buying homes that need work
If a home for sale in East Sacramento needs work, does that mean a home buyer can or should offer less than the asking price? Imagine this scenario. A home buying couple has been out touring homes with her East Sacramento Realtor for several days. They had been looking at homes in East Sacramento both online and in person, trying to find the home that speaks the loudest and stirs up those emotional longings. Finally, they stumble upon a home with the right number of bedrooms and baths, the layout is perfect, and the location is highly desirable, but, alas, it’s not in the best condition.
The home needs a new roof, and the elderly sellers don’t have the money to replace the roof. The hardwood flooring under the carpeting is in pristine shape but rolling up carpeting to haul off to the city dump is really not in the buyers’ future plans. Perhaps the flooring slants a little bit because the home has been around for 75 years. The hottest design trends that are featured in all of the home remodeling magazines are not found in this home; instead there is basket-weave tile in the bath, which the buyers would prefer to rip out.
Still, there are very few homes for sale in the buyers’ price range in East Sacramento. This home might be perfect in every way except for the defects the buyers noted. How much should the buyers offer if they decide to move forward? That’s always the big question. This could be the home of their dreams.
First, a buyer might want to consider the fact that the home is priced correctly and at market value, which is often the case. The price probably already reflects the work. Perhaps another home the buyers don’t much care for is priced less because it is a home that is much smaller and located on a busy street? Figuring out an offering price does not mean buyers should automatically offer less because the home does not measure up to their ideal needs. Market value does not depend on a buyers’ future home improvement plans.
Buyers, too, might point to the days on market, as the novice typically assumes incorrectly that longer days on market always means a home is overpriced. Sometimes newbie real estate agents make that mistake as well. What longer days on market can also mean is many home buyers do not want to buy a home that requires any work at all, so they pass it by. Not that it’s priced incorrectly. For many first-time home buyers, any amount of work is too much work.
The savvy buyer will instead see an opportunity to buy an East Sacramento home that will increase in value after the right kind of improvements are made. They also welcome the chance to apply a personal touch to their new home and might even spend afternoons strolling the aisles of Home Depot. Often, these types of buyers, believe it or not, are real estate agents. If you want to buy a home like a real estate agent, then you might want to talk with your agent about the comparable sales and look at the sales price the way a professional would. Because only a novice would believe a lowball offer is the right answer.
Here is the house that investors and flippers have been waiting for: a Sacramento fixer home for sale in Rosemont. They say the biggest problem with opportunity is few recognize opportunity when opportunity comes knocking. Or they expect opportunity to change her clothes, lose weight, color her hair or somehow make herself more attractive when she’s beautiful just the way she is. In other words, a buyer doesn’t have to grind out every last dime in a transaction to make it worthwhile.
There is plenty of room in this sales price to do improvements and eventually sell the home to a first-time home buyer, if that’s your cup of tea. Or, you can buy the home for yourself, fix it up and live in it. As long as you’re able to tackle a Sacramento fixer home, have the rehab know-how, then knock yourself out. This is the home for you. The prices in that neighborhood are in the upper 200’s and lower 300’s. This 1963 Sacramento fixer home is listed at $245,000.
It features 4 bedrooms and 2 baths. The Sacramento County Assessor’s records puts the square footage at 1,577. There are hardwood floors mostly throughout and they appear to be in pretty good shape. The kitchen needs a bit of work, as do the two baths. There was an attempt made in one of the baths to update, but something went haywire. Seems like a bit of dry rot and dampness. You may notice the ceiling lights in the kitchen are exposed, and Romex is all over the place. That’s why there is a floor lamp in the kitchen. The cooktop and oven are fairly new. But the cabinets and almost everything else should probably go.
An interesting feature is the satellite living room features a fireplace, and there is another fireplace in the family room off the kitchen. The ceilings are popcorn and could contain asbestos.
The yard is overgrown. Weeds are sprouting from the gutters, but hey, the cement tile roof is newer and it seems from the ground level looking up to be in good shape. This Sacramento fixer home is sold in its AS IS condition, and there will be no repairs, no concessions, no renegotiations, regardless of what a home inspection reveals. And we mean it. So get ready to compete for this home. We expect great interest. The most committed buyer will probably land this.
9165 Thilow Dr, Sacramento, CA 95826 is exclusively offered by Elizabeth Weintraub and Lyon Real Estate at $245K. For more information, call listing agent Elizabeth Weintraub at 916.233.6759.
P.S. For those of you who read my blog Wednesday morning, I took Horatio back to the vet on Wednesday and had him retested. This time the result was negative. Thank goodness. There is such a thing as false-positive for leukemia testing.