Looking for some amazing real estate investing deals to kick off the New Year right?
According to Trulia and NAR’s Realtor Mag sellers continue to slash their asking prices, even on non-foreclosure homes. Check out these top 5 cities which are cited as offering the most extreme bargains and some sweet discounts for real estate investing pros.
1. Detroit, MI
You may not want to live here but with average discounts of 23% and a median sales price of just $69,000 there are certainly no end of low cost homes available for real estate investing. Check out auctions too, with rumors of homes being sold for just $100.
2. Cleveland, OH
Coming in at 2nd place Cleveland offers 14% discounts and a media sales price of just $57,000. With prices so low cash flowing is easy and as jobs rebound prices could rise quickly while remaining affordable for the average worker.
3. Baltimore, MD
Median sales prices stand at $115,000 according to Trulia, with an average market discount of 11%.
4. Miami, FL
Miami is an incredibly varied market with areas like Miami Beach and Coconut Grove performing very well. Still a discount here could mean upwards of half a million dollars in savings. With new construction heating up and plenty of foreign money pouring in the discounts available for real estate investing here probably won’t last long.
5. Memphis, TN
While Memphis reportedly offers 10% discounts and a median home price of only $82,000, going a little further out of the major cities presents incredible opportunities for grabbing up cheap land. With buyers seeking out more rural areas with acreage as opposed to tiny urban pads there could be great opportunities for running auctions and creating new developments.
Of course wherever you at there are bound to be real estate investing deals to be found and probably with a lot bigger discounts than those highlighted above, especially when scooping up foreclosures.
Does your city offer even better bargains for real estate investing? Leave a comment and let everyone know where you think the hot spots are for 2012…