MARKET SPOTLIGHT: Investors Still Finding Success in the Middle
In addition to rising median home sales prices, these markets have seen marked declines in the level of both distressed sales (REOs, short sales, and third party foreclosure auction sales) and flips since their height during the Great Recession. Still, as these investors attest to, their markets continue to attract both local and out-of-state investors looking for buy and hold and flipping opportunities. CHICAGO: WINDS OF CHANGE IN THE AIR Real estate broker and investor Scot Howat, who works primarily with local investors who buy and hold properties, sees a shift in the breeze as local inventory in the Windy City is starting to loosen up a bit. Between properties listed on the MLS and those for sale at fore- closure auctions, opportunities do exist for investors looking for potential rentals. On the retail side, ATTOM Data Solutions reported a median sales price of $210,000 for the first quarter of 2019, up 3.4 percent on a yearly basis, and a 56 percent increase from the market’s post-recession bottom of $135,000 reported for the first quarter of 2012.
At the end of last year we didn’t see as much appreciation as we should have, so I think over the next four to six months we’re going to see a rubber band effect. The market’s going to catch up really quick so properties are going to fly off the shelf here. It’s going to be the fastest, highest appreciation we’ve seen in a long time.”
SCOTT HOWAT ON CHICAGO
ATTOM also reported that total distressed sales in the metro decreased 1.9 percent between the first quarter of 2019 and the same period last year. Like- wise the number of properties with foreclosure filings
PROPERTIES WITH FORECLOSURE FILINGS IN 2018
Chicago- Naperville-Elgin, IL-IN-WI 32,453
Kansas City, MO-KS 2,996
Denver-Aurora- Lakeland, CO 2,505
St. Louis, MO-IL 6,882
Oklahoma City, OK 3,153
26 think realty housing news report
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