Finding Cheap Houses: Areas Where Homes Are Sold at Bargain Rates

If you are on a tight budget and are looking for cheap houses, then you will have a better chance of finding some in certain areas of the country. There are U.S. regions where the prices of homes are much lower compared with other areas. However, caution is needed as purchasing cheap homes does not necessarily equate with quality.

This is not to say that all cheap houses for sale are of poor quality. You just need to know where to find the best deals and should learn how to negotiate with a seller, so you can get the asking price down. Patience and enough time to conduct a research are keys to your success.

Characterizing cheap houses for sale

There are various locations where residential properties are relatively cheaper compared with other markets. When we say cheaper, this does not necessarily mean that the actual asking price of a property in one location is lower than the actual price of another property in another location.

Lest we forget, the prices of homes depend on the cost of living in the particular area where they are located. We are talking here of low prices as compared with their original prices or original value, not as compared with other houses in other areas. For example, you may find a house in Las Vegas that is pricier than a house in Nebraska, but the former will still be considered cheaper, given the difference between its current price and its original value.

Best places to find cheap foreclosure homes

There are areas that were hit harder by the housing industry crisis compared with other locations. Some of these are Reno and Las Vegas, Nevada; various areas in California like Merced, San Bernardino County and the Riverside; Florida; and Arizona, just to name a few. Before you go shopping in these places though, you have to realize that the cost of living in these communities is higher compared with other cities and states.

In Nevada, a lot of cheap foreclosures are being sold. The prices of homes in this region have gone down immensely, but it is not just with the selling prices that you can get some savings. Most sellers in this area are willing to provide discounts on closing costs and other fees because they are more motivated compared with other sellers. The high amount of distressed properties in their books is the primary reason behind this willingness to offer concessions.

Meanwhile, California and Florida may have a lot of cheap foreclosed homes, but the prices may be more competitive, given that a lot of buyers, foreign buyers in particular, are already in these places taking advantage of the cheap properties. However, you may never find the selling rates of Florida and California homes as low as they are right now.

In finding cheap houses, you have to take into consideration the cost of living in the area where you plan to make a purchase. You might be able to secure a heavily-discounted deal, but the cost of maintaining the property may be more than you are ready to bargain for.