Cash-Stretched New Homebuyers Are Drawing a Line at Fixer-Uppers

May 20, 2024
Prashant Gopal - Bloomberg

For homebuyers trying to crack into a tough US housing market, it would seem like relief is here: New listings are on the rise.

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or updates, with two-thirds of agents saying listings showed deficiencies in at least four different areas, including outdated kitchens and bathrooms.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.



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