When I first started in real estate in 2004, many of the homes that I was helping buyers buy and sellers sell were in the low 100k range.
Of course, over the years, finding affordable homes in Boise and Meridian has been fairly competitive. Recently however, I just listed a home for sale in Meridian for $99k!
What kind of home can you get in Meridian for $99K?
Well, for starters, the home needs work. Fundamentally, the home is solid; good furnace, good A/C, good plumbing, vinyl windows, sprinkler system…good shape. Cosmetically however, the home needs some help.
The home was built in the 80′s and somehow, someway, somehow, it was painted baby blue — better yet, the carpet is a close match. The paint of course is pretty standard — white. No match for a few thousand dollars though. And with the $8000 First Time Homebuyer Tax Credit, it really could cost you next to nothing!
Don’t think that this one listing is a good representation of the entire Meridian Real Estate Market; the fact is, there really aren’t many deals like this one out there.
Why Is This Meridian Home So Cheap?
Without regard to the woes of the current Meridian Real Estate Market, this home gets it’s price because I’ve already negotiated a price with the bank. It’s called a short-sale. Public record shows that the owners have a Deed of Trust on the house at about $200k and maybe not even in the height of the market was this home ever worth that much. With a lot of waiting on hold, the bank has agreed to sell the home for far less than what is owed.
What Could This Meridian Home Sell For If It Was In Better Shape?
I don’t like to try to predict what a particular home could one day be worth, but I think it does suffice to say that ‘dolled-up’ homes in Meridian of this same shape and size have been selling for $120-130k…perhaps a bit more. I think more importantly though, someone who is on a budget could put in a little sweat and be in a very positive position on this house with very little out of their pocket. Far more glamorous than owning a 2-million dollar home only worth $795k – ouch!
Please Share This Article
I know that most people at any given time know of a friend or someone they work with who is looking for affordable housing. So, please share this article with co-workers and friends and have them call me to set up a time to show them the house. Better yet, contact me with their name and number and I’ll set it up myself!
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