For homebuyers trying to crack into a tough U.S.
The quality of properties, however, is on the decline. Sometimes shockingly so.
Of about 1,400 resale agents nationwide surveyed by John Burns Research & Consulting, 99% said they've seen homes for sale that need repairs or updates, with two-thirds of agents saying listings showed deficiencies in at least four different areas, including outdated kitchens and bathrooms.
The takeaway: Desperate homebuyers aren't that desperate. Fixer-uppers can stay on the market longer and sometimes require discounts, with elevated prices and mortgage rates already straining the budgets of Americans looking to purchase a house.
"When agents identified the repairs and updates needed to make listed homes ready to live in, we were shocked by the scope," according to a
Inventory dried up in recent years as many owners became reluctant to sell and give up lower mortgage rates on existing loans. While the number of homes up for sale is still below the norm, new listings were up 15% from a year earlier in the four weeks ended April 28, according to Redfin Corp.
Some of those selling now think they can sell at high prices even without making upgrades and improvements, the John Burns survey found. But adding on the cost of repairs can be too much to bear for potential buyers already pushing their limits.
"Many buyers are stretching financially to purchase a home and lack the ability and desire to tackle remodeling after their closings," according to the report.
