A new report from RealtyTrac, a provider of real estate analysis and data, has shown that Americans are currently favoring age over beauty — in terms of their real estate purchases anyway.
The Aging Homes Analysis, which was released Oct. 31, shows that more than 70 percent of U.S. single family homes were built before 1990, and these pre-1990 homes made up 60 percent of 2013 year-to-date sales.
The study could be seen as an indication that, generally speaking, people are more willing to take on the responsibility of fixing and maintaining the potential issues associated with older properties than pony up for a higher priced, newer unit.
“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” said Jake Adger, chief economist at RealtyTrac. “However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply 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.”