I read about the current real estate inventory shortage. Because of this, people are offering to pay more for homes than the ad says. Going through the listings of properties, I found a home for sale in 1400 North Parkside. The listing price was $ 125,000. From the photographs attached to the list, it was easy to see that the house required a minimum of US $ 50,000, and a maximum of US $ 100,000 for work. At a minimum, a complete interior fit-out will be required, as well as a new kitchen and bathroom. I assume that the heating and hot water system will need to be replaced. Front and rear porch repairs will also be needed. And a new roof.
The listing said the house was “hot” and would be sold quickly. As a skeptic, I wondered if this would be the case. So every couple of days I checked the list to see what was going on. In just two weeks, the listing went from being “available for sale”. And another quick check of the listing a couple of days ago showed it was now sold. The fact that it closed so quickly means that it was probably paid for in cash. And the closing price was $ 20,000 more than the bid price!
To be honest, I was amazed that the house was sold for such a price. But it was probably bought by an investor who will renovate the house in order to resell it. And the resale price will be interesting. This is a fair warning to people trying to sell their homes outside of the current real estate market. With the housing market and final sales prices skyrocketing, you could cheat yourself thousands of dollars if you accept a low cash supply. A rare Austin property that needs to be closed for less than $ 100,000 regardless of condition.
I had the opportunity to visit a local home improvement store and check lumber prices. This is an unpleasant sight! But when the job has to be done, sometimes you have to chew on the bullet and just pay for it. I am fortunate that most of my projects currently do not involve buying lumber.
With the explosive growth of the Austin real estate market, it is imperative that we take care of the property we already own. So I spent two weeks removing the Home Depot Behr DeckOver paint from my deck. Since I was the one who drew this in the first place, my only anger was at myself for being lured into believing that this material would last 10 years without maintenance. Four was hardly enough.
For the past couple of years, it has peeled off in various places. I tried applying paint remover to it, but even after an hour, it did not rise. It was sticky like molten crayons. I was forced to use a heat gun and supplement it with a sander paint remover pad. I was finally able to make progress. I have gathered everything I need and am currently covering the deck with a waterproofing sealant.
I currently have no plans to sell my house, but when I do, I expect a lot of money for it.
Arlene Jones is a columnist for our sister publication Austin Weekly News.