Tampa Bay homebuyers chase fixer-uppers
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More Tampa Bay homebuyers are chasing fixer-uppers than four years ago, when mortgage rates were lower and houses were more affordable, Realtor.com reports.
The big picture: Keyword searches for "fixer-upper" have more than tripled since 2021, even as those listings become a bit harder to find, according to the real estate site's analysis.
- Fixer-uppers now draw 52% more page views per property than similarly aged, affordable listings.
Zoom in: In Tampa Bay, fixer-uppers make up about 5.7% of homes for sale, higher than the national average and the 39th-highest share among the 100 U.S. metro areas analyzed.
Between the lines: For first-time buyers, fixer-uppers (smaller, older homes that need work) can offer cheaper entry. For flippers, they're a chance to profit.
- The median fixer-upper was priced at $200,000 as of July, less than half the $436,250 median for all single-family homes.
The fine print: Researchers define fixer-uppers as single-family homes for sale on Realtor.com that are at least 20 years old, listed at a price-per-square-foot below the median for their ZIP code, and marketed as needing repairs or updates.
- That includes phrases like "could use some TLC" and "good bones."
Reality check: Clicking on fixer-uppers is easier than buying one.
- Inspections and repair issues are a top reason home sales are falling through at a record rate, Redfin research shows.