Foreclosures on Whidbey Island

We are fortunate on Whidbey Island that we have not seen the massive amount of foreclosures that some other areas of the country have experienced.  

Less than 8% of the homes currently For Sale on Whidbey Island are foreclosed properties (also known as bank-owned properties).  So far in 2010, foreclosures make up only about 17.5% of the homes sold on Whidbey Island (compared to 90% in some other markets!). 

 There are definitely some good deals to be had:  Foreclosures here on Whidbey Island have sold for an average price 30% below that of homes sold that were not in foreclosure.   One of the downsides of buying a foreclosed home is that it may need extensive repairs or remodeling, and some foreclosed homes are in such poor condition that getting financing is very difficult, if not impossible. 

If you have the money and time to put into repairs, there are some great foreclosure opportunities available here on Whidbey Island.

Advertisements

About halhovey

A transplant from the east coast, I spent many years living in the deserts of Arizona and Nevada before finally finding a little piece of paradise on Whidbey Island that I call home. This is where I chose to raise my kids, set down roots, and eventually retire. In my blog I hope to share timely information and statitistics about our local real estate market, as well as a few of the people, places and homes around Whidbey Island that I find special, or interesting.
This entry was posted in Homes, Statistics, Uncategorized and tagged , , . Bookmark the permalink.

2 Responses to Foreclosures on Whidbey Island

  1. Pingback: 2010 Whidbey Island Real Estate Wrap-up (Part 1) | Around Whidbey

  2. Pingback: 2010 Whidbey Island Real Estate Wrap-Up (Part 2) – Foreclosures on Whidbey Island | Around Whidbey

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s