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Chip and Joanna Gaines remodels are hard to sell for homeowners!
Dated: September 7 2019
When it comes to buying a home, you have to be careful not to over do the re-do. Chip and Joanna Gains have buildt some beautiful homes in the Waco area, From the amazing finishes to the decor, these "Fixer Upper" homes are fabulous!
Unfortunately, some of these homeowners and their agents are finding that these homes are hard to sell!
Earlier this month, the REALTOR® representing the “Asian Ranch House” featured on Season 2 of the hit HGTV show was in the news when she confessed that the home’s $679,000 price tag was likely hindering its sale. For comparison, real estate agent Marilee Kahler of RE/MAX Centex Realtors in Waco told Fox News that the current, average price for homes sold in the area hovered around $215,000.
As existing homes for sale continue to be lower than normal in the Greater Fort Worth, Arlington, Mansfield and Burleson areas, and with builders pulling back a bit, house flippers are back at it again. It's very likely that at least some of these properties will be over priced and over done.
So how do you make sure you don't get stuck in negative equity on a renovation?
First, find a local realtor that knows the market. Looking at sales comparisons can be tricky as homes can vary greatly in price per square foot depending on condition. In addition, some areas that are very close to eachother vary wildly in resale price.
Additionally, look at a home that has all of the big three in great shape. Foundation, Roof and HVAC are the most expensive immediate fixes. If these are good, the home has "good bones" . Everything else can be renovated as you go without having to finance those renovations over 30 years in your mortgage.
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Derek Taylor Realty Group, founded in 2008, is a full service real estate group, focusing on all areas of Fort Worth Real Estate including luxury homes, commercial properties and investment properties....
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