A realtor in Phoenixville has some insight on fixer-upper homes in the market, writes Veronica Dagher for The Wall Street Journal. 

“Even homes that need renovations are still selling near list price or slightly higher simply because there aren’t enough homes on the market to meet demand,” said Brian Slater, who has been an agent since 2002.  

However, some real-estate agents find that buyers may be less likely to purchase homes that need lots of pricey renovations. Due to the increase in home loans, construction loans, and high mortgage rates, fixer-uppers might seem like a risky purchase.  

Sellers might have homes sitting longer on the market and receive less offers due to these requirements. “Most home buyers right now simply don’t have enough money left over to invest in major repairs or remodeling,” said Redfin deputy chief economist Taylor Marr. 

However, spending on remodeling has remained the same. According to a Harvard University study, the U.S. home improvement market reached $471 billion in 2022. 

Read more about the fixer-upper homes on the market in The Wall Street Journal.

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