Quite a number of the foreclosure homes are in better condition than earlier ones had been. This has resulted in higher selling prices and a growing number of purchasers who are owner occupants, rather than investors.
While there may still be some foreclosures out there that are somewhat run down, buyers can usually find more homes in good condition than before. Along with investors, lenders are starting to invest some money in order to make the properties more saleable. They are often providing items such as new paint, flooring, hard-surface counter tops like granite, and upgraded appliances. Occasionally, the landscaping may be spruced up as well.
Homes that are for sale at a lower price than the amount that is owed on the mortgage, that is Short Sales, account for approximately 50% of the present housing market. They too are in fairly good condition, and are going on the market with the landscaping cared for and a fresh coat of paint on the front door to enhance their curb appeal.
