Nicknamed The Telecom Corridor, Richardson is a suburb of Dallas County, just 20 minutes drive north of Dallas, with a population around 100,000. Its an affordable housing conclave in a climate of steady job growth within a sound and technology driven economy. Richardson is in the same general vicinity of 4 of the 11 fastest growing cities in the nation, all in the Dallas-Fort Worth area.
Richardson has remained a stable housing market throughout this year, average sales prices of traditional homes up 3% at around $178,000. Although a dip in sales was recorded in August, current housing inventory is quoted at 4.2 months supply. Not a lot in the home buyer’s favor at all! Faced with less choice than elsewhere in the region, a home buyer keen on the Richardson area but needing to stretch his budget can widen his choice by including foreclosure homes. With the foreclosure process very “efficient” in Texas, you will find that you must consider either those homes with public auctions to be held shortly, or bank owned family housing. Whether its a possible short sale situation (in pre foreclosure) or an REO property where you feel you can obtain a discount, here’s a word to the wise; be very patient and support your bid with a thorough comparative market price analysis. Don’t expect a fast response to your offer from the lender. If you are expecting only a small discount on a REO property include all the contingencies- appraisal, financing, home inspection issues. Your agent will guide you on the bank’s current policy on discounting. All cash, no contingency still talks loudest in any market!
Welcome to Richardson and good luck, may your foreclosure home hunting expedition get you off to an excellent start in your new community.
Philip Smith is the writer of http://www.foreclosuredeals.com. Your Source of Richardson Foreclosure Homes online.