Homes that are listed as fixer-uppers receive 52% more page views per property than comparable older, affordable homes, according to a data analysis report by Realtor.com.
The typical fixer-upper has three bedrooms, two bathrooms and was built in 1958. These homes had a median square footage of 1,628 square feet compared to 2,000 for all single-family homes. Realtor.com also noted that the markets with the most fixer-uppers tend to have the fewest new builds.
During July, homes marketed as fixer-uppers came with a median list price tag of just $200,000, which is 54% below the $436,250 median for all single-family homes.
Last month’s searches for the keyword “fixer-upper” on Realtor.com were more than triple the volume of four years earlier. Realtor.com identified the top five market with high buyer interested in fixer-uppers were potential deals: St. Louis; Detroit; Jackson, Mississippi; Toledo, Ohio; and Dayton, Ohio.
“Fixer-uppers give buyers a way to break into the housing market at a time when affordability is still stretched thin,” said Danielle Hale, chief economist at Realtor.com. “For those with the vision and a toolbox, fixer-uppers provide both a starting point in the market and the chance to create a home that’s truly their own. For sellers, listing their home as a fixer-upper at a lower price may generate more interest online than if they spend extra money on upgrades to make it move-in-ready.”
And the insurance is likely lower too; meaning escrow and therefore payments are lower as well.