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Are you guys seeing things like this in your area as well? Please check out the pics on the attached listing, I am seeing houses in this condition all over my area listed at ridiculous prices for the area.
This area is in a gated community within a "pocket community" of Jacksonville that is trending downwards due to many issues. The development was the place to be when it was built but over time better "trendier" areas have been built that people now flock to. This house in particular is selling for 100k higher than the average house in its peer group in the community.
HOWEVER, as you can see by the pictures the fixtures and decor are literally untouched from the original builders' construction. I am seeing this left and right while home searching in my area but these houses virtually need to be gutted and completely redone, however they are listed in the 200k+ brackets! I get that homeowners are still underwater from pre 2008 but if youre going to list your home at least put some effort into the interior!
Yes people are doing this in my area as well. It's pretty obvious which ones are overpriced based on how long they've been listed and how many price drops they've had.
No point in getting worked up about it since these houses won't sell if they're overpriced for the market and it doesn't hurt anyone but the seller. They don't get offers and even if they do get offers the sale doesn't go through because the appraisal comes in too low.
I know I shouldnt get worked up, its just aggravating at how commonplace it is here. I wouldnt be as mad if home repair costs and lowes bills werent so high. Some of these people listing houses dont even realize a new fence is $3-4k. An A/C unit can be $6k, etc. These bills pile up. If I bought these homes at asking price Id still have to put 40-60k into the house and put WAY more into the house than the comps in the area.
Problem in my area is they still sell, for asking or more....
What is your area? Is it a hot market? This isnt a hot area. The "hot area" homes here are generally new construction yet still selling for the same prices as these homes are listed, if that tells you anything.
There was a newer (2007 I think?) house recently, in one of cookie cutter neighborhoods, IDK what happened to the place but there was black mold EVERYWHERE. That place sold for 107k. You can get a brand new one for like 180k for that model. How much do you think it would cost to completely gut the house and get it up to livable? YIKES. During the summer though, houses in our price range (150k) would be sold the day they hit the market. It's obviously slower right now. I'm just glad we ended up with a place that doesn't need updating and is move in ready, that one you posted with the wallpaper, YUCK.
The problem is you have some crazy people in my area that eye a place like that with a large lot and say, "less than $400,000 for a house? That is amazing. A 53 year old home just sold on my street for $445,000 and it sits on a 100' x 60' lot, it is 1,500 square feet, 4 bedroom 2 bath with a 2 car garage. Market that place to people out here looking for a change and you would have them moving to a newer area with a much nicer home. LOL
Problem in my area is they still sell, for asking or more....
Yeah, really depends on the market. So, if they are selling over asking, they are not overpriced. I was appalled at prices in Toronto and Vancouver. But, supply and demand- you want to live in a detached home in the city be prepaired to have huge financing or well over a million cash. There is NOTHING for $300K detached family in either city, even waterdamaged and infested with roaches, rats and bedbugs.
But, the listings where the house isn't fixed and they priced like all the maintained and cosmetically nice comps on the street it's their problem when the house doesn't sell. Some people will never understand that 70's shag, mustard/brown/burnt orange paint/wallpaper and builder kitchens don't compare to the freshly painted house across the street with the waterproofed and finished basement, upgraded HVAC with beautiful hardwood throughout and upgraded kitchens and bathrooms.
Those houses don't look too bad. I don't pretend to know anything about the location or the prices, but if I wanted to buy one of those houses, I wouldn't let some old wallpaper or a bad paint job stop me. And from the sellers standpoint, why spend money painting when the new owner might have other ideas?
I'll be selling my house in a few months and I have a similar situation. The house needs some work, but there's only so much I'm willing to do. I'll let the potential buyers decide for themselves how much they want to spend and whether the place is worth it. I could probably spend $100K on a new kitchen. I could spend $20K on the yard, etc. I'm not doing it, and yet I'm sure the house will sell anyway. Three or four people have already tried to buy it from me in the last few months, and it isn't even listed. Location, location, location. It really does matter a lot.
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