Garland, TX is a terrific place to invest in cheap repossessed homes. Accordingly to Realtytrac, there are currently 399 foreclosure auction sales, 1 online auction, 396 REO bank owned properties and 4 government owned foreclosure properties. With such a great selection of foreclosure homes to choose from in all price ranges and Garland neighborhoods, investors have been flocking to the area. Now is such a good time with low interest rates and affordable housing to seriously invest in cheap repossessed homes no matter what your intended use. You cannot go wrong because the homes are sold at deep discounted prices giving investors a property with equity.
Market Snapshot
A market snapshot of Garland gives you an idea of what homes are selling for. For instance, recent data from Trulia.com reports the average price per square foot for a Garland home is $61. The median sales price for homes in Garland from February 11, 2011 to April 11, 2011 was $86,566. The number of home sales decreased 51.2% compared to the same period last year. Right now, there are approximately 1,528 resale and new homes for sale in addition to the repossessed homes offered at foreclosure auctions and REO’s for sale. The average listing price for Garland homes for the week ending May 4, 2011 was $177,578, which represents an increase of 0.6%, compared to the prior week. Popular neighborhoods in Garland include Spring Park and Coomer Creek, with average listing prices of $252,168 and $132,790, respectively. Nearby cities are also offering bargain prices. The median sales price in Rowlet is $117,802, the median home price for Sachse is $117,628, the median home price in Richardson is $114,659, the median home price in Wylie is $142,511, the median home price in Mesquite is $87,076 and the median home price in Murphy is $302,001. With so much affordable inventory in all areas and price ranges, there is just no excuse not to invest in Garland real estate right now.
Finding Opportunities
Foreclosures are advertised in the local MLS, at auction websites, listed with Realtors, and on various other Internet sites. Government foreclosures offer deep discounts as well on homes that FHA borrowers or VA borrowers have defaulted on. Working with a Realtor is also a good idea to find your foreclosure property. The Realtor can help you with REO’s, government foreclosures and shorts sales. Foreclosures are sold as is so do your due diligence and obtain home inspections. This way you can budget for repairs, and you know the condition of the home.
Garland, TX is an investor’s dream because it offers so many bargain properties at affordable prices. No one knows how long the large inventory will last, so now is a good time to take advantage of the buyer’s market in Garland.
