Wes Black, Real Estate Pro in Louisville, KY

Are most buyers in today's market interested in a move in ready home vs a fixer upper?

Asked by Wes Black, Louisville, KY Sat Jan 28, 2012

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6
Neil Blumberg, Agent, Louisville, KY
Wed Mar 7, 2012
Buyers are divided into 2 main categories: investors and end users/home owners. Investors typically look for fixer uppers. Home owners typically look for move in ready. I have been astonished at excellent deals turned down by home owners because of simple issues such as ugly colors, stained carpets etc. John Q Public is looking for move-in-ready. And because of the strong buyer market they expect to get the homes at very low cost.

Lesson for listing agents: consider hiring a stager or at least advise your seller on simple inexpensive ways to create good impression and add value. Buyer's agents - do accurate CMA to properly advise your buyers on realistic purchase price.
Web Reference:  http://metro1realty.com
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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Tue Mar 6, 2012
Have had more than one deal fall apart over repairs in the last year. Buyers assume they can borrow extra funds in the purchase loan – often not the case. Usually not the case! If that beautiful claw-footed tub in the upstairs bath has a claw peeking through the living room ceiling then we have a problem. Yes, the 203k rehab loan is an option if you can find a reliable lender that offers it in our market. The ones I knew personally that offered that niche product are no longer in the business.
0 votes
Robert D Hug…, Agent, Devon, PA
Sat Jan 28, 2012
I agree with Dan Wes. Move in condition at Fixer-up prices here in Southeastern Pennsylvania. We had a sellers market here for 13 years! Now the buyers think it's their turn. Problem is that unless an owner is desperate or in a distressed situation, buyers are not getting the deals of a lifetime. We have too much inventory with the distressed homes as well.

Furthermore most of the buyers other than baby Boomers are not interested in doing the work. They want to move right in and not fuss with repairs, whether cosmetic or not.

Hope things are well in Louisville KY.

Rob
0 votes
Denise Simon, Agent, Pacific Palisades, CA
Sat Jan 28, 2012
Wes, I don't know what your market is like, but here in the LA area there are more buyers interested in move-in rather than a fixer. Either they don't want to do the work, are concerned what other work they will uncover that needs to be done once they start, and usually lack the imagination as to what can be done. Value buyers will commit to fixers if the footprint and the layout is sound and it's just about doing the cosmetics.
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Dan Tabit, Agent, Issaquah, WA
Sat Jan 28, 2012
Wes,
Most buyers want move in ready at fixer prices. After they've seen enough houses and learn what their budget will afford they settle into what makes sense for them.
If I have a listing that has cosmetic issues that are easy to address, I really encourage my seller's to just do it. A little paint and carpet goes a long way toward getting more interest and a quicker sale and in this market, time equals money.
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Oggi Kashi, Agent, San Francisco, CA
Sat Jan 28, 2012
Out here in SF Bay Area it seems that way. Prices are high and most 1st-time homebuyers can't afford to work on the property after purchase. That makes move-in-ready properties much more attractive.

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
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