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Mark Wade's Blog

By Mark Wade | Agent in Center City East, Ph...

Buy Ugly, Ugly, Ugly VS Location, Location, Location

We have all heard of the most three important things in real estate. That being "location, location, location". In uncertain marketplaces, and uncertain financial times, perhaps that mantra should be "ugly, ugly, ugly".
When real estate markets begin to slow, inventory builds. And competition between home sellers  equates to the most desireable looking homes selling at prices once reserved for the less visually deserving, and leaves the less attractive homes to sit and sit on the market for extended lengths of time. Since location is a constant that cannot be altered  in any real estate equation, the only alterable detail becomes the condition of a property. Uglier homes are naturally going to be the losers in the selling equation of any slow real estate market for those particular sellers.
And in walks Johnny and Suzy Buyer, willing to snag the visually less appealling homes at a severe discount. Buying someone elses dirt, cans of old paint, and stained red shag carpeting can put a significant amount of sweat equity at your disposal. Buying ugly can also allow buyers to upgrade in either size, or location. Simple painting, cleaning, floor resanding, along with countertop and appliance replacement can speak volumes towards the showing ability of your home. And with the advent  of local mega-warehouses, shopping for and installation can be handled in one visit to your local warehouse depot.
So if you are in the market to buy real estate in a slowing real estate market, think about what might be your new mantra of buying "Ugly, Ugly, Ugly".
Mark Wade
www.blog.centercitycondos.com

Comments

By Zach Skidmore,  Mon Sep 13 2010, 13:33
What a great blog! This is something all buyers should think about!
By David Nuss,  Mon Sep 13 2010, 13:41
Mark, very timely information for a different type of market. I like the new mantra - Ugly, Ugly, Ugly!!!
By Voices Member,  Sun Oct 24 2010, 04:35
Good title says it all, and could be the new wave Mark. Richie

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