Most of the single-family homes in the United States are more than 20 years old, and roughly 60 percent of the sales so far this year involve homes built before 1990 and 70 percent of single-family homes were built before 1990. That’s the findings of the Aging Homes Analysis conducted by RealtyTrac, a provider of comprehensive real estate data. A large percentage of home built in Dallas are at least 40 years old and are likely in need of some or major repairs which is not surprising.
However, given the low inventory of homes available for sale in today’s market, this can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes especially within a 10 mile radius of downtown.
Newer homes carry a higher price tag, while the lower price of to older homes presents an opportunity for savings for buyers who are interested in updating in select neighborhoods where values have increased 10% year over year for the past several years.
It also gives owner-occupant buyers the opportunity to use the Federal Housing Administration’s 203(K) program to finance the purchase, rehab and upgrade of an older home and homeowners can use the program to roll rehab expenses into a refinance.