Investing in foreclosures for sale is probably one of the best options. But investment should never be made without understanding the latest trends in the real estate market. Same thing holds true for people who want to invest in New York foreclosures.
In order to get a clear idea about the profitability of investing in real estate market of New York, you have to pay attention to the median price currently ruling the market. In order to see exactly how the median price has been moving through all these years you have to check the following graph, which is also available at Trulia.com.
This graph gives you the clear picture of median price from 2000 up until now. You can see that price was well below the $500K mark in 2000 but there was an enormous increase median price from mid 2001 until 2002 when price was around $1.68M. A steep decline in price was being witnessed by the market from 2003 to 2004. Things were better form there with consistent increase in median price until 2008 when market was being hit by recession.
Median price in 2009 are also not quite good especially compared to the price in last year. From Dec 08 to Feb09, there was a decrease in 9.7% in median home sales price and price was at $902,000. This estimation is based on the sales of total 418 homes during the aforementioned time period.
When you consider all this in relation to foreclosures, you will find that there is a decrease in foreclosure filings as compared to the last year. Although foreclosure filings were up to 50,032 in 2008 there was a decrease in filings in fourth quarter as compared to third quarter. This implies that you have to be careful if you are currently looking to invest in New York foreclosures.
It is also significant to mention that when making an investment in New York Foreclosures, try not to miss an opportunity to get a property in popular areas. If you don’t know much about the popular areas then try keeping following areas in mind at the time of searching.
- Harlem
- Upper East Side
- West Village
- Upper West Side
- Yorkville
These are some of the most popular areas where you can find a nice opportunity to get a home. The average home price in these areas is around $3,814,380 to $899,913. Homes in Upper East Side are the most expensive and you will have to strive hard to find some New York foreclosures falling within your budget bracket.
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