Fannie Mae, Freddie Mac, Hud and other mortgage holders  have a new market analysis done on a newly foreclosed property, either by an appraiser or by a real estate agent doing a Comparative Market Analysis. They then assign the home to a Real Estate agency in the area to market and sell the property. The initial price of the home is determined by the market analysis or appraisal and taking into consideration selling the home in 90 days. The prospective buyer should be aware that the word is out on foreclosed homes and everyone knows someone that has obtained a screaming deal on a foreclosed home. The mortgage holders of these foreclosed homes have refined there procedures and now are holding firm to the initial asking price.

Both Fannie Mae, Freddie Mac and Hud homes  have a 15 day waiting period after the home has been listed before an investor can can make an offer. Banks and other mortgage companies mat not have this 15 day period. Basically there are two types of buyers that are competing for foreclosed homes. The buyer that is anxious to purchase an affordable home to live in and requires a loan to purchase the property. The investor looking for an income producing property or a property that can be sold, after a waiting period, for a profit. As a result these properties are in very high demand with multiple offers on almost every property.

So lets explore what’s in the mind of the buyer trying to buy a foreclosed property. First and foremost they want a screaming deal, so they offer an extremely low price on properties that have already been deeply discounted and then end up not getting the property. If you the buyer are looking at a foreclosed home and have determined that you really want the home, then do not hesitate in offering full price for the home. The key is do not hesitate or someone else will end up with the home that you wanted.

You need to find a Real estate Agent that has had numerous sales of foreclosed homes and knows the in’s and out’s of this market and can guide you step by step through the buying process.

I have represented buyers in Alpine Wyoming, Etna Wyoming, Thayne Wyoming, Star Valley Ranch Wyoming, Auburn Wyoming, Smoot Wyoming and Afton Wyoming that have purchased Fannie Mae Homes, Freddie Mac Homes, Hud Homes, Bank owned Foreclosures and Short Sales.

My experience in knowing the foreclosure process is invaluable when I have a client that is intent on purchasing a foreclosed home. So if you are looking for a foreclosed property or for that matter looking for that perfect home for you please give me a call.

Sincerely,

Jerry

307-690-4010

Number of Sales  2

Total Sales Volume $201,900

Average Sales Price $100,950

Star Valley Wyoming Weekly Sales

Jackson Hole Statistics – There were 20 properties sold for the month of January. The average sales price $1,525,611. Total dollar volume was $31,985,907.

Star Valley Statistics – There were 17 total properties sold for the month of January. The average sales price was $150,900. Total dollar volume was $2,844,099.

Teton Valley Idaho Statistics -12 Properties were sold. Average sales price was $193,366. Total dollar volume $2,450,800

January Statistics 2011 vs 2012
Total MLS
2011 Total Sold – 70   Average Sales Price – $607,107  $ Volume $48,107,300
2102 Total Sold – 62   Average Sales price – $759,222  $ Volume $50,631,260

Jackson Hole
2011 Total Sold  – 22   Average Sales Price – $1,227,777 $ Volume $30,133,100
2012 Total Sold  – 20   Average Sales Price – $1,525,611 $ Volume $31,985,907

Star Valley
2011Total Sold -  11   Average Sales Price – $202,390   $ Volume $2,504,900
2012 Total Sold – 17   Average Sales Price – $150,900    $Volume $2,844,099

Teton Valley Idaho
2011 Total Sales – 23  Average Sales Price – $356,091    $Volume $9,576,400
2012 Total Sales – 12  Average Sales Price – $193,366     $Volume $2,450,800

Star Valley Wyoming

The 17th annual Dog sled race visits Alpine Wyoming again this year on the 31st of January and February 1st. There will 22 dog sled teams participating this year. This is the largest dog sled race in the lower 48 states.  The race starts in Jackson Wyoming and finish’s in Park City Utah. The morning of February 1st they leave from the dollar store in Alpine and travel up Grey’s River to the Box Y and back. This event draws spectators from all the of the communities in Star Valley Wyoming and beyond.

The numbers for 2011 compared to 2012 saw an increase in the number of homes sold, 132 in 2010 compared to 173 in 2011. The average selling price in 2010 was $248,253 compared to 228,282 in 2011. Just under a 20% decrease in sold price from 2010 to 2011. Average list price in 2010 was $266,885 compared to $248,892 in 2011.  The average days on the market of sold homes in 2010 was 226 compared to 251 in 2011.

In 2011 we saw about a 20% drop in home values compared to 2010. Foreclosures are still driving the market the low end market and will continue to in 2012. It appears that 2012 will see about the same activity as 2011 with home prices possibly stabilizing.

If you are in the market for a second home in Star Valley, this year will be an excellent time to purchase one. The past two years have seen out inventory of homes above $400,000 reduced as buyers have taken advantage of the huge price reductions in this price range. In 2012 we should see some price stabilization in homes above $400,000.

Nat and Kathy Rowell

We recommend Jerry to anyone looking for a superior realtor.

Sincerely,

Steve & Judy Raidan

Judy has been baking wedding cakes for over 20 years and does a beautifully job. She invites you to call or drop by to say hello and for your next specialty cake give her a call at 307-360-8521.