Our area is holding up pretty well within the $300,000 range which is where our neighborhood falls. We are trying to rush our rehab to get it on the market by February. We already have our rural property bought and paid for. I think the more expensive homes will get hit the hardest.
We live in a city with a population of about 40k. My daughter bought her first house in ‘12. At the time there were about 300 foreclosures to choose from. She bought her 1600 sf 3 bedroom, 2 full bath, with new windows, roof and air conditioning for 12,000. With updating we did, its now valued at about 100k.
On the flip side, my daughter decided to get into house flipping ( because her dad has nothing better to do now that I’m retired lol ) and 2 1/2 years ago was able to find a vacant house in dire need of an overhaul. Foreclosed houses were hard to find at any price in our area then.. purchased at 14k. We finally finished and it’s going on the market next week for 85k.
I’m leary of any housing investment at this time for flip or rental.