No matter what price range, or location you are searching for a home, condition is still a controlling factor.
I divide condition into three major groups, poor, average, and exceptional. This is true for every price range and location.
Homes is poor condition make up the majority of the market in the lower price range. Next the average homes will be priced at market value for the area. Exceptional homes will be at the upper level of the price range.
Buyers searching in the lower price range will find the majority of homes in need of varying degrees of repair. These usually have few, if any updates. The major concerns will be foundation, roof, heating and cooling systems. Buyers generally will be faced with choosing between which repairs they are willing to take on. Most likely buyers will need a 203K or other remodeling loan in which repairs can be made after purchasing. Finding a lower priced home will require a great deal of research, and personal viewings before an acceptable property is located. It is not uncommon for buyers to spend 6 months or more viewing homes before locating an acceptable home. This problem is further complicated given the fact, many of the homes listed have few if any pictures to view on the Internet.
Average homes are usually not priced on the lower end of the market, but often present a better value after taking into account the cost of repairs on a lower price homes. Average priced homes often feature 1 or 2 desirable updates. There are 6 major updates, roof, kitchen, bath, finished basement, heating and A/C systems, and windows. Homes priced at market value are generally in good shape and well maintained. This is a wise consideration, often representing savings in the overall picture.
Exceptional homes are priced on the upper range of the market. These homes often provide 3 or more major updates, and are very well maintained. These usually offer features and upgrades not found in lower priced homes, such as decks, patios, oversized garages, baths, and kitchens. Searching is a more enjoyable experience based on the fact these homes most likely feature more pictures, and usually do not disappoint when viewed. Buyers usually find a home that meets, or exceeds their expectations within a short amount of time.
