I have seen houses for sale for $10k or so. But only in Detroit are you likely to find houses $1k cheap. That is because jobs are gone and the people left too.
I often have looked and found such information. Open the add, click on get more information (or listing website) and it shows it to be a rental... not fair or fun to find that misrepresentation is it?
Perhaps, the agent is trying to tell you what the monthly cost would be of owning that particular home.
Best of luck with your house hunting!
There is no reference to any particular listing with your question but in general it's relatively easy to answer that the $1500 would be a rental price or perhaps the estimated payment per month. In my area home prices tend to run $80,000 and up with an average home price being around $175,000 which would be right around the $1500 a month figure as well. If you've been hearing about buying buying homes for extremely low amounts on infomercials please remember they are trying to sell you something an it's not a property. I, as well as the other agents I know, bought homes for their value or near with a bank sale or short sale being about the most exotic most agents go. Believe me, if there were extreme bargains out there agents would be buying them and no one would be buying them either.