I have been working on putting together some numbers for distressed properties in Meridian, specifically North Meridian and am pretty shocked at what I found. Homes in the ‘less than $250k’ range are terribly burdened by the overwhelming amount of distressed inventory (homes either facing short sale, in foreclosure, or Bank Owned).
55% of North Meridian Homes on the MLS (Multiple Listing Service) are in some way financially distressed! As you climb the price ladder, the number of distressed single family homes diminishes, but what is important to note here, is that 70% of what sold in 2008 was in the more affordable price ranges below $250k.
This isn’t all bad news, especially if you are a buyer, but if you own a home in the area within this price range, hold on to your hat!
If you or someone you know is in the North Meridian area, tell us how many homes are on your street that are for sale. If you’d like more specific market data for any area, just give me a shout!
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You have to slap the buyers on the back who see these values. Great prices, low interest rates, equals a formula for a once in a life time opportunity.