10 Homes Between $99 - $10,000

I heard a lot about homes, especially in Detroit selling for under $10,000, and a few under $1000. I thought it was a joke, so I did a bit of research, and was amazed at what I found. Here are just a few of the cheap homes I found.

$99 - Detroit Michigan
Alright I know it looks crappy, and needs a lot of work, but for a price that you'd pay for a nice dinner for 2 you can have a 1100 square foot home with 3 bedrooms, and the land that it sits on at 13960 Marlowe St.


$250 - Detroit Michigan
Another steal? It doesn't look great on the outside, and probably not on the inside either, but for $250 this home, built in 1920 and located on 9750 Bryden St seems like a good buy. Has 3 Bedrooms and 1 bath, and is 858 square feet. >>>More details


$500 - Detroit Michigan
How can you go wrong with this 4 bedroom, 1700 Square foot home on 15486 Ardmore St in Detroit? With a 30 year fixed rate mortgage you'd pay about $3 a month for this beauty. Ok, maybe it;s not a beauty but $500????


$500 - Detroit Michigan
Wow, what a steal. This home which is located in downtown Detroit can be had for less than you'd pay for a new laptop. With 2 Bedrooms and 1 bath, and 850 square feet, how can you go wrong. The outside looks nice at least.


$4,400 - Pontiac Michigan
This one actually looks like it's not all that old or dilapidated. It's only 500 square feet, and has 2 BR's and 1 Bathroom, but for a price lower than that of a Really nice Plasma TV, how can you go wrong?


$4,900 - Flint Michigan
Located on 5317 Dupont Street, this home built in 1950 is 781 Square feet with 2 Bedrooms and one bath. Not a bad buy if you are a handyman. The outside seems old, but workable.


$6,500 - Flint Michigan
This home on 2621 Wisner Street, in the hurting town of Flint, is goign for a steal. Has 821 square feet of living area and 2 bedrooms. Built in 1956. More details can be found at: Cheap Home


$9,900 - Detroit Michigan
Is it me or does this actually look like a home that would sell in the $100k range in any other area. At 1500 square feet, this monster of a home seems like a sure steal. >>>More Info


$9,900 - Minneapolis Minn.
This 2 story home is an old one, but with with 3 Bedrooms, and 1100 square feet of living area in the heart of Minneapolis, this 109 year old (Built in 1900) home could be a gem if fixed up.


$10,000 - Lansing Michigan
This Home, built in 1906, on 1101 N Larch Street, could be a gem at $10k. It features 3 bedrooms, 2 baths, a full basement, and a 1.5 car garage. It is entirely brick, and judging from the pictures isn't in all that bad condition on the outside, at least.

Mortgage Interest Rate History

Well It's Monday so I thought we'd do another chart here, as I love looking at charts filled with lots of good information. The chart/graph below shows the various types of mortgage rates for the last 17 years:


Mortgage Rate History
I'm concentrating on the Red and orange lines, which are the 30 year and 15 year fixed rate mortgage rates. If you just take a quick glance at them, you can clearly see that we are at the lowest rates, by far, in the last 17 years. In my opinion, if you can refinance your mortgage, this IS the time to do it. Don't wait. I personally feel this will be just about the lowest rates many will see in perhaps their lifetime. We are about 40% lower the the highs we saw in the early 1990's, and probably won't be going down any further from here.

Buy Outright, or Take a Mortgage?
Many people who have the cash to buy a home will buy the home outright. Sure, this will give you the piece of mind, knowing you owe nothing, and will likely never have a worry in the world about your home's affordability, however, it may not be the smartest move right now. If you can get a mortgage for 5%, it may be best to take it regardless if you can buy the home outright or not. Why? Inflation will likely go up quite a bit in the coming years. The FED will likely raise interest rates by quite a but over the next few years, meaning bank Certificates of deposits could possibly be paying an interest rate, in 2-3 years, higher then what you can take a mortgage out for today. f you can borrow $500,000 at 5% and get a CD or bond for 6%, you are making a cool $5000 a year profit. Just something to think about.

Conclusion
In my opinion, we have clearly struck a floor with interest rates, and anyone who hesitates on refinancing now, will likely regret it pretty soon.