Homes for Under $50,000

Most people like the idea of getting great value at a bargain price, particularly when buying a home. The idea of finding such a deal has a lot of potential home buyers taking a closer look at what the foreclosure home market has to offer. Many are discovering a wide selection of properties available at an affordable price. For a multitude of reasons today, foreclosed properties can be found in a variety of communities that run the economic spectrum from the middle-class to the most affluent.

E. Grand Blvd. in Detroit, Mich.: List Price $42,500
Take for example this 2,720 square foot, two story, four bedroom, and two bathroom single family home located on a lake. According to recent sales data, based on a variety of single family properties within the same ZIP code, a comparable home has an estimated market value of $593,939. The median sale price for a similar home in this area is $88,000. It’s currently being offered for only $42,500.
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Here are a few additional examples of homes under $50,000 whose potential market value is higher than its current sale price:

Genesee St., Lockport, N.Y.: List Price $29,900
• This two-story, 2,256 square feet, four bedrooms and 1.5 bath single family home can provide a family with plenty of ample space.
• Comparable properties within this ZIP code, based on recent sales would be estimated at $104,881.
• Median sales price of a home in the 14094 zip code is $70,100.
• Located just 18 miles from beautiful Niagara Falls, Lockport possesses a vibrant and prosperous business community with 50 manufacturing firms and over 850 retail and commercial establishments.
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W Penn St., Butler, Pa.: List Price $39,900
• A 2,095 square feet, four bedroom and two bath charming two-story residence with plenty of potential.
• Median sales price of a comparable home in this ZIP code is $107,300.
• Established in 1804, this small but vibrant community is just 40 miles from the bustling sights and sounds of Pittsburgh. This proximity allows Butler to combine the advantages of small town living with the convenience of larger city amenities.
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Gentry St., Frankfort, Ind.: List Price $34,900
• With a little work, this 1,820 square feet, four bedroom and 1.5 bath home has the ability to offer any home buyer a great return on their investment.
• Median sales price of a home in the 46041 ZIP code is $139,650.
• Located in "Indiana's Technology Corridor," Frankfort and Clinton County have experienced some of the strongest growth rates in the state.
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E. 23rd St., Des Moines, Iowa: List Price $39,900
• Built in 1900, this 1,129 square feet, three bedrooms and 1 bath single family residence would make a great starter home for a family looking to own their first house.
• Based on recent sales activity of comparable single-family properties within this ZIP code, the property’s value is estimated at $67,198.
• Median sales price of a similar home in this ZIP code is $117,500.
• Iowa’s capitol city is the center of culture, government action and business for the state. With a metro population of 456,000, Des Moines is an active and diverse city.

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In today’s market, more than ever, a home buyer or investor can find several good to exceptional foreclosure opportunities in cities all across the country. Who knows, you may even find a hidden gem; that incredible deal that provides you with substantial equity, over and above your down payment. Foreclosures, for the right buyer, represent a great way to buy a home at a lower price and often sell for a minimum of ten to twenty percent off the market value of similar properties. Under the right buying conditions, a new owner may even find themselves with instant equity upon closing.