EXIT Realty Plus Utah

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EXIT REALTY PLUS’ Daily Insight for April 5th: Buying an Old House - The Pros and Cons

Red oak wood floors, brick fireplaces, and an old apple tree in the garden; it seems that older homes always come with a distinctive personality. However, they can also come with a bit of upkeep and renovations. Are you having trouble deciding if an older home is worth it? Here is a list of the pros and cons of buying an older house.

Pro: A Long-Term Investment
Since vintage homes are limited in supply they're high in demand. Realtor.com suggests that before purchasing an older home, talk with people in the area that have similar homes to see how much the homes have increased in value over the past ten years.

Con: Outdated Building Codes and Maintenance
Homes with old heating systems and poor plumbing can pose a big problem in meeting today’s current building codes; "Smart home shoppers should take a careful look at each element of infrastructure in an older home: heating, wiring, plumbing, and air conditioning" (realtor.com).

Pro: Cost
Typically, buyers will pay less for an older home, than they would a new home that is the approximate same size and in the same location.

Con: Lack of Storage Space
Older homes were not built to accommodate the storage needs of our busy modern-day lives. This is because we consume more now than we ever have before. However, this could just be an opportunity for you to downsize/declutter.

Miller, A. (2023, March 22). The Pros and cons of buying an old house. Real Estate News & Insights | realtor.com®. Retrieved April 5, 2023, from https://www.realtor.com/advice/buy/pros-cons-buying-old-house/

3 Reasons to List Your House This Spring

Here at EXIT Realty Plus, we want to talk to you about three reasons why listing your house this spring is a good idea.

1. Home Equity is at an All-Time High: According to realtor.com, “recent surveys suggest that nationwide homeowner equity levels have risen to 70%, a near-40-year high”. If you are interested in finding out how much equity is in your home, check out Realtor.com’s online mortgage calculator.

2. The Supply of Homes for Sale is at a Rock Bottom Low: A little more than half as many homes are for sale, as they were in our pre-pandemic market. This means that new homes listed for sale are likely to get more attention.

3. There Will be More Buyers as the Weather Warms Up: realtor.com has determined “that the very best time to sell for 2023 is the third week in April”. During this time it is expected that listings will receive up to 16% more views, and gain around $8,400 more per sale than an average week.

If you or anyone you know is thinking about listing a home for sale, give us a call at EXIT Realty Plus. (801) 506 - 3110

Check out our website at: https://exitrealty.com/office/Salt_Lake_City/UT/2248/EXIT_REALTY_PLUS

Stewart Title will be teaching a CE class here at the office on Wednesday March 1st from 10:00 to 12:00. It is on Lease Options and Seller Financing. Please feel free to invite Realtors from other offices who may need the hours.