An Investopedia article caught my eye this morning and reminded me that I haven't posted about Fixer-Uppers in a very long time. I blame it on the crazy Covid-post-Covid market, when demand for homes overshadowed their condition and everything sold with multiple offers regardless of their condition. Those days are gone here in the Foothills and apparently, according to Zillow, in many places across the country.
I think the Investopedia article and the Zillow Press release (links ⬇) offer some good information on what matters most and least to home buyers these days.
As you peruse the facts and figures presented in the article please keep in mind that the Zillow $$ amounts are based on median or average prices (not sure which) of the typical American home. The Federal Reserve Bank of St Louis shows the median sold price of the typical American home is $419,200. Currently, here in the Catalina Foothills, the median sold price is $827,750, 97% higher than the typical American home.
Needless to say, the $$ amounts in the article would need to be significantly increased to better reflect the higher property values in the Foothills.
Courtesy of Investopedia
Buyers Want Move-In Ready Homes, Not Fixer-Uppers
By Jordyn Bradley Published March 02, 2025 05:00 AM EST
KEY TAKEAWAYS
• Today's home buyers are searching Zillow for remodeled homes, not fixer-uppers.
• Buyers are willing to pay $13,000 more for a move-in-ready home to avoid spending time and money renovations according to Zillow.
• Fixer-uppers are selling for 7% less than similar remodeled homes, the largest discount in three years.
• Home buyers are less interested in “sweat equity” and “good bones” than a quick move-in, according to recent research.
At least this is what Zillow says its search trends suggest, according to a new report.
Remodeled listings are saved 26% more than homes that are not remodeled, Zillow said, while turnkey homes are shared with a home shopping partner 30% more often than similar homes that aren’t remodeled—indications that those shoppers are more serious about buying.
Read all about it
Buyers Want Move-In Ready Homes, Not Fixer-Uppers
The same is true here in the Catalina Foothills, and perhaps even more true since so many of our buyers come from all over the country and beyond. Many of them are winter visitors who are only here part time, and the last thing they want to do is get involved in a renovation-remodel project. No way.
On the other hand there are buyers who are only interested in fixer-uppers, to fix to flip and to make money doing it, as long as the fixer-upper is priced right.
And from Zillow Press releases /
The end of the fixer-upper: Remodeled homes sell for the highest premiums
Feb 19, 2025/ This press release appears to be the source of information for the Investopedia article, but with even more facts, figures and detail.
Catalina Foothills Homes
John Schneider, Realtor® | Tierra Antigua Realty
TheFoothillsToday.com | TheTucsonFoothills.com
[email protected] | 520 271- 4164
Buying or Selling, Let's Do It.
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