Quote:
Originally Posted by Via Chicago
i guess im not following. the homes are selling for more than they otherwise would be simply because a flipper acquired it and did 2 months of "work". if you couldnt afford a decent fixer upper at 100k (im not talking about the bombed out shells), how are you suddenly affording it at 350k? its easy credit, people stretching themselves thin in marginal areas simply to get into something they think they need, and we've seen before how this all ends. this supply shortage and asset bubble is driven entirely by rate policies which in no way are sustainable (as well as eviction moratoriums which also will not be around much longer)
im all for renovations and re-investment. i want to see these neighborhoods rebound. but this isnt my first rodeo either.
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Not everyone has interest in renovating a home, even if it would take only a few months of work and 75K (vs the 150K difference of buying it post-reno) Lots and lots and lots of people just want a nice place to live comfortably and relax after work and on the weekends. Plus these paint-by-numbers style choices are paint-by-numbers for a reason--they are basically blank slates. A buyer gets an updated home that feels newer and comfortable and they can make their own small changes over time without needs to make a big investment of time right at the outset of their home purchase.