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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.
Are these older homes selling?
If they are, not overpriced. I'd pay more for a older house with tacky ripped wallpaper so long as the structure was sound. I like established areas, older homes have better/larger yards, framing is better and the foundation is established as well. A new house is a bit of an unknown where an older home free of foundation issues for 30+ years is a known. Other people choose older for similar reasons.
If they are, not overpriced. I'd pay more for a older house with tacky ripped wallpaper so long as the structure was sound. I like established areas, older homes have better/larger yards, framing is better and the foundation is established as well. A new house is a bit of an unknown where an older home free of foundation issues for 30+ years is a known. Other people choose older for similar reasons.
From what Ive seen its all over the place. Some sell for far below asking, others sit and price reduce price reduce. Others get taken off market etc. Ive seen some here with 400 DOM. Others will sell purely on the area.
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.
To each their own? You didnt notice the fireplace half removed or the fact that EVERY SINGLE FIXTURE needs to be replaced from outlets to blinds to carpet to wood flooring re-sanded if even possible?
Why are you so upset people aren't updating their homes? It's very common for people to move in and just "live" in their homes and never do anything. I still see pastel drapes and furniture from the 90's, ick! But people decorate, like it, and live their lives. Not everyone feels they need to move up to the next trend.
Why are you so upset people aren't updating their homes? It's very common for people to move in and just "live" in their homes and never do anything. I still see pastel drapes and furniture from the 90's, ick! But people decorate, like it, and live their lives. Not everyone feels they need to move up to the next trend.
Because it is deceptive to the market? If you say that "houses on average are selling for 200k in an area", thats different than saying "houses that need 50k in repairs/upgrades are selling for 200k in an area."
Though I am not surprised to see that a realtor has no issue selling homes that still need plenty of work, you arent married to the property, the buyer is.
What youre saying as a realtor is "I'll find you a lot and a shell of a house in the area youre looking for. If thats your style then I see why new construction is so popular....
These types of houses have always been my bread and butter - I love them. They tend to languish on the market, I come in and make an offer after it's been sitting, get it, redo the house, and make a healthy profit on the home. Many times these homes need nothing more than cosmetic work. My last house was that way. Absolutely horrible aesthetics but the roof and all the systems were new and it was built super solid. Made a killing on that house.
Because it is deceptive to the market? If you say that "houses on average are selling for 200k in an area", thats different than saying "houses that need 50k in repairs/upgrades are selling for 200k in an area."
Though I am not surprised to see that a realtor has no issue selling homes that still need plenty of work, you arent married to the property, the buyer is.
What youre saying as a realtor is "I'll find you a lot and a shell of a house in the area youre looking for. If thats your style then I see why new construction is so popular....
Boy, aren't you cynical. Buyers will buy what is in their budget. If a buyer has $200k for their budget, in my area, that's an outdated home built in the 80's and early 90's far out of the center of the city. If they want something updated, they're going to go out another 20-30 minutes from there and get something newer and smaller.
I have a listing under contract right now that has a new roof and new AC system. That, right there, is over $20k in upgrades. The buyers under contract don't care that the inside isn't updated as they can do that on their own and the two expensive things have been done for them. The price? $250k and built in 1979 and 2240 sqft.
I have a listing coming on next week that is 20 minutes away from the above house, built in 1991, completely updated, 1800 sqft and will list at $195k.
Which would you want if commute was important to you?
Boy, aren't you cynical. Buyers will buy what is in their budget. If a buyer has $200k for their budget, in my area, that's an outdated home built in the 80's and early 90's far out of the center of the city. If they want something updated, they're going to go out another 20-30 minutes from there and get something newer and smaller.
I have a listing under contract right now that has a new roof and new AC system. That, right there, is over $20k in upgrades. The buyers under contract don't care that the inside isn't updated as they can do that on their own and the two expensive things have been done for them. The price? $250k and built in 1979 and 2240 sqft.
I have a listing coming on next week that is 20 minutes away from the above house, built in 1991, completely updated, 1800 sqft and will list at $195k.
Which would you want if commute was important to you?
Im not a cynist Im just a realist. I think most buyers have no idea what things actually cost, especially first time buyers. My realtor pushed me into a home that needed significant upgrades but didnt exactly educate me on how much those ran. She just insisted the house was a bargain. Too bad Ive already put 30k into the house and cant recover any of those costs because all of the comps are based off of houses that also need repairs.....
Im not a cynist Im just a realist. I think most buyers have no idea what things actually cost, especially first time buyers. My realtor pushed me into a home that needed significant upgrades but didnt exactly educate me on how much those ran. She just insisted the house was a bargain. Too bad Ive already put 30k into the house and cant recover any of those costs because all of the comps are based off of houses that also need repairs.....
You blame your agent on that? Didn't you look at listings online to see what prices were in different areas? Sounds like you got yourself into the situation. I never "push" buyers into anything they don't want. My buyers understand what they get for their money in different areas. They also view the houses with their own eyes and see if paint is needed, if the flooring is torn up, and if the kitchen needs updated. They don't buy the house, then walk in and say GROSS, I can't live here!
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