Distressed properties are often the go-to real estate deal for investors and entrepreneurial home flippers. Short sales and foreclosed houses typically provide good bang for the buck, and afford a wealth of opportunities to those looking to buy low and sell high.
However, according to recent data from RealtyTrac, the number of foreclosures dropped in November, with only 113,454 total properties filed. Overall, activity decreased 15 percent month-over-month and 37 percent from the same time last year.
Across the U.S., 52,826 homes started the process for the first time that month, which is 10 percent lower than October's number and 32 percent below November 2012, RealtyTrac reported. The last time that figure was that low was in December 2005.
Even so, several states actually saw a rise in foreclosures, including Pennsylvania and Delaware, up 233 percent and 104 percent respectively. Also tallying an increase were Maryland, Oregon and Connecticut.
Home flippers think about the neighborhood
Foreclosed houses can be the perfect way for a home flipper to snag a deal. These professionals often look to affordable solutions to break into the housing market, and it can be easier to sell by making changes in line with the location.
According to the Pittsburgh Tribune-Review, some flippers approach the process with a focus on the market and the neighborhood. This can be a smart strategy, because it could maximize the number of potential buyers.
In order to do this, some flippers, like Pennsylvania resident Tim Hartman, highlight features that are unique to the location and capitalize on the changing times, the news source noted. For example, Hartman expanded the driveway so drivers don't have to back out onto the busy street. These changes are intelligent designs that show flippers have a finger on the pulse of the neighborhood.
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