Foreclosure sales in Sequim and Port Angeles for the calendar year tell an interesting story, especially if you are retiring and planning to buy in Sequim or Port Angeles. Clients from out of state periodically ask me if there is a good deal to be had in the foreclosure market. We all hear stories about how someone somewhere bought a mansion for pennies on the dollar. So the question is legitimate. “As a retired professional moving to Sequim, can I get a beautiful custom home with a nice water or mountain view at a garage sale price?” I’ll answer this question about foreclosure sales with solid sales data right here.
Theses foreclosure sales are revealing information when compared to what is happening nationally or around other areas of the country. RealtyTrac, released its Year-End and Q4 2010 U.S. Foreclosure Sales Report, which shows that foreclosure homes accounted for nearly 26 percent of all U.S. residential sales during the year, down from 29 percent of all sales in 2009 but up from 23 percent of all sales in 2008. In Clallam County we had a total of 85 foreclosed homes above $100,000 in 2010, and that represents 13% of the total homes sold in Clallam County above $100,000. But less than 1% of the foreclosed homes are what most retirees are buying, at least the retiree clients that I have been working with over the past three years plus. Obviously, some retirees undoubtedly are buying some of the lower priced homes, but Sequim attracts many retired professionals who want homes priced above $300,000.
When I look at homes that were bank owned and previously foreclosed upon by the banks in Sequim and Port Angeles (foreclosure sales), I see a pattern that has great relevance for retired professionals. The vast majority of foreclosure sales were in the $100,000 to $300,000 price range. And in Port Angeles there were about twice as many homes as Sequim foreclosed on below $200,000. Housing is cheaper in Port Angeles, and there are more lower end homes being foreclosed on.
The nice homes that my retired clients want to look at are almost always above $300,000, and as you can see in this chart, there have been very few foreclosure sales above $300,000. In all of 2010 there were only 5 homes above $300,000 foreclosed on in Sequim. It is highly likely that these were not water view or mountain view homes, and probably not on a lot in an area that retirees would typically choose.
This affirms what I have been telling my clients, that the best homes at the best prices for retired professionals who want a beautiful custom home in a nice area are current listings for sale but not foreclosures. Foreclosure sales are just not where the best homes are found in this small real estate market.
Last Updated on September 4, 2011 by Chuck Marunde