Cleveland Real Estate News

The criteria is not based on how many are available, but (as Market Watch states):

 The selected locations offer an average sales price discount of at least 35% on foreclosure purchases, positive year-over-year growth in median home prices and relatively low unemployment rates.

This info comes from NAR and RealtyTrac but I like the  Market Watch  article better, so there lol.

Anyway, Cleveland/Elyria/Mentor were voted one of the top five places to buy a foreclosed home. The other four?  Memphis, Milwaukee and Buffalo.

I think they are correct, if you pick correctly. I sold a home last winter on a street in Bellaire Puritas for $38,000.  Three bedroom, in really nice shape with a finished lower level room (including a pool table) and a kitchen updated since the house was built. Clean, I think it needed a few doors and some interior paint. 

In recent months, similar homes on that street and adjacent streets have sold between 75k and 90k (in move in condition).  I would say that makes that house a good investment.  Of course the gal who bought it was looking for a home near her family and at a good price.  If I do say so myself (and I usually don’t lol) I think I helped her weed out some homes that were foerclosed/bank owned but needed too much work at the outset.  Maybe another reason we are in the top five is the inventory allows for choices.  See, there is always a silver lining to bad market news.  Peace Out – 3C