Setting realistic expectations is a must for homebuyers in today’s market. There are some great deals out there, but common sense must be applied.
By Richard Weisser, Richard Weisser Retired Real Estate Professional
(Richard Weisser Realty)
I had a candid conversation with one of our buyers the other day. She is looking for a $40,000 house in a nice area that doesn’t need anything other than cosmetic repairs. Without really thinking, I told her that we had plenty of $40,000 houses that met her criteria but that they cost $80,000! And while that seemed a bit specious at first, there is an underlying truth to the statement. The intrinsic value of real estate is absolutely determined by location and condition. The demand for properties in good areas that are move-in ready is very high in our area, and that is reflected in the sale prices of these homes. We have seen some sell as high as 60% OVER list price. We are still looking for that compromise rare gem that we might uncover, but we are also adjusting our search criteria ...