Older homes are attracting more non-institutional buyers who are looking for bargains, according to RealtyTrac's Aging Homes Analysis. The report found that 60 percent of home sales so far in 2013 were older homes, which RealtyTrac defines as having been constructed before 1990. These types of houses comprise about 70 percent of the total U.S. housing stock.
The main reason for this trend among bargain hunters is that institutional buyers, whom RealtyTrac describes as buyers who've purchased ten or more properties, typically aim for newer homes, leaving less competition for older stock. This makes such homes more enticing for prospective owner-occupants who have had trouble as of late competing against institutional buyers making cash offers on homes.
"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."
Something to keep in mind is that many maintenance issues on older homes can quickly become major renovation projects if you don't have them fixed promptly. Rather than waiting months or even years to have your recent purchase renovated, it's a good idea to contact the Fairfax, Virginia HVAC repair and plumbing specialists at John C. Flood, to have the electrical, heating and plumbing systems in your house modernized.