St. Louis Is Top Five For ‘Fixer-Upper’ Bargains
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ST. LOUIS (KMOX) – St. Louis built its way into the fourth spot on the list of “Best Cities For Buying Fixer-Upper Bargains,” according to Realty Trac.
Realty Trac’s Daren Blomquist calls the ranking a double-edged sword.
“It’s a challenge and an opportunity with the vacant homes,” Blomquist says. “I mean, that’s not really a good thing for a housing market to have so much low value inventory, but on the other hand it’s an opportunity for buyers to come into that market and investors even.”
St. Louis falls in at fourth behind Detroit, Chicago, and then Cleveland. Many of the top 15 cities on the list are from what’s called “rust belt” cities because there are older homes that have fallen victim to foreclosure. Many of these cities are located in Ohio and Michigan.
Blomquist warns people to be sure they have enough money and to plan a buffer for contingencies.
“The ideal situation is to find one of these properties that’s in a great neighborhood and is just run down,” he says.
Blomquist adds that this not the best choice for homebuyers looking to move-in without work.