The housing market in Greeley Colorado and the surrounding areas has been on fire. The median house value continues to increase and make it tougher for people to buy a house. A few years ago, it was not hard to find homes for under $100,000 in the area. Prices began to rise after the economy improved and foreclosures decreased in the area. It became tough to find homes under $100,000, then it became tough to find homes under $150,000, now it is tough to find homes under $200,000. For those that do not have a large house budget, is it possible to find a home in Greeley for under $150,000? And if you can find a house that cheap, what will you get for your money?
How fast have housing prices increased in Greeley?
The median house value in Greeley in 2011 and 2012, was about $120,000. In 2016, the median value in Greeley is right around $250,000. Prices have doubled in four or five years, which does not normally happen. Historically housing prices increase from 3 to 6 percent a year, not 15 to 20 percent. For those of us who own houses in the area, it is great to see prices increasing. However, for those looking to buy a house in the area, it is very tough to find affordable housing.
Are there homes for sale in Greeley for less than $150,000?
There are not many homes for sale for under $150,000 in Greeley, but there are some. There are currently 7 houses that are for sale and not under contract. Under contract means the seller has accepted an offer on a house, and it is under contract to sell. Here are the homes currently for sale:
- 2434 W 8th St $110,000
- 4207 N Shenandoah St $113,000
- 1409 10th St $122,850
- 304 14th St $130,000
- 410 11th Ave $144,000
- 1830 5th St $145,000
- 1013 32nd Ave $149,000
If you look at all the houses listed under $200,000 and not under contract, there are 13 total. While there are some choices for home buyers in Greeley, there are very few. While we were in the peak of the housing crisis, I would routinely have more than 13 homes listed myself for under $200,000. I sell a lot of foreclosures and HUD homes, which are very hard to find in Greeley now.
What kind of house can you get for less than $150,000 in Greeley?
There are homes for sale in Greeley for less than $150,000, but what kind of houses are they?
- 2434 W 8th St, is a 480 square foot, 2 bedroom, 1 bath home, with no garage.
- 4207 N Shenandoah, is 1,000 square foot modular home, with 2 bedrooms, 2 baths and no garage, built in 1994.
- 1409 10th st, is a home built in 1902, with 812 square feet, no garage, 2 bedrooms, 1 bath. 10th street is a three lane one way road that is very busy.
- 304 14th st, is a 754 square foot home, with 2 bedrooms, 1 bath, no garage, built in 1920.
- 410 11th Ave, is a 1744 square foot home, with 4 bedrooms, 2 baths, built in 1900, with no garage. This home was just listed and has been on the market 3 days. It appears they already have multiple offers.
- 1830 5th st, is a 840 square foot home, built in 1953, with 2 bedrooms, 1 bath and a 2 car detached garage.
- 1013 32nd Ave, was built in 1954, has 732 square feet, 2 bedrooms, 1 bath, and a 1 car garage.
If you want to see some even more interesting facts, here are the days on the market for each of these homes.
The days on the market, tells us how long each home has been listed for sale. If you look at the listing history, each of the homes that have been for sale for more than 12 days, have had an accepted offer, that fell apart. The market in Greeley is very strong right now!
How can you buy a home in Greeley if you can’t afford more than $150,000?
As you can see from the list above, there is not much to choose from in Greeley for under $150,000 and nothing under $100,000. That does not mean you cannot find a home, if you are on a tight budget. Looking at the houses for sale now, you will find very few with more than 2 bedrooms, very few with more than 1,000 square feet and very few with a garage. That does not mean you cannot find a house with these characteristics.
There are many homes that are under contract, or that have sold in the last few months that are larger, have more bedrooms and a garage. These homes sell very fast, and you have to act extremely fast to get them. Here are a few tips on how to find a great deal and get it under contract.
- Use an awesome real estate agent who can set up searches for you on the MLS (the MLS is the listing service real estate agents use).
- You need an agent who can show you houses very fast and write contracts very fast for you (like the agents on our team).
- Talk to a lender as soon as possible. Most seller’s will want to see a pre-qualification letter from a lender, before they accept an offer. If you find a great deal on a home, but have not talked to a lender yet, you may miss out on it.
- Do not rely on Zillow to find houses for sale. Zillow does not list every home for sale and can take days to update listings.
There are not many homes for sale in Greeley, and even less for sale in the lower price ranges. That does not mean you cannot find a home that works for you. You have to be realistic about what you can buy for your money, and be prepared when they right house comes along.