With house prices shattering records and mortgage rates showing no signs of receding anytime soon, many house hunters can’t afford the kind of HGTV-worthy home that’s become the new standard for a generation of homebuyers.
That’s why more people are on the hunt for an ugly duckling — or what’s commonly known as a “fixer-upper.”
Realtor.com said that during July, the number of page views for searches with “fixer-upper” in the description tripled compared to four years earlier. These days, less-than-perfect houses seem to be growing in popularity as buyers look for ways to boost their purchasing power and avoid what remains a highly competitive real estate market.
With the recent uptick in interest in fixer-uppers, Realtor.com said the median market time for one in July was 53 days. That’s only a couple days longer than a comparable move-in-ready home. But in areas where there are more interested buyers than sellers, even houses in need of TLC have become a hot commodity.
That’s true of Caleb Polson and Jessica Lang, who recently paid slightly more than the $399,000 asking price for a mid-century modern house in Bloomington. The 3,400-square-foot house, built in 1974, had been in the same family for decades. It sits on a heavily forested bluff-top lot with more than than an acre of land overlooking the Minnesota River.
But it needs extensive updates. Here is some advice on how to approach taking on a home renovation project.
This is how Eric Schneider, the agent selling the Bloomington house, described it in the listing:
“This is not a turnkey property. It’s an invitation to dream. Priced accordingly, it offers a compelling opportunity for someone with passion, creativity and an eye for architecture to reimagine something truly special.”
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