Updating an outdated home
Becoming increasingly popular are mid-century homes from the -- gasp -- lifetime of 1950's and 1960's architecture such as Eichlers or Strengs.To price these types of homes, a seller would probably add a premium price pad on top of the comparable sales.Perceptions vary widely when buying a house that needs work, just ask any home buyer.
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Think about Folk Victorians or Italianates or Queen Annes or Craftsman bungalows.They might deduct a little bit more from the price for a fast sale.Whether it becomes a flipper house for an investor who is hoping to turn a fast buck or a home for a first-time home buyer depends on profit margins and the amount of work that is needed.Yet that doesn't stop buyers from trying to discount an already discounted price.
The fixer-upper homes are generally priced for a sale in their AS IS condition.Maybe the area was overbuilt and supply exceeded demand. Or, another tract of homes opened up a few miles away for less money.
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