The red hot housing market is resulting in homes selling in record time for substantially higher prices. According to a recent study from the National Association of Realtors®, the median listing price of a home as of October 2021 was $380,000. This equates to a 22% increase since the start of the pandemic. Of course, there are still potential deal-breakers in any market. To better determine the most common deal-breakers cited by buyers, HomeAdvisor recently conducted a survey of nearly 2,000 homeowners that had purchased a home within the past 5 years.
The biggest deal-breakers for home buyers
As expected, the price and size of a home tend to still be the biggest potential deal-breakers. With this said, below are several other issues cited in the survey:
- Damaged or discolored exterior siding
- Weatherproofing issues around the home
- Substantial home repairs needed
- Foundation issues
- Cracks in the walls or ceilings
Summary
The persistently tight inventory of homes for sale is resulting in many buyers being willing to look past certain items in a home. According to the HomeAdvisor survey, approximately 25% of buyers were willing to go over their purchase price budget by more than $100,000. Nonetheless, it is important for sellers to be aware of the most commonly cited deal-breakers for buyers. As with any market, sellers must always account for all aspects of the home in order to ensure a timely sale for top dollar. Are you considering listing your South Florida home for sale? If so, contact Live South Florida Realty, Inc. for a free, no-obligation consultation.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
