FSBO Property Sellers Face Tough Competition from Foreclosures
Sellers of FSBO property homes will still find it difficult to unload their properties in 2011 as the number of foreclosed properties continues to rise in certain areas of Texas. In Hays County, the properties up for auction sale in February have risen compared with the same 2009 month.
Like Austin distressed properties, foreclosed houses and distressed residences in Hays are showing no sign of abating in the New Year. For the February auction, 118 properties will be offered to buyers in Hays. According to the Addison-based Foreclosure Listing Service, the total represents a 28% surge compared with the same period of 2009. Compared with January 2011, the February figure represents a 2% rise. When compared with February 2008, the increase is a huge 82%.
Texas distressed properties are expected to continue to increase in 2011 in most local areas as stalled foreclosure transactions in the latter part of the previous year resume in 2011. Although Hays County posted the highest percentage increase for foreclosures in February, the total number of foreclosed properties in the area for the month remains way below the total postings recorded in the counties of Williamson and Travis.
According to local realtors, with foreclosures still in high supplies in most areas of Texas, sellers of FSBO property homes will find it hard to gain the interest of potential buyers unless they lower their asking prices to the level of distressed homes and take considerable losses. FLS reported that monthly postings of foreclosures in Hays County have reached the minimum 100-property mark in 24 months of the last 25.
In the past three months, foreclosed or distressed homes for sale in the area have gone beyond the 140 total, with December 2010 total at 142 and the January 2011 at 148. According to housing industry experts, foreclosure figures in the area showed that the crisis is not yet over. They stated that it will take quite some time before housing markets return to normal.
Most analysts also agree that the biggest factor that can help the housing industry recover is an improvement in the unemployment condition of the country. Only when more jobs are created, the foreclosure problem will abate and FSBO property sellers will have a chance to unload their properties.
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