Foreclosures Offer Good Deals on Housing

In this time of economic unrest, people are not taking many risks when it comes to investments, especially in real estate.  The real estate market has been at it’s lowest in years and foreclosure rates are at a historic high, but this combination can add up to thousands of dollars in savings for buyers.

According to a recent article in Money Magazine, now is the time to get great deals on real estate.

Ole Miss alumnus Will Burroughs recently bought a foreclosed condominium in Oxford, Miss. at almost half the list price of similar properties in the same gated community.  Burroughs paid  $47,000 for a two-bedroom, two-bath condo that’s approximately 1,000 square feet.

“There are places in here that are going for upper $70,000, and one or two listed at just over $100,000,” Burroughs said.

Since his purchase, Burroughs has added value to his home without breaking the bank.  He has painted all the rooms in his condo and added hardwood floors in the bedrooms, doing most of the work himself, which allowed him to save on cost.

If you’re looking to purchase property, it can pay to check out foreclosures.  There are numerous Web sites dedicated to listing foreclosed properties, such as foreclosure.com, or you can ask a real estate agent.

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~ by mwyarbro on March 8, 2010.

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