You’d think with so many homes for sale, there would be no problem finding one to buy. However, plenty of buyers who would like to buy now to take advantage of low interest rates and prices can’t find the right home.
One problem is that the most desirable areas don’t have an oversupply of good homes for sale. Sellers who don’t have a good reason to sell now aren’t, so the supply of good listings is low.
Many listings that are available in these coveted areas either need a lot of work or are overpriced for the market.
Fixer-uppers aren’t popular because they add to the uncertainty of the transaction. Most buyers are already concerned about the market, their jobs and the state of the economy. They shy away from homes that need a lot of work because it raises more questions and uncertainty. How much will it cost? Could it cost more than expected? How long will it take to complete the job?
HOUSE HUNTING TIP: Buyers who have the vision to imagine a home in its fixed-up condition can keep costs down if they live in the home while the work is being done. Expect it to be a stressful experience and plan on the work taking longer than anticipated. Uncontrollable factors, like rain, can hold a project up due to no fault of the contractor.