This is one of the highest priced homes I have looked at in over a year. That is largely because there are so few homes listed for sale under $300,000 I have run out of inventory to preview so I am looking at homes in the next higher rung on the price point curve. The question of will there ever be good supply of homes priced under $300,000 again? Is a really good question. Last year there were about 80 homes total all year that were listed under $300,000. That was just under 10% of the total market place of all homes listed and sold last year. So far, in the first week of January, just two homes listed under $300,000- which is why I am looking for inventory in the next higher price point category.
That being said, this is actually a very nice house, and even at $339,900, it actually represents good value for the consumer. Here are all the things it has going for it that make is nicer than the typical homes I see in Wildwood in the price range where I am always looking. For one thing, it has flat yard, with great separation from the neighbors, and it is at the back of a cul-da-sac a long driveway set back from the street. The siding is in very good condition, decks all look unblemished, and the interior is move-in ready, with four good sized bedrooms, three well appointed bathrooms, and a kitchen that features granite counters and a stainless steal stove and oven. There are hardwood floors downstairs that are in good condition, a river rock fire place, and upstairs has clean carpet without stains or odor. The two car garage is finished. This home has the whole package, and is just $175 per square foot.
Typically, I look at fixers and neglected homes that have the same floor plan as a house like this but are in terrible condition, and they sell for $257,000 to $300,000. There is no way you could fix up a house like this if it needed all the kinds of work the typical REO fixer needs, and do so for less than the list price of this house. I am not saying you could turn around and flip it for a great profit, but the seller is leaving some equity on the table to get it moved. I doubt it will last long at this current price.