In a recent survey, December 2024, our local MLS, Bright MLS found the following results regarding what buyers are looking for in a home.
More than half (56.1%) said that it was “very important” to buy a home that was move-in ready, with no repairs or major improvements needed. Another 37.8% said that buying a home that was in move-in-ready condition was “somewhat important” to them.
As many home buyers know you may have to compromise on what you are looking for with the extremely low inventory of homes for sale. The survey found the following results when asked about what buyers would compromise on.
More than half of the survey respondents said that they could see themselves compromising and buying a fixer-upper if that was what was available. However, they were more likely to compromise on the size of the home, with nearly three-quarters (74.8%) saying that they would consider purchasing a smaller home than they originally wanted. Nearly two-thirds (64.2%) said they would compromise on their preferred neighborhood.
This willingness to compromise on the move-in-ready home with a fixer upper really depends on several issues. First are you handy at making repairs and doing work yourself or will you need to hire contractors? Secondly, do you have the funds to make the necessary repairs?
This second question about the funds is interesting because their are mortgage loans that can be used to purchase a home that include repair and remodeling with the loan being made on the after work appraisal value of the home. These can be conventional or FHA loans and can be very useful if there is really nothing available to buy that is move-in-ready. It gives you an alternative option, even if it is a bit more complicated and does require you to use a contractor who is approved. One of the benefits is that you get someone overseeing the work on behalf of the bank to make sure it is done correctly as the funds are released in draws as the work is completed.
However, if you have the funds yourself then you have to oversee the work and select a contractor to do the work. This is where a good Realtor with a list of local contacts can be very handy as they can recommend local contractors who are reliable.
If you are not sure which type of home you should consider buying, call me to discuss and we can examine all the different options, such as commute time, local parks, shops and restaurants that might be important for you. You can reach me at Nick Vandekar, Selling the Main Line and Chester County with Realty ONE Group Advocates, office 484-237-2055, cell or text 610-203-4543, or Nick@VandekarTeam.com.
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