By Mike Colpitts
The best U.S. cities to find a bargain in real estate are made up of some of the hardest hit communities in the nation’s housing market downturn.
Housing Predictor analysts scoured the nation in efforts to find the best bargains in housing, and set up a rigid set of requirements to meet. Since the 3-bedroom home is the most popular commodity in housing we included it in our criteria along with two bathrooms, a minium of 1,200 square feet and a good safe neighborhood.
When we went shopping for the best bargains in housing, we set-up some pretty tough criteria, and ended up with eight cities that fill the bill. Cities from California, Nevada, Texas, Florida and South Carolina make up the best bargain cities for housing where employment growth at least appears promising.
Homes in each city may be purchased for $60,000 or less. In some communities like hard hit Las Vegas, there is a surplus of inventory of homes with 3-bedrooms, 2 baths in good neighborhoods. But in others like North Charleston, South Carolina and Vallejo, California in the San Francisco Bay Area the supply is limited.
Some of the bargains are foreclosures and need work, including major repairs, while other homes are in pristine condition and need little more than a coat of paint and new carpet.
Tampa and Fort Myers, Florida have a large inventory to select from. Fresno, California in the state’s central valley also has a plentiful supply of homes meeting the criteria.
However, Forth Worth, Texas near Dallas has fewer homes to choose from, but there are still plenty of properties to pick from as long as buyers don’t hesitate. Record low mortgage rates combined with an eager supply of cash paying investors are searching for homes that match the bill.
|Fort Worth, Texas|
|Fort Myers, Florida|
|Las Vegas, Nevada|
|North Charleston, South Carolina|
Sacramento, California the Golden State capital also has a surplus supply of homes that offer bargain hunting home buyers comfortable places to make a home. Some of the real estate has been through foreclosures, while others have been signed back to the bank as a result of economic hard times.
But whatever the reason for the large supply in each city, those seeking some of the best bargains in a generation in housing are sure to pick up deals.