Jacksonville Movers Learn Foreclosures Aren't Cheap Anymore

It used to be that buying a foreclosed home meant you got an amazing deal, saving a lot of money. Investors and first time homebuyers snatched those up fast for the last several years. But these days, a new Zillow study states that foreclosed homes are only discounted at about 7.7%. Zillow compared the average sale price of foreclosed homes versus non-foreclosed ones, but the type of homes that were compared weren't necessarily equal in size or location and amenities. The local Jacksonville movers learned that Detroit showed a 59% difference in foreclosure prices versus non-foreclosed prices, but the properties weren't equal. For example, the average foreclosed property was 1,200 square feet and the average non-foreclosed one was 1,700 square feet in size. 

Zillow found that the biggest foreclosure discounts were available in 2009, when foreclosed properties were selling at 23.9% below market value. The local Jacksonville moving specialists found out that the 7.7% difference between foreclosed properties and non-foreclosed is an average though, some places have no difference at all like Phoenix and Las Vegas properties. In Cleveland and Pittsburg, a foreclosed property goes for at least 25% less than a regular residence.