Buying a Foreclosed Home in NY, Fla. Can Save You 30% or More
(NEW YORK) — If you’re in the market for a new home this year, you may want to check out Florida and New York, suggests a new report from RealtyTrac.
“There’s a lot of cities in Florida and New York where there’s a lot of foreclosure inventory waiting in the wings to be sold off,” RealtyTrac Vice President Daren Blomquist tells ABC News Radio.
Snatching up a foreclosed home can save you about 30 percent or more on the price, Blomquist says.
“Jacksonville, [Fla.], a 32 percent discount. Chicago had one of the higher discounts at 46 percent,” he points out.
The catch is that these homes may not be in the best condition.
As Blomquist explains, “There’s a reason you get that 30 percent discount. It’s not just, it’s not too good to be true. It’s because typically these properties are in not as good a condition. The homeowner has not been able to keep up the home.”
He suggests buying a foreclosed home would be good for someone looking to renovate and sell the property for a profit, or someone “looking to buy a home with some built in equity to start with.”
As for the places where you won’t score such a great deal, RealtyTrac says Salt Lake City, Phoenix, Portland, Ore., and Las Vegas are among the worst places to buy a foreclosed home in 2013.
“Las Vegas we’re ranking as one of the worst places to buy foreclosures in 2013 because the numbers of foreclosures have just fallen off the cliff there,” Blomquist says.
Copyright 2013 ABC News Radio