Alluring Options in Tourist Destination
The Savannah foreclosure auctions currently offer to aspiring homebuyers a choice of 484 different foreclosed homes and houses for sale. These properties carry the median listed price of an inviting $112,500. There are a substantially higher number of 3,570 other FSBO and MLS home options among the real estate listings auctions in Savannah. These command a steep median asking price of $232,900. This amply illustrates the prime reason for the immense popularity of the foreclosure auctions among intending homebuyers all over the US, viz. the amazing discount of about 50 percent that the seized homes enjoy over the prevailing market rates. The foreclosed properties in to be auctioned soon in Savannah represent an eclectic range, consisting of condos, apartments, duplexes, residences for single and multi families, commercial setups, farmlands and vacant lands.
Savannah is the county seat and the biggest city of Chatham County, in the US state of Georgia. The city’s economy is driven by its port, tourist spots and industries like paper mills and jet-making. Chatham County, along with Bryan County and Effingham County, is a part of the larger Savannah MSA {metropolitan statistical area}. The sundry suburban cities of Savannah include Bloomingdale, Pooler, Port Wentworth, Garden City and Tybee Island. The neighboring towns of Savannah are Vernonburg and Thunderbolt. In addition, the CDPs or Census-designated places located in the vicinity of Savannah are Thunderbolt, Georgetown, Wilmington Island, Keller, Pin Point, Isle of Hope, Rincon, Whitemarsh Island and Montgomery.
Recessionary Times Mandate Cautious Investments
Savannah is not immune from the macro economic changes occurring. The US economy, EU, Japan and other parts of the global economy are currently witnessing recession or near-recession. The subprime mortgage crisis has for the last three years in a domino effect been playing havoc with stock exchanges around the world. The US government has been constrained to dole out economic bailout packages worth hundreds of billions of dollars in the recent past. There is also a credit crisis in the US economy. Hence, the ongoing market times are particularly tempestuous and unpredictable. With home prices and mortgage interest rates consistently sliding, it is anybody’s guess how long this downturn will continue.
As a homebuyer, you need to carefully evaluate several key dimensions before investing a huge amount of your money in a property. However, investors with ample funds and who can afford to hold on to the foreclosed homes acquired at a fraction of their prices can choose to later flip them at tremendous profit margins. Unless you belong to this wealthy category, it might be more prudent to let the market stabilize before risking blocking it in an asset without being sure of the returns expected from it. Real estate agents can prove helpful guides in making your property investments. Rick Fitzer, Diane Whitlow, Doy Heal, Anna Ruth Clark and Dianne Kessler rank among the leading property brokers active in the city. Hiring an experienced agent can be a guarantee of the security of your finances and the eventual profitability of your investment.
