I sometimes think that I should place just those words in classified ads across the country. I am not sure what else to try.
Why? Well, here are the numbers for the last 3 years (June 1 through today for 05, 06, 07) in Toledo, Ohio. Keep in mind that this is within the city limits and not the greater metropolitan area. For some these numbers won't seem all that bad, but in this area they are devastating.
Over all (total area MLS listings) there are approx. 7,000 listings (+/-) and approx. 3,000 (+/-) of those are vacant or abandoned. This is truly affecting quality of life here in Toledo, not to mention the adverse effect this is having on property values. We're in trouble - big trouble.
But there is a silver lining. How so, you ask? Investors can pick up some really nice homes for below market value (in some cases way below) and get a decent return on their investment.
See for yourself....
Our local officials have been attempting to come up with new plans to help revitalize our area. Some things work, some don't. But that's true in any effort. We just keep trying. Sooner or later it will work and these numbers will all turn around.
Interested in investing? Now is the time. But if you see investing in Real Estate as being as glamorous as all those 'flipping' shows on television, I don't recommend it. If you are using a buy and hold strategy, the potential to do well is there.
If you have any questions or want to discuss this more, feel free to give me a call. I'll be glad to talk with you about it.
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