Foreclosures Opening Up Opportunities for Investors in Katy
Foreclosures today are opening up many opportunities for investors and others in Katy. About a year previously nearly three fourths of the houses sitting on the shop shelves waiting to be sold in Bear Creek Meadow sub-division of Katy belonged to the foreclosure category. Many stood vacant, deserted and eerie. Many of those who did not have plans of moving away from the cursed locality were apprehensive that things were going from bad to worse.
Recently the picture has changed although the vacant houses and ‘for sale’ continue to dot the landscape. Something else has been taking place. There are strong rumours that the foreclosed houses are being purchased by investors who are planning to lease them out. Some of the potential buyers are retirees and new nest builders.
Luis Murica is one of those interested. He has come from New Jersey to Texas and has paid cash to buy a foreclosed house in Bear Creek. The units that previously had a price tag of $150,000 are today being sold for around $100,000. Realtor Veronica Mullenix said that the houses are as good as new – having hardly been occupied. Some are virgin new.
Although the days of easy financing are over there are other advantages today. Prices have never before been so low enabling those with middle income to qualify as buyers. It is a great opportunity for those buying a house for the first time. There are certain pre-conditions that have to be met – a job, down payment etc. Mullenix explains that this was the way it used to be when the previous generation used to shop for homes.
In Bear Creek the sale of houses has slowly but surely started to pick up. A sure sign of it is that the prices have started to inch upwards. Mullenix said, “Well, now we’re seeing this upswing. It’s not huge, but we’re seeing a little tick upward.”
The new sub-divisions in Katy have been badly hit by the foreclosure crisis but there are certain plus points that will assist this area to recover. New retailers are showing interest. Some are planning to build hospitals. This means new workers and employees will be moving in. All will be requiring a roof above their heads close to their places of work. There are plans to set up a new school also. The biggest bonus is the new and better Katy Freeway. All these factors will have a positive impact on the home sale numbers.
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