Blog: Where Are All The Fantastic Real Estate Deals?
Added June 3, 2009 by Jennifer A. Freeman
All this commotion in the news lately about the $8,000 tax credit and foreclosures and great deals and falling prices has put the idea in my head that it might be time for me to become a homeowner.
Under normal circumstances, my finances would tell me to steer clear of a mortgage. But I figured that all the hubbub must mean I could find something that would make it worth my while, in comparison to a monthly rent payment that doesn't earn me any equity. Some states are even kicking in extra money on top of the cash from Uncle Sam, as an incentive for buyers.
I started browsing around the local real estate listings, and was extremely disappointed in what I found. Single-family homes and townhomes were averaging around $500,000 for 3 bedrooms. Condos were cheaper, but not by much. Now granted, I live in Chicago, where property values are a bit higher, but I was expecting fall-down-to-the-floor low prices. Even the few foreclosure and REO properties listed were still in the $200,000 area, and needed a bit of work.
What I found very funny was that a few of the homes had snow on the ground in the pictures! Maybe they'd sell the place if they were be willing to budge a bit more on the price.
What's a girl who just wants a nice 2 bedroom house with a yard and a mortgage payment in the same range as my rent to do?
Have you been seeing dramatic price drops in your neighborhood? What kind of signs of this "buyer's market" are you seeing? Have you found any great deals?
Read More: Some Local Real Estate Markets Showing Improvement
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Additional Topics
(View All Topics)foreclosure home buying home value housing market ilyce glink market value mortgage national association of realtors personal finance advice real estate real estate advice real estate agent real estate market seller selling
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Comments
Jessica says
No great deals out here in CO either. Prices have remained steady except for a few foreclosures that go directly to investors with cash. Its so frustrating.
Mike says
Try selling a house in metro Detroit. As a sell, I can tell you who's getting the deals right now. This market sucks! Thanks a lot greedy mortgage bastards.
Steve says
We live in Lake Co, just north of Chicago. My sons, 23 year old twins, just put an offer on a home which sold in 2004 for $180,000 and they got it for $85,000. So there are deals to be had if you are persistent.
Jennifer says
Thanks for the comments. They always say that real estate is local, so it's nice to hear what's going on elsewhere. @Steve Thanks for telling me about your sons! Maybe I should start looking farther outside of the city. @Jessica, @Mike Good Luck with your buying/selling. Right now it seems like all you can do is be persistent!
Mo in FL says
Hi Jennifer - congratulations on soon becoming a first time home buyer. My suggestion would be to connect with a local agent who is working to help you locate that perfect home. In Florida, we have many programs available to us that allow us to be notified of homes coming on the market. You may also find a realtor who will aggressively pursue homes that are not yet in the local MLS, and with your pre-approval letter from your lender, can approach a soon-to-be seller with an offer from you. If you have a good agent helping you, your paperwork in order for the lender, you can still take advantage of the tax credit this year and be in your new home within a short time. There may be local grant money available as well, depending on your income and the local economy. Congrats on taking the first step!