A HOUSING - With interest rates and home prices at record highs, the homeownership dream feels less attainable these days.
Fixer-uppers may be a solution in some markets, as homes in need of a little TLC are 32% cheaper on average than turnkey homes.
However, California cities buck the national trend as not even properties that are in serious need of repairs will give you respite from boiling-hot home prices. Here's where California stands according to our latest report on the best markets for fixer-upper potential:
- San Jose takes the cake for the highest fixer-upper asking price, with homes in need of repair listing for upwards of $1.2M. For the price of a San Jose fixer-upper, you can virtually buy two turnkey homes in Austin, Texas. Fixer-uppers in San Jose represent only 4% of the existing homes for sale.
- San Francisco follows closely behind with a median price of $1M for fixer-uppers and 3% of active listings falling into the "needing a little TLC" category.
- Los Angeles is the third most expensive fixer-upper market with a median price of $899K for fixer-uppers. Los Angeles has a higher percentage of fixer-uppers on the market — namely, 9%.
- However, California cities also bring the highest cash savings when purchasing a fixer-upper compared to turnkey homes. Buying a fixer-upper in L.A. yields the highest savings ($500K), followed by San Diego ($450K) and San Francisco ($405K).
You can read the full report here: https://www.storagecafe.com/blog/best-cities-to-buy-a-fixer-upper/.
(Mirela Mohan is a creative writer who covers a range of topics including real estate trends, lifestyle and economy.)