Craig Murphy and Willow Berglund Murphy at their home in San Rafael, California.
Photographer: Jim McAuley/BloombergReal Estate
Homebuyers Swarm to High-Risk, High-Reward Fixer-Uppers in Red-Hot Market
To escape expensive real estate listings, some are turning to houses in need of renovations — which can present a new set of problems.
Real estate bidding wars are breaking out, new listings are disappearing within days and prices are expected to rise even further. What’s a prospective homebuyer to do?
For many, the answer is purchasing a cheaper home in need of renovation. Discouraged by the unrelentingly hot U.S. market, first-time and experienced buyers alike are betting that the effort and cost of fixing up a home will be a better investment in the long run.