House prices in Bloomington/Normal (Carlock: real estate market, mortgage, employment)

[ZenMaster2008]

I grew up in the Bloomington/Normal area and I never really checked out house prices before moving out of state. I always knew they were less than large city markets though. I was browsing online yesterday at prices in my old neighborhoods and I was amazed at how low the prices were. I saw many houses that looked like decent houses between 50-100k.

I was almost in disbelief at seeing some 2br/2ba houses for well under 100k. Kind of makes me miss home. Are these prices actually legit right now or was the website I'm on not listing acccurate data? If it's true I could get a 2br/2ba house and have my mortgage way less than I pay for a 500sq ft studio here. Yes I know the wages are less but the housing here still seems disproportionately high for the higher wages.

If anyone from the area can offer any input I'd love to hear it.

[Drover]

I don't live in or near Bloomington, so what I'm about to say is more of a generalization about real estate prices in downstate cities as a whole, based in some measure on what I know first-hand about real estate prices in downstate real estate markets similar to Bloomington.

With that disclaimer out of the way, here goes: the prices you see are legit. You really can find 2/2 homes for under $100K -- but not without a catch. 2/2 houses in that price range probably need substantial repair, or need serious updating, or are in less desirable neighborhoods, or some combination of the three. If you want a recently updated 2/2 in good repair and in a solid neighborhood, expect to start in the 125-150K range. Seeing as you're in coastal SoCal, I'm guessing that would still strike you as a considerable bargain.

[PenguinSix]

This is the thing that 1000s of ex-Midwesterners consider every year: Should I sell my ridiculously over-priced house on the Coast and come back and buy a mansion (for cash) and live in a small town again?

The prices are low in many towns, but it's also worth remembering the town is probably not the same one your grew up in. The support network of your friends from school has scattered, and re-engaging socially can always be a bit rough. Then there is the employment issue: you probably won't be making as much as you are now. And finally, there is the 'once off the coastal property ladder, you'll have a hard time getting back on'.

Still, it is an attractive idea--no mortgage, some spare cash, and a mellower lifestyle.

Good luck.

[cap1717]

Originally Posted by Drover

I don't live in or near Bloomington, so what I'm about to say is more of a generalization about real estate prices in downstate cities as a whole, based in some measure on what I know first-hand about real estate prices in downstate real estate markets similar to Bloomington.

With that disclaimer out of the way, here goes: the prices you see are legit. You really can find 2/2 homes for under $100K -- but not without a catch. 2/2 houses in that price range probably need substantial repair, or need serious updating, or are in less desirable neighborhoods, or some combination of the three. If you want a recently updated 2/2 in good repair and in a solid neighborhood, expect to start in the 125-150K range. Seeing as you're in coastal SoCal, I'm guessing that would still strike you as a considerable bargain.

I agree with drover here. I was visiting in B/N in October, and looked at some houses with a friend of mine that is considering moving into town from Carlock. She was looking in the 150 - 200 range, and finding really nice, upgraded, 2 or 3 bedroom homes (14 - 16 hundred sqare feet) in that range. Older, smaller homes are undoubtedly available, but will likely need some "fix up".

[ILMomof4]

We just moved from the area and are selling our 3bed/1 1/2 bath/1700 sq foot house for $120,000. But I wouldn't look much under that amount or you will get a fixer upper.