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Thu June 6, 2013

Jacksonville Among 15 Best Cities For Buying Bargain Fixer-Upper Homes

Where to find those 600 fixer-uppers in Jacksonville
Where to find those 600 fixer-uppers in Jacksonville
Credit RealtyTrac

If you’re house hunting for a fixer-upper at a bargain-basement price, then you’re in luck.

Realty Trac ranks Jacksonville number 13 on its list of the 15 best cities for finding rundown properties at reasonable prices.

Realty-Trac Vice President Daren Blomquist says they used 3-criteria when compiling the list.

"(The houses are) bank owned and typically that comes with a discount by itself.  And then secondly we looked at the age of the home.  We narrowed it down to properties built before 1960. And lastly we looked at homes where the value of the home, the estimated value of the home, was below 100-thousand dollars."

According to the RealtyTrac data, Jacksonville has 600 hundred homes that meet all three criteria.  The average market value of the properties is around $61,000.

RealtyTrac figures also show the median price for distressed properties in Jacksonville went up 16.74% over the last year

Blomquist says that's a good sign Jacksonville's real estate market is on the rebound.

"And that's a good market to buy in because that will help increase the value of the home you purchase right away as those prices continue to go up."

Blomquist admits finding a loan that covers rehab costs can be a bit tricky.

One that he does know of is called a 203K loan which, he says, lets a home buyer roll anticipated repair and renovation costs into the mortgage.

Realty-Trac monitors foreclosure activity in more than 22-hundred counties nationwide.