Clarksville, TN is the 9th fastest growing city in the nation. Clarksville’s low cost of living and mild four season climate are two reasons to own and invest in foreclosed homes and bank repossessions in the Clarksville and surrounding areas. Woodlawn, Cunningham, Oakwood, Sango, Dotsonville, Oakridge, Clarksville, Port Royal, Tarsus, Orgains Crossroads, Rossview, Needmore, Cunningham, Sallors Rest, Shiloh, St Bethlehem, Palmyra and Southside are considered part of Clarksville neighborhoods. The community is business friendly and has an educated and trained work force. There are 53 manufacturing facilities that are located here. Rental homes are in high demand in Clarksville as well.
If you are thinking about buying property in Clarksville, the average price per square foot for a home is $77.00. The median sales price for the period September 10, 2010 through November 10, 2010 was $128,000. That was a decrease of 1.5% from a year ago the same time. There are approximately 216 homes in some stage of foreclosure as of the week ending December 29, 2010. The average listing price for a home in Clarksville, for is $187,203. Hot zip codes include 37043, with an average list price of $ $255,714, 37042 with an average list price of $141,924, 37040 with an average list price of $179,922, 37191, with an average list price of $161,241, 37052, with an average list price of $231,332.
Locating Foreclosed and Repossessed Homes
Property auctions, Realtors, Internet websites and the local newspapers are some of the best places to find foreclosed and repossessed Clarksville homes. Foreclosure auction sale dates and all other relevant details can be obtained on the Internet. You can find all types of properties at Clarksville foreclosure auctions ranging from condos to multi-family to single-family homes which are being offered for auction by the VA, HUD and banks in Clarksville. In fact, government foreclosures have been increasing in the area. Foreclosed homes are sold for under market value so you get a property for a great price with built in equity. You can pick up a property as much as 40% to 50% of the actual resale market price. Government foreclosures offer somewhat more reliability to investors.
You might want to hire an experienced Clarksville Realtor to help you find the appropriate repossessed home. Bank owned REO’s are listed with local Clarksville Realtors who help guarantee that your offer on a REO goes smoother. REO’s are safer investments for new investors or first time home buyers because you can obtain title insurance and all liens are paid by the bank prior to closing. REO’s are sold in an “as is” condition for less than market value. Before you make an offer on a Clarksville foreclosed home, you should investigate the home prices in the area by researching the recent comparable sold properties so you know what to offer. A local Realtor can prepare a free market analysis for you. Have your finances ready so when you do find a home, you can close on it quickly. Since REO’s are owned by banks, they prefer you close quickly, and they favor cash offers. Keep in mind that many foreclosed homes may need repairs because the homes may have been sitting vacant for awhile and the former owners were not in financial positions to make costly repairs. They may need repairs so you should obtain an inspection to determine what home systems are in good working order and which ones need immediate attention. This way, you know what you are getting into.
Purchasing Clarksville foreclosed and repossessed homes is a great way to start your investment business and build your real estate portfolio. You get a property with built in equity. Purchasing a bank repossessed home gives you an opportunity to buy a home in an area that you might not have been able to afford. Right now is a terrific time to buy because interest rates are low and home prices are affordable. There is a wide variety of housing styles and prices to select from so you won’t be disappointed.