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1 80s home avail. in my (low) price range in school district. I want 50's or earlier. Wait or buy?

I'm pretty much looking at fixer-uppers in my price range (<100k).  I'd rather restore an older home than make 80's construction, uh, glam.  In the last year, more of the older homes in the school district have sold than the newer ones, at least at a low price point.  It's March.  Do I bite the bullet and take the only property available to me now, or do I take the high road and hope another of the older houses becomes available... in my price range.  I'm not under any schedule pressure to move. Will the market price me out of a home in the next few months?
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March 12 2013 - Lakeville
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How do I find a Realtor who works the non-MLS market?

 My current agent has sent letters to owners of properties I would buy (specific neighborhoods & price points), but that's it.  I love her.  She's fantastic.  I'm just wondering if I'm limiting my search.

(There is a 14-day waiting period for investors to make an offer on the 80's house I'm considering.  No non-investors have not shown interest after 6 days, which is unusual.  I'm relying on its ugliness to give me until the end of  the 14-day resident priority clause.  My plan is to offer 12-days into that if it's still available, which seems likely.  It's going to take a chunk of cash to turn the place around, which I would have to do over time.  I'm giving myself a week to really decide which way to go.)
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March 13 2013
I don't know your market since it was not mentioned, but if you only have 1 listing that fits your criteria I would jump on it. We are in a full-blown seller's market now, and everything I am seeing says this spring/summer will be nuts. Not in a good way for buyers.

I have a listing right now where we are at 50 showings for 3 weeks market time. To put that in context I would have been happy with half that number for the whole month 1-2 years ago. The market is creating bottle necks at price points where buyers are now sitting on the sidelines hoping the right house comes along. To me that is a bad strategy and the realtors fault, but that would be a whole lengthy story on its own.

Bottom line: we are in a sellers market and demand is still very strong by the "foot traffic" or showing activity I am seeing on my listings. Even though listings will increase in the coming month's buyer demand will easily be able to absorb it. The seller's have all the leverage this year.  

 If my house was an easy sell it would have already had multiple offers and Pending by now. For the very bottom of the market (under 100k) I think universally all over the twin cities supply is just downright ugly right now. I can't say for sure if the market will price you out in only a couple month's, but what I will say is that starting April I expect prices to go up as the buyers come on the market only to find there is no inventory. 
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March 13 2013
Buy now.  The RE market shows increasing demand and decreasing supply.  With any market the correction for these conditions is higher prices.  I agree with you that the older homes are better built, but if you are looking for a fixer it may not matter as much.  With a fixer you work the calculations in reverse, i.e. when complete the house is worth $X, cost to get it to that level of finish is $Y, cost to acquire is $Z, my equity is $W, etc.  Good luck with your project!
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March 13 2013
There are huge differences in construction between the 1950's and the 1980's.  While the market is turning around, there will always be deals out there and at this time of year I can guarantee one thing for sure...  There will be more new listings coming on the market over the next couple of months.  Since you are under no time pressure, you can affort to be selective.  My gut says to find an agent who knows how to work the non-MLS market and find the right home for you.  And don't forget about short sales.  They can provide a good discount for those who are willing to wait.
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March 12 2013
 
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1 80s home avail. in my (low) price range in school district. I want 50's or earlier. Wait or buy?
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March 13 2013 | 4 answers
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