Things are heating up in the U.S. property market as the recovery takes hold in more and more of the country. Less than a year ago it would be too early to talk about the best bargains, because everything was on sale, but now real estate research firms like RealtyTrac are back to compiling lists of the best cities for finding good deals, here defined as foreclosure fixer-uppers with room for equitable growth. For anyone looking for such a home, data show that Detroit is the best place to look followed by Chicago, Cleveland, Cincinnati and St. Louis. For more on this continue reading the following article from TheStreet.
Real estate investors and homebuyers looking for the right property at the right price might come up short in this housing market, where the supply of existing homes is well below normal.
But they might not be looking hard enough. The search for the “right” property inevitably becomes the search for the “perfect” property, which means “fixer-uppers” — homes in need of renovation — tend to get ignored.
According to RealtyTrac, there are 51,000 potential foreclosure fixer-uppers nationwide — bank owned homes that were built before 1960 and with an estimated market value below $100,000.
“Low-priced homes are still plentiful in many markets, particularly in the form of foreclosures,” said Daren Blomquist, RealtyTrac vice president. “While these homes may be in need of more work than a typical home and are certainly harder to find now than in previous years, buyers and investors willing to put in a little extra legwork and sweat equity can often find the best deals in their markets on these foreclosure fixer-uppers.”
RealtyTrac released a list of the top 15 cities to buy foreclosure fixer-uppers. Detroit, Chicago and Cleveland lead the pack, as seen in the graphic below.
This article was republished with permission from TheStreet.