Warren County Ohio Foreclosure Update: Sheriff's Sales through 10/20/2014
School is back in session through most of Warren County. Before we know it the fall festivals will be arriving and we'll be eating apples in Lebanon and sauerkraut in Waynesville! But on to what you're REALLY here for, what's the scoop on the Warren County Ohio foreclosure market? Stick with us and you'll know practically everything you might want to know about Warren County foreclosure and short sale activity over the last month! AND at the end links to search for Warren County foreclosed homes for sale and Warren County short sales for sale.
We'll start with the trend chart of Sheriff's Sales scheduled with this revision including THREE additional weeks. AND we've changed the format since last month's report to give you a clearer picture of just how much Warren County foreclosures are dwindling. Prior to this month we only showed you how many homes were scheduled for foreclosure at each auction and omitted the weeks with no foreclosures scheduled. To see the true picture, we want it apparent just how often there are ZERO homes being foreclosed on the county steps that week. So check out our latest version:
As you can see, ZERO is becoming a VERY popular number for weekly foreclosures!
And even when there are foreclosure auctions scheduled, the volume tends not to be high! And these numbers include not just "regular" home owners, but developers, investment owners and tax liens. The black line that slopes diagonally across the bars is known as a trendline, and shows you over the period of the chart the trend of foreclosures. As you can tell, we're DEFINITELY decreasing activity! And not every home scheduled for foreclosure actually gets foreclosed, either due to catching up on payments, a loan modification or the owner sells their home prior and uses the proceeds to get right with the bank (e.g. adequate equity or a short sale arrangement).
If you want details on exactly what homes are scheduled for foreclosure, click Warren County's Sheriff's Foreclosures to access the official list from the Warren County Sheriff's website and learn how to make an offer on a foreclosed home.
Below is a summary of the recent foreclosure trends. Note in the Net row for the first table, Red font is a trend we see as negative, Green as positive, Black as neutral.
Summary of Warren County Ohio Foreclosure and Short Sale Information:
Okay, as we said before, foreclosures are MUCH less frequent. A chat with the foreclosure specialist at the Warren County Sheriff's office this morning identified she's getting fewer and fewer court orders for foreclosure to schedule. Perhaps the improved market and returning equity, perhaps loan modifications, or perhaps other factors, but bottom line we're having less homes foreclosed than Warren County has seen in YEARS!! That IS a good thing, well with the possible exception of the investment buyers who want those bargains! But overall, it's good for the market stability!
Now if we compare month to month, we slipped just a bit as far as the activity in short sales and foreclosures. Overall more homes for sale, but fewer sold and fewer under contract. That is typical for this time of year as we've reached peak volume for most of the communities in Warren County. It will still be busy over the next few months, but not June/July type busy. Nine more foreclosures and short sales sold last month than the month before, so we increased slightly as an overall percentage of sales. Still under 10% distressed properties as a portion of ALL sales? We'll take that no problem! And the percentage of distressed properties for sale at 6% of the overall homes for sale that aren't already under contract? We'll take that too!
More homeowners are avoiding foreclosure and that's REALLY good for the overall housing market, even if it might disappoint some home buyers seeking bargains.
What does this mean to you as a Warren County home buyer?
Also no change here: your selection of foreclosures and short sales is small. If you find a prime deal, you better move fast because you'll have competition. However, fact is if your shopping is limited to ONLY distressed properties, you're probably going to be disappointed with the limited selection. And if you want a prime community (e.g. Mason, you may find out there are almost no homes to see if you factor in other needs like price and number of bedrooms). That said, sometimes they DO exist! We have buyers about to close on a Fannie Mae home in Mason that appraised well above offer price! But our buyers came strong with their offer to make sure they didn't lose a prime home in a prime location!
Be aware that you're competing with other buyers AND investors for these homes. And investors are often CASH buyers, so your financing contingent offer may be less competitive to the sellers. However, some foreclosed properties have an initial period reserved for owner/occupants before being opened up to investors, so don't miss that window of opportunity!
CLICK: VIEW WARREN COUNTY OHIO SHORT SALE HOMES IN CINCINNATI MLS for short sale Warren County Ohio homes listed 8/22/14. Link is good for 30 days.
CLICK: VIEW WARREN COUNTY OHIO FORECLOSED HOMES FOR SALE IN CINCINNATI MLS for foreclosed Warren County Ohio homes listed 8/22/14. Link is good for 30 days.
Real estate is LOCAL, please disregard the National news and to a certain extent even the Cincinnati and Dayton reports as they are driven by urban real estate and NOT suburban and rural properties.
DISCLAIMER: There may be additional homes offered for sale in ONLY the Dayton MLS that might include additional foreclosed homes and short sale candidates. When working with buyers for Warren County, we use BOTH Cincinnati and Dayton MLS to ensure our buyers have visibility to ALL MLS listed homes.
If you have questions regarding these sales, or other real estate related questions, please don't hesitate to contact us!
Serving Your Warren County Residential Real Estate Needs,
Bill & Liz aka BLiz
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Liz direct: 513-265-3004
Bill direct: 513-520-5305
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