|
Distressed properties account for a
large part of today’s housing market; however, after some
consideration, most buyers choose to keep looking rather than
purchase a home in foreclosure. According to the NAR 2009 Profile
of Home Buyers and Sellers, almost half of all buyers and 56
percent of first-time buyers considered purchasing a foreclosed home
but ultimately did not.
The survey revealed several factors that went into buyers’
decisions not to move forward with a foreclosed property.
Twenty-five percent of buyers couldn’t find the right home, 17
percent thought the home was in poor condition and 16 percent felt
the process was too difficult. Ten percent of buyers ended up
purchasing a foreclosed home, up four percentage points from last
year.
|
