Fixer-Uppers in Demand as Buyers Seek Affordable Options in Tight Housing Market
Existing home sales hit a 14-year low in September, according to the National Association of Realtors (NAR). Meanwhile, the Federal Reserve’s Beige Book hinted at a potential shift in the housing market, noting an increase in inventory across the country. In Virginia, for instance, agents are seeing a rise in “fixer-uppers and less-than-ideal homes” hitting the market. Take Corita Stull, a single mom in Baltimore. The rental home she shares with her four sons has its quirks—including a toilet that often requires “bucket flushing” to get the job done. Despite the maintenance challenges, Stull hopes to buy the home when it goes up for sale, embracing the “fixer-upper” option as a necessary path to homeownership in today’s market. During the pandemic, buyers sought move-in-ready homes, with immediate gratification being the name of the game. But with fewer turnkey homes available, the spotlight is turning back to properties that need a little TLC. “The fixer-upper market has more supply