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Home Buyers Shun ‘Fixer-Uppers'
Home Buyers Shun ‘Fixer-Uppers'
By Kathleen Lynn
RISMEDIA, May 2, 2011-(MCT)-In the overheated housing market of five years ago, buyers often felt they had to accept homes in woeful condition. But these days, most look at "as-is" properties and say, "No thanks." "I try to stay away from things that need a lot of work," says Michael Lisa of Chestnut Ridge, N.Y., who is searching for a home in northern Bergen County, N.J.
"Buyers will tolerate nothing," says Maria Rini, a Re/Max agent in Oradell, N.J. A recent Coldwell banker survey found that 87 percent of first-time buyers said a move-in-ready home is important to them.
"This is absolutely the story of this market. It seems buyers will pay a premium, engage in a bidding war and even overpay just to avoid buying a ‘project' house," said Beth Freed of Terrie O'Connor Realtors in Ridgewood, N.J.
As a result, real estate agents strongly advise sellers to fix up their homes for quicker and more profitable sales.
For example, when Kate Conover recently listed a Franklin Lakes, N.J., colonial, she encouraged the seller to replace the roof and driveway, repair ceilings, rip up carpets and paint interiors.
Paying contractors to do the ... more

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