Realtors say they are seeing 'unprecedented' prices for homes
NORCROSS, Ga. —
Channel 2 action news has discovered homes in some local communities are selling for less than the price of a new car.
Realtor Teresa Palacios walked Channel 2's Kerry Kavanaugh through a condo with a fireplace, deck, and a washer-dryer.
"This unit is priced at $25,000," Palacios said.
This listing off of Graves Road is just one of dozens across the Norcross area that Kavanaugh found priced under $30,000.
Some of the home Kavanaugh found were cheaper than some new cars. Palacio said she has similar listing across metro Atlanta.
She calls the pricing "unprecedented."
"Have you ever advertised home for $20,000?" Kavanaugh asked Palacios
"Never," she answered.
Around the corner, they a townhome was advertised for $26,000.
Online, Kavanaugh found townhomes and condos ranging from $24,000 to less than $15,000.
"So they do it for as little as a car payment," Palacios said.
The listings are primarily foreclosures or HUD-owned homes. Palacio said the government is selling them on the cheap, trying to promote home ownership and clear out the inventory.
Palacio said not only are the prices comparable to some cars, many are cheaper than rent.
"Rents are going up in the marketplace. You're also seeing the availability for rentals is really tough," Palacios said.
"These homes have been empty for a while and probably neglected for a period of time before that," Realtor Don Kiefaber said.
Both Kiefaber and Palcaio said buyer's due diligence is a must. Potential home buyers should get an inspection, checking the plumbing, electrical and heating systems.
"If you have to put $20,000 into it, you still only got $45,000 or $50,000 into it and you've got a nice livable home," Kiefaber said.
The realtors said another thing to consider is can you get a loan for a home that costs so little?
Some of them come with guaranteed FHA loans.
Realtors said if you don't have the cash, there are also loans out there if you factor in cost of repairs.
wsbtv.com
Atlanta probably the best bargain of all.. |
