Tampa Bay buyers don't want your fixer-upper
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Tampa Bay sellers need to put in a little work for buyers to bite, Tampa-based agent Paul Fennell says.
Why it matters: Homebuyers already burdened by gravity-defying prices and mortgage rates don't want to move into an HGTV "before" photo.
What's happening: Sellers typically have a bias toward their house — and, of course, it's natural to want top-dollar for your home, Fennell says.
- But they're starting to understand we're in a very different market than we were two years ago; buyers are strapped and can't afford to overpay, he says.
What they're saying: Sellers in the $300K-$400K listing range can expect to spend up to $30,000 getting their home ready for market. Fennell recommends spending the bulk of your budget on:
👃 Erasing smells. The easiest way to neutral scent is to replace the carpets and carpet pads, especially if you have pets.
💡 Lights. Choose neutral paint and flooring, and upgrade lighting.
🛠Updating cabinets. Now's not the time for a full kitchen reno, but painting dark maple cabinets and adding fresh handles will go a long way.
🌳 Landscaping. Pull weeds, mow the lawn, remove branches from the roof.
The big picture: Self-identified fixer-uppers are typically selling for less, and more slowly, than expected, according to Zillow data shared with Axios.
- Across the U.S., listings that mention the phrase — just 0.3% of sales in the first half of the year — sold at a 3.1% discount and took 3.2 days longer to sell relative to expectations, the data shows.
- Listings pegged as "remodeled" or "renovated," which accounted for 24.1% of U.S. sales, sold at a 1.2% premium and 1.8 days faster than expected.
Zoom in: Listings that mention "fixer-upper" comprised 0.3% of Tampa. metro-area sales in the first half of 2023, per the Zillow data, while those advertised as "remodeled" or "renovated" made up 28.9%.
By the numbers: Roughly 47.5% of Tampa-area homes in July were snapped up in two weeks or less, according to Redfin data shared with Axios.
- Nationwide, around 41% of listings were marked pending, contingent or sold within that window, Redfin found.
State of play: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin's Taylor Marr.
- Tampa homes go off-market after a median of 21 days, compared to 10 days a year ago, per the real estate brokerage.
Go deeper: A $630K Bradenton fixer-upper with a dated kitchen and finishes has been on the market for 98 days so far.