[quote=Blogstar]….If people didn’t let their houses go down hill what would fixer flippers buy? Or fixer rental owners? It all works together.[/quote]
Absolutely true, Russ. But joe6P FHA buyer who will move into the place after closing is NOT THE SAME ANIMAL as “fixer flippers” and “fixer rental owners.”
The latter two types of owners frequently bought much cheaper than the surrounding owners who bought in the last ~9 years. They immediately improve the property to sell or rent out, thus IMPROVING surrounding values.
Joe6p may have bought at a little higher price than Buyer FF and Buyer FRO because he likely did not pay all cash. But his property was likely in no better condition upon closing those that BFF and BFRO bought. However, joe6p and his family, who moved in with all of their things (they can’t afford a storage unit), will need to live in the property “as is” for awhile and fix as they can afford to. Whether or not they actually know what they have really gotten into and/or have the skills and motivation to even complete the most simple chores after move in (ex: tidy up landscaping) is anyone’s guess. Years later, it is still in same or similar condition and isn’t worth more (and might be worth less) than he actually paid for it.
If the joe6P FTBs of today were as hardworking and motivated as the FTBs of yesteryear who bought “fixers,” then I wouldn’t be discussing them here.
