclosure report for February 2011.
Rio Rancho Foreclosures made up 31% of February Closed Sales
This graph illustrates the breakdown of February sales by type including regular sales, foreclosure sales and short sales.
As you can see, distressed home sales, including bank owned homes (foreclosures) and Short Sales, made up a good portion of all Rio Rancho closed sales in February. In fact, distressed home sales accounted for 32% of the closed sales in February.
Rio Rancho Foreclosure Homes Have the Best Prices in Town
Foreclosure homes in Rio Rancho sold for a lower price than regular sales and short sales. Regular sales averaged $94 per square foot and foreclosure homes averaged $73 per square foot.
I understand the today’s buyers want to get great deals, but the truth is that lowball offers to not work. That’s because Rio Rancho home prices have already come way down and foreclosure homes are already priced below market value. All three types of houses sold for very close to the list price:
Rio Rancho bank owned homes are a good way to get a good deal on a home, and the banks are now accepting offers that are 5% below list price.
Start your search for Rio Rancho NM Real Estate today!