So, here is the most basic question you can ask- if you buy home for say $230,000 or $240,000 and it needs a bit of work, how does it compare to a home priced at $255,000 or $250,000. That’s exactly the question investors are asking. Do you buy a home that needs work or do you look for something that is move in ready? Obviously, the market is a bit more nuanced than this question implies. I looked at two homes in Wildwood, 14239 Pepperwood, a ranch style 3 and 2, bank owned home for $259,900. It’s still a fixer, but has a very desirable floor plan. Needs paint and cosmetic repairs, but appears to be fairly solid home. The other home, 11055 Fisher Court, a 2 and 2 with an office, no garage, two story home with the kitchen and master upstairs, and a bedroom and office down stairs. This home is listed for $255,000. Its in better shape, but it is also a smaller home, it’s two stories, has no garage, and it lacks that very desirable ranch style feeling.
Whether you like the ranch style floor plan or not, the market place of buyers prefer ranch style homes, and the prices of homes with a ranch style floor plan reflect the consumer preference for the three and two, single story open floor plan with an attached garage. Two homes, same over all size, same condition, one is two story home with any configuration of bedrooms, the other is a ranch style single story home, the ranch style home will sell for more per square foot.