One of the more interesting trends right now is the occurrence of very cheap homes in some markets. Indeed, it is possible to get a home for less than $3,000 — and in some cases for as little as $1,000. Places like Cleveland, Indianapolis and Detroit have been hit very hard by the foreclosure crisis, and opportunities to pick up homes on the cheap are becoming plentiful, reports CNN Money:
said Heather Fernandez, a spokeswoman for Trulia.com, the real estate
Web site. "And it's often cheaper for them to give these homes away
rather than try to get market value for them."
Many of these homes are run down, but the cost of renovation on top of the modest purchase price doesn't usually even come close to spending market value on these homes. For someone with a talent for fixing places up, these homes represent a tremendous opportunity.
The difficulty, though, lies in location. The cities hardest hit by foreclosure aren't usually at the top of the list for location — neither are many of the neighborhoods. So it might be difficult to sell. You could try renting out the homes, though, as you wait for the real estate market to recover.
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