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Tag: Svenja Gudell

The Number Of Fixer-Uppers For Sale Rises

The number of homes for sale that are described as “fixer-uppers” is on the rise – which is good news if you’re a homeowner that hopes to sell your house “as is” or a buyer looking for a project. The analysis, done by Zillow, found that, over the past five years, there’s been a 12 percent increase in the number of homes on the market that’ll require some extra love from their new owners. They also found that the trend is more pronounced on the higher end of the market, with a 35 percent increase in the number of “fixer-uppers” among the top third of homes for sale compared to a 3 percent increase among more affordably priced homes. So why are more homes being listed “as is”? Simply put, the increase is due to low inventory. With fewer houses for sale, homeowners in many markets feel more comfortable listing their homes without having done every repair and renovation because buyers have fewer choices. Svenja Gudell, Zillow’s chief economist, says there are also more older homes out there. “Sellers are in the driver’s seat, with the freedom to list their home for sale ‘as-is’ without worrying about price cuts or the home sitting on the market,” Gudell said. “And without sufficient new construction, the housing stock has aged, so home buyers are finding more and more homes on the market in need of a little TLC.” More here.

fixer-upper

Lots Shrink As New Home Size Grows

Since the late 1990s, the median size of newly built single-family homes has been growing. In fact, new homes have grown from 2,100 square feet in 1999 to nearly 2,600 square feet by the end of last year. That’s a 24 percent increase. But having a bigger house near a city center comes at a price. In this case, Americans have sacrificed having a large yard in order to have more indoor space. According to new data from Zillow, the median lot size has shrunk about 10 percent, from 9,600 square feet in 1999 to about 8,600 square feet today. “The idea that Americans increasingly prefer smaller homes is simply not supported by the most recent construction data,” Svenja Gudell, Zillow’s chief economist, said. “We still want our big homes with ample bedrooms and bathrooms, but increasingly, we’re having to make a tradeoff to keep those kinds of homes accessible – namely, smaller lots.” According to Gudell, the trend toward larger homes on smaller lots is a compromise between what builders can profitably build and what consumers will actually buy. More here.

New Houses

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