We just read where one of the potential sales of a Sun City property fell through. It happens often here in Sun City. Home inspections are a way of life and often reports come back with some updates the buyers asks the seller to make. In this case, the seller was unwilling. There's a simple explanation; the seller bought this home back when Sun City properties were going for a premium. That's not unusual these days, many of the homes listed were purchased in 05, 06 and 07. This particular home was purchased for $215,000; what we don't know is how much, if anything, the buyer then put into a remodel. I know the owner wasn't living in it, so they must have been renting it out. Did the rental cover his/her costs? Was it purely bought as an investment? These kinds of questions always impact the point of sale. Timing in this case is everything, because the owners bought high and now the new potential owners wanted to buy low (at least less than they had in it). We know the sellers aren't motivated or they would have sold. We know the buyers aren't in a hurry, so it's all just timing. What I love about the new real estate websites (Zillow, Trulia, Realtor.com etc.) is they are loaded with information. The old adage that knowledge is power is true, especially in this market. Some Sun City properties are begging to be bought, others can and will sit there for months/years if they aren't priced right. Even with the sales boom and low inventory, there's homes that have been for sale for a half a year or more. There's a couple of factors about Sun City properties that come into play: There's been lots of investors buying to flip homes in the past 5 to 10 years. The ones from 5 years ago have room to take their margins and still sell right. The ones from 10 years ago don't. I've watched some bite the bullet and take the loss, others who weren't in it for the short haul sit tight and wait. The more you understand it, the better off you are to deal. The other phenomena are folks like my wife and I. We bought in 99 and spent a fortune over the years in upgrades. We never looked at it as an investment to get our money out of, but as an investment in the kind of home we wanted to live in for the next 40 years (Lord willing). Those are the kind of homes I would be looking for. People who had been in their home a long time and done the right things along the way. And of course, there's the other option; those who bought here and never put a dime in their homes and just want out. We like to call them vintage, so unless you are really tight with a buck, plan on spending a goodly sum to get them to where you want them. And let's be honest, it's fun to put your stamp on them. Timing is important in every real estate transaction, but just as important is to know as much as humanly possible about the home you are buying and the people that own it. The tools are out there, it's just a matter of digging and working with a good agent who can help you with that information.
During my 8 years here, I have replaced all the appliances - one a year. They all worked but were approaching 20 years. I have considered replacing the carpet, LR, DR, Bedrooms. However, it is still in good condition and if/when I sell I will give a carpet allowance. My windows are not doublepaned but do have shade screens. My next project is to have the lower part of my back patio covered with siding. Know of a good contractor?
