Purchasing a fixer-upper won’t help Valley homebuyers much, study finds
PHOENIX — Finding a home in the Valley isn’t easy and those hoping to score one with a fixer-upper won’t have much luck either, according to a national study.
Home services platform Porch.com took 100 of the most populated cities spanning across 40 states that had at least five homes designated as “fixer-uppers” in current sales listing on Redfin.com, a national real estate brokerage.
The study found Scottsdale was the sixth-worst in the nation for available fixer-uppers, while also placing No. 8 for the most expensive fixer-uppers at an average of $768,000.
The average cost for a fixer-upper across the cities in the study was $280,000.
Fixer-uppers on average are priced 25% lower than typical homes, according to the study, but fixer-uppers in the Valley aren’t saving homebuyers much.
The study ranked Mesa as the second-worst in the nation where fixer-uppers are discounted the least, with Phoenix ranking No. 4.
Cape Coral, Florida, was ranked No. 1 for having the least common fixer-uppers, while San Francisco had the most expensive fixer-uppers at an average price of $1.4 million.
Akron, Ohio, is the city that had the most common fixer-uppers, according to the study, while Flint, Michigan, had the least expensive fixer-uppers at an average price of $55,000.
The study also found San Francisco home buyers only saved 1% when purchasing a fixer-upper, while those in Omaha, Nebraska, were able to score a fixer-upper for 67% less than an average home.