Monday, July 20, 2009

Ann Arbor Area Homes Under $100K

A quick search of the Ann Arbor area MLS shows 147 homes for sale in Washtenaw County for less than $100K. The bulk are in the Ypsilanti area, and 12 of them are in Ann Arbor. It feels as though I've been in all 147 in the past few weeks, but I've really only been in 25 - 35 of them. 90% of the ones I was in were either Short Sales or foreclosures. While the conditions of the houses I saw ran the gamut, overall conditions were very, very bad. I'd estimate that repairs needed on most of these homes range from $20K to $60K. Quite eye opening. Especially in the foreclosures, I've seen pristine condition to totally trashed. It's very sad to envision the situation of the displaced homeowner when you see such things as ripped out fixtures, punched out and kicked drywall, and other conditions I will leave to your imagination. Still lots of opportunity for first time home buyers and investors.

A quick reminder to First Time Buyers: The $8,000 Credit expires on December 1, 2009. Realistically, you would need to have a sales contract in place by October 15 to leave yourself enough time to comfortably work through the closing process. That leaves you under 90 days from today to find your home.

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