Here in the Houston market we are experiencing rising home prices. However, we have had our share of foreclosures. There are many negatives associated with having foreclosures in your neighborhood. It drives down home values, there’s more risk of home invasions, and it affects the children that grow up there.
Whether a foreclosure is next door or a few streets over, it affects your home value. Foreclosure homes are sold at lower than market prices so the banks can sell them fast. As a result, if you try to sell your home, it’s now being compared to that foreclosure and any other homes that have sold. So if there is a significant amount of foreclosures in your community, it can decrease your home value.
Second, it has been proven statistically that foreclosures have caused more break ins in certain communities. The rise of theft and violence in a community is a negative for home buyers moving in your direction.
Lastly, distressed properties affect the kids that grow up in the neighborhood. Studies have shown that the children living in unsettled neighborhoods perform at lower levels in school and are more likely to get involved in criminal activity.
Here in the Houston, Texas area we are seeing fewer foreclosures and rising home prices which make all homeowners happy. The negative impact of foreclosures in most neighborhoods in this market are behind us.
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