RealtyTrac Inc. just released the top fifteen best markets to buy a foreclosure this year and Sarasota placed #15! They are pointing to a new study that predicts a growing supply of deeply-discounted bank repossessions. This study adds weight that it is expected that another wave of defaults will hit the housing market this year, adding to inventory and also slowing price appreciation. RealtyTrac also reported that it takes an average of 157 days to sell a bank-owned property in the area with an average price of just over $127,000, representing about a 38% discount over the area’s traditional sales.
Three other Florida markets placed in the top 15 including Palm Bay at #5, Daytona Beach-#7, and Pensacola-#10. Cleveland, OH topped the list at number 1 as the best market to buy a default property this year. The Sarasota market is surely switching over to a Seller’s market. Thanks to Josh Salman with The Sarasota Herald Tribune for supplying the research.