Money Talks: Houses Now Selling for Less Than Used Cars
Wed, 25 Aug 2010 13:50:23 GMT —
"It's a condo that has a terrace, a courtyard, it's a very nice property on the outside. On the inside, a split level, you know it's a total package."
When pro basketball player James Jones went house shopping in Miami, he had a tall order: find a condo for my cousin that costs less than a Mercedes.
"I got it for $69,000, which in this area and this market, is a steal. Just a couple of years ago, these things were going for $250,000."
Mercedes prices too high? No worries. In some of the country's formerly hottest markets, homes can be had for less than you'd pay for a used Toyota.
"We have properties listed right now at $19,900: That would be 2-bedroom, 2-bathroom. They range all the way up to several hundred thousand dollars."
How can you possibly buy a home for less than a used car? Well, one reason why is a lot of these homes have been abandoned and need a ton of work. Also, the market is just horrible for housing right now.
But for some brave shoppers, the nation's housing crisis spells opportunity.
"It's a no brainer, if you're in the market and you have the opportunity to purchase because you know it's cyclacle, the market will bounce back."
Bottom line, it's a great time to be looking at houses, especially when they cost less than a used cars -- but remember, there's no free lunch. So, do your homework before you get out here. But, get out here!
Tips on everything from finding a mortgage to buying a foreclosure right here at moneytalksnews.com. I'm Stacy Johnson.