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Analysis: For a better deal, buy a pre-1990 home
RealtyTrac released its Aging Homes Analysis, which shows that more than 70 percent of the U.S. single-family homes were built before 1990 – but only 60 percent of 2013 sales year-to-date were for homes built before 1990.
“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” says Jake Adger, chief economist at RealtyTrac. “However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes.”
The likelihood of purchasing an older home varies by state. Homes older than 1990 made up more than 80 percent of year-to-date 2013 sales in 14 states: Louisiana, Vermont, Wisconsin, Michigan, New Mexico, Kentucky, New Jersey, New York, Rhode Island, Illinois, West Virginia, Connecticut, Massachusetts, and Pennsylvania. In contrast, older homes made up less than 40 percent of 2013 sales in Utah and Nevada.
Homes built in 1990 or later sold at an average price of $256,292 year-to-date in 2013 while homes built before 1990 sold at an average ... more
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