Bullhead City Foreclosure Report – January, 2009

This Bullhead City foreclosure report includes all Bullhead City homes (site built homes, manufactured homes, and condominiums) as reported to the Western Arizona REALTOR® Data Exchange unless otherwise noted.

Foreclosures continue to gain market share in Bullhead City

Considering that the number of foreclosed homes sold in Bullhead City increased for three months straight from October through December, I suppose the following prediction I made in my foreclosure report last month was not exactly bold:

You’ll be used to this by next month when I will almost certainly report that foreclosures grab an even bigger chunk of the market.

Make it four months straight.

This time around more than two thirds of the Bullhead City homes sold were foreclosures as they outsold other homes 30 to 14 in January. It’s a challenge for ordinary human sellers to compete against banks, but there’s nothing magical about foreclosures. The main point of difference between foreclosure homes and the rest of the market is that banks tend to price their homes where the market is willing to pay. They price them to sell.

You don’t have to be a foreclosure to compete in this market, but you do have to be priced right

Just like any market.

Of course the rub is that so many sellers can’t or won’t price there, so buyers gravitate to those homes offered by sellers who have no emotional involvement in the transaction; homes offered by sellers on a mission to dispose of an asset. Of course most of these sellers are banks and their assets are foreclosure homes. Here’s the breakdown: