When people are looking for some real estate, they typically think of the type of real estate they are looking at as “real estate.” For example, if somebody wants to buy a house in Washington, they think of only houses as real estate, and exclude the possibilities of condos, townhomes, or land. Likewise, somebody looking to purchase land may say “I’m looking to buy me some real estate,” when in reality they only have land on their mind, not a house.
Washington State has several different varieties of real estate that you can search for. The most popular real estate categories are listed below.
Click this link to go to our Washington Foreclosures page.
Foreclosures are when a home has been repossessed by a bank. Banks, while they are in the real estate business, are not trying to collect homes, they want people to live in homes and pay them money. So rather than having an inventory of homes, banks would rather have an inventory of mortgages. So when they repossess a home, they are willing to sell it for cheap to encourage a fast sell and get the home back in their hands.
Click this link to go to our Washington Short Sales page.
Short sales happen prior to a foreclosure. A short sale in Washington is when a home owner recognizes they are in a bad financial situation for two different reasons. The first is that they don’t have enough revenue to cover their home payments, so they want to sell it fast. The second is that they are underwater on their mortgage. So in either situation, they get the home listed for less than what their remaining mortgage balance is, and then they get offers. They take those offers to the bank, and the bank then goes through a sometimes lengthy process to determine if the home should be sold for that price or not. That’s where short sales may take some patience for a home buyer.
Click this link to go to our Washington Condominiums page.
Condos are ideal for two different age groups. Young individuals who are looking for a starter home, who do not yet have a very large family, or no family at all, and they are also ideal for individuals who are looking to retire and get into something smaller. The reason why these are good choices is because they are low maintenance, low cost, and not a bad investment. After living in a condo, it is great for a downpayment to something larger, or is also a great source rental income.
Click this link to go to our Washington Townhouses page.
Townhomes are very similar to condos. The main difference is that a townhome will usually have a plot of land with them. Townhomes are usually a bit more upscale, and a little bit more pricey. Variations are case by case.
Click this link to go to our Washington New Homes page.
New homes are often times the pinnacle of a persons real estate buying journey. Between the condos and starter homes, a person doesn’t feel true ownership until they finally own a home which has never before been lived in. New homes in Washington are continually being built better and better, at a lower and lower cost. One of the signs of the economic condition of a city is how many new homes are being built. Washington has plenty of new homes going up all the time!
Click this link to go to our Washington Land For Sale page.
For the true entrepreneur or financially savvy individual, buying land could be the best decision you’ll ever make. While most of the coastal city land in Washington has been purchased and developed, there are still opportunities in many places to purchase land, and build your own real estate. People who do that typically spend far less than purchasing a home that was built by a contractor.