Buyers take note: A recent report says older homes have lower prices and less competition in today’s market.
The Aging Homes Analysis report from Realtytrac.com, the online resource for real estate data, says that 70 percent of single families were built before 1990 as published by UPI/Business News.
The full report released Thursday said that 60 percent of 2013 sales were for homes built before 1990.
“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” Jake Adger, chief economist at RealtyTrac said in a press release. “However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes.”
The 3-bedroom raised ranch built in 1984 (shown above) on North James Street in Mamaroneck sold in August for $525,000. It was initially listed in January at $555,000, according to online records.
Here is an interesting chart from RealtyTrac: