Tag Archive for: Purchasing A Fixer Upper

Things You May Question When Selling Your Second Home

According to the National Association of Home Builders (NAHB), 50% of our country’s second homes can be found in just seven states, one of which is Pennsylvania. Our state is home to many second residences, and factors such as location and affluence play a large role in why. Pennsylvania is a state known for its beautiful natural landscapes, including state parks, numerous lakes, and mountains. There’s so much to do outside year-round, making it a big draw for vacationers and families gathering for weekend stays. Of course, affordability throughout much of the Commonwealth, in addition to proximity to major cities, tax incentives, and family connections, are other reasons why Pennsylvania has an influx of second homes as well as vacation homes.

Housing Supply Challenges in Pennsylvania

Despite the rise in recent years in home building market share for regions that cater more to second homes, Pennsylvania has dragged its feet in response to the housing supply issue that much of the nation also faces. According to a report from The Pew Charitable Trusts, their lack of building has contributed to the housing shortage. In fact, only six states from 2017–2023 rank worse than Pennsylvania in the issuing of permits when it comes to new home construction. The lack of new construction starts and residential permits has put a damper on affordability and has affected supply across the state.

Trends and Opportunities in the Second-Home Market

There had been a pursuit, during the pandemic, from some owners to acquire a second property, but this trend dipped slightly two years ago. Second homes account for 4.6% of the total housing stock in the United States. Those considering the second-home market in Pennsylvania should be cautiously optimistic about where it goes from here. We can only speculate, but stabilizing mortgage rates and demographic shifts, with more Millennials and Gen Z buyers entering the market, have the second-home market poised for growth. Opportunities for both buying and selling second homes are present and could increase as we enter the traditional spring/summer real estate season. What are the impetuses for seller activity? Things happen, people move, connections fade, finances change, and in the blink of an eye, owners need to list their vacation property for sale.

Four Key Factors When Selling a Vacation Home

 

Market Valuation

After you understand why you’re selling, whether you believe it will be financially advantageous to do so or you need to sell given your present situation, honing in on a price will be your next challenge. Some homeowners want to give it a go on their own. While there are a few circumstances where this might make sense, we do caution against attempting to sell a property, especially a second home, without the support and services of a real estate professional. Discover more about why this could be a mistake by visiting our seller FAQs.

Our approach to selling a second home examines the market conditions: locating comparable properties in the same area and taking into account the property’s appreciated value (assuming it has appreciated since it was purchased). Furthermore, it’s essential that you rely on an agent who’s familiar with your second-home market. If you live in a lake community, you need a professional with experience in that specific community. We have a unique online tool that better equips sellers to understand their home’s value. Instantly gain your property’s valuation by visiting this page of our site.

Is Now a Good Time to Sell?

It can be a mixed bag for sellers as they look to counter mortgage interest rates, which are known to be a little stubborn at times. High rates can deter a portion of the buyers who are on the fence. They want to buy but are anticipating a drop in interest rates. Some forecast models have mortgage rates falling to around 6% by the end of 2026. With that being said, if you’re contemplating waiting to see if the rates will fall, other sellers might be having similar thoughts. The more sellers that wait, the more competition there will be in the years to come, if and when the rates do fall more significantly. A more successful strategy might be this: Sellers can catch homebuyers who are reacting to incremental decreases in the rates and are ready to pounce on new listings popping up in their areas of interest.

Spring and the summer months are as good a time as any to list your vacation property for sale. In the Greater Scranton area, new contract activity has surged by 63.1% month-over-month (March as compared to February), reflecting strong demand from buyers. Spring is traditionally a strong selling season in Northeast Pennsylvania, even for our second-home markets. This increased buyer activity has continued to generate increased sales and rising prices.

Though it appears to be an opportune time to place your vacation home on the market, if you’re looking to sell, you must consult with a local real estate professional to make an informed decision. You may have more equity in this property than you realize. Homeowners have earned record amounts of equity over the past few years, and that can make all the difference if you’re selling one second home and you’re looking to purchase another investment property. Again, if you’re seeking increased buyer activity, you might need rates to decline further, increasing buyer affordability and demand. Economic factors, such as inflation, might also play a role in impacting homebuyer confidence.

Tax Implications

A downside to selling a second home or vacation property is certainly capital gains tax. While a primary residence, where you’ve lived for two of the previous five years, can provide you with a little shelter from capital gains, property owners don’t have that option with second homes. There may be deductions you can claim on your annual taxes if you’ve rented out your vacation/second home. Areas such as maintenance, utilities, depreciation, and property management may all aid with deductions. Of course, this all becomes a little trickier if you’re selling a second home, especially one that’s been an investment property as well. We highly recommend consulting your tax consultant or CPA to review your tax scenarios before selling your property. This will help you prepare for what’s ahead.

Improvements Needed?

There are a few fundamental questions homeowners need to ask themselves when deciding whether to sell their second home “as is” or make the necessary upgrades before placing it on the market. If the home’s in solid shape, repairs or updates might not be needed. If there are obvious repairs or eyesores, then it could be to your advantage to fix those problematic areas first. Whatever path you decide, you must consider a few things: Does the return on investment (ROI) justify the upgrades? Are there any repairs that, if not made, could prevent a sale from happening? Will any updates or renovations I make on the property boost its sales price?

Upgrades vs. ROI

Homeowners should be familiar with what projects will bring them the best bang for their buck. Some of the best improvements include a fresh coat of paint in the home, upgrades to lighting, landscaping, or even adding a front steel door. Smaller changes with high visual impact are a great rule of thumb!

Major Issues or Material Defects

Critical issues in the home can derail a sale faster than you can say “inspection.” And a good home inspector will uncover issues that can pose a serious threat to any occupants. If your second home has safety issues like mold, faulty wiring, or loose railings, take care of them immediately. Water issues, such as leaking pipes or a compromised roof, can also present a threat. Even if a seller decides to sell the property “as is,” they would need to disclose any known defects.

Getting a Better Price

The market will often dictate how to approach any renovations you plan to make on the property. For instance, if an owner is looking to sell their vacation home in a buyers’ market, with slower market time for sellers, some upgrades might be a good approach. Yet, if the market favors sellers and homes are moving fast, holding off on making numerous repairs might be a better tactic. While a minor bathroom or kitchen remodel or attic bedroom conversion can boost the sales price of the home, the seller needs to know that in those instances, they would very rarely recoup 100% of the renovation costs.

Final Thoughts

Listing a second home or vacation property for sale is a big decision that shouldn’t be taken lightly. Understanding its value, carefully timing the sale, weighing any tax implications, and determining if certain improvements are worth the investment can all impact the eventual outcome. Whether you’re ready to list or you’re still considering your options, thoughtful preparation with one of our real estate professionals can lead to a smoother and more profitable sale down the road. Take your time to address these important factors and make wiser decisions as they relate to your financial goals.

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The Pros & Cons Of Moving To The Electric City

As a lifelong resident of Northeast Pennsylvania (NEPA) and an inhabitant of Scranton for many years, I’ve grown to appreciate the many facets of this city. I have childhood memories that have a certain richness and a majestic quality to them, too. Scranton always finds itself in that unique space in real estate. For those from the outside looking in, it’s periodically on people’s radar, but besides outbursts like Dwight’s performance on the episode of The Office titled “Stress Relief” or flashes of greatness like GMac’s (Gerry McNamara’s) first-half domination of Kansas in the 2003 NCAA Men’s College Basketball National Championship, Scranton is often pushed to the background. It seldom gets the respect it deserves. And yet, this town is a terrific place to call home!

If I were considering a move to NEPA, specifically Scranton, I would want to know about its housing market, its school district, and other components of its educational system, its incidents of crime, and if its neighborhoods were safe, its amenities, perhaps even its nightlife – you get the drift. “The Electric City,” as Scranton is also identified, has a lot going for it. Yes, there are benefits as well as downsides to a move to Scranton, yet we hope to address a few of the bigger ones here, so you have a clearer sense of what makes this town a great place to live and raise a family.

Five pros of moving to Scranton

Affordability

There are viable options for both renters and homebuyers with home prices being what they are in the Greater Scranton area, especially compared to bigger cities that surround it. The cost of living is significantly lower than in larger metros, and Scranton even ranks well compared to other cities in our Commonwealth, such as Allentown, Harrisburg, and Lancaster.

As we keep our eye on the gas pumps and the price of eggs at the grocery, the daily expenses tend to be slightly more affordable, but of course, that fluctuates. But where Scranton really comes out on top is how it compares to other cities from a housing perspective. If you’re browsing homes for sale in Scranton, PA, you’ll notice the difference.

In Q4 of last year, Realtor.com’s economic research team examined regional price parity data from the Bureau of Economic Analysis and, from that research, classified Scranton, Pennsylvania, as one of the top ten cities with the lowest cost of living. According to PayScale, Scranton’s cost of living comes in at 8% lower than the national average, and housing is particularly favorable, with housing expenses sitting 28% lower than the national average. If affordability is high on your list, Scranton has it!

Proximity to Major Metropolitan Stops & Other Areas of Interest

If you enjoy taking weekend getaways to New York City, Philadelphia, Lancaster, or even the Finger Lakes, then Scranton is a great starting point to call home. Many from the Scranton region appreciate being only two hours away from catching a Broadway show, visiting America’s oldest Amish settlement, or celebrating a milestone/anniversary in wine country. Leisure isn’t the only thing appealing to Scranton’s location either. Commuters soon discover that it’s a reasonable location for a hybrid commute or remote work. Bigger cities such as NYC, Philadelphia, or the Lehigh Valley region see their fair share of Scranton residents.

The Wilkes-Barre/Scranton International Airport provides businessmen and women an opportunity to live in NEPA while being able to travel to other destinations in person. This is a bonus for those who need to travel for work at a moment’s notice. Furthermore, the reestablishment of the Scranton/NYC train connection as early as 2028, according to Amtrak (PennDOT recently gave the green light to the plan for the Scranton-NYC passenger train), will provide even more incentives for the workforce to travel to and from the Greater Scranton area. If you’re looking for a city near major metros or points of interest, Scranton might be a great fit.

Quality of Life

Scranton is part of something bigger here in Northeastern Pennsylvania. Don’t knock it until you try it! While there might not be the same access to amenities one would find in the bigger cities referenced above, Scranton has access to an assortment of shopping spots, some fantastic restaurants, as well as cultural richness that exists in our region. It has a small city vibe plus a bunch of perks.

The Greater Scranton area has a friendly feel and a close-knit community atmosphere. This exists in part from support for shopping local, farmers’ markets, neighborhood events, and festivals. Participation in these creates a strong sense of belonging. There’s a sense of hometown pride. You’ll find it up and down the pizza trails in Lackawanna and Luzerne counties. You’ll discover it via farm-to-table options from roadside stands, and of course, the Co-op Farmer’s Market in Scranton. In addition to these splendid alternatives, people who move into NEPA find fascination and excitement in being part of La Festa Italiana or the Saint Patrick’s Parade. Both of these are notoriously associated with Scranton, and in fact, take place right in the downtown area each year. They’re a rite of passage, whether you’ve moved into town or grew up as a cradle citizen!

Family-Friendly Atmosphere

Speaking of events and activities, many of those taking place in Scranton and the surrounding communities target families and children. Scranton is a wonderful place to raise children! With its relatively safe neighborhoods and local attractions, Scranton is a great family-friendly destination.

While Scranton’s crime rates are higher than some Pennsylvania cities, according to Neighborhood Scout, many residents perceive it to be a safe place to live. Scranton’s overall crime rate stands at 30.5 incidents/1,000 residents annually, which is lower than the national average of 33.4 [CrimeGrade.org]. Furthermore, recent trends would indicate an improvement as crime rates have dropped as of late.

The educational system, especially at the post-secondary level, is thriving. With highly regarded institutions like the University of Scranton, Lackawanna College, Geisinger Commonwealth School of Medicine, and Marywood University all contributing to the young minds of tomorrow, the area has a vibrant collegiate system.

Northeastern Pennsylvania Is Gorgeous

Scranton finds itself in the Appalachian Mountains, more specifically nestled near the Pocono Mountains. This region offers no shortage of activities for the outdoor enthusiast. From fishing to hiking to exploring state parks and trails to biking to camping to skiing, there’s plenty to keep you busy. But even beyond this, it costs little to nothing, besides your time, to enjoy all that Northeast PA and Scranton have to offer.

This is time well spent, too! Some grow up in the “city” only to discover the more rural side of life and begin to appreciate the world around them. Honestly, being nestled in the low-lying mountains of the Greater Scranton area helps us cherish the great outdoors as well as the seasons (even though we only have three in NEPA). Yes, an outdoor enthusiast means you enjoy activities like hiking and skiing outside, but it also means you love taking your dog for a walk or taking your family to the playground or park. If breathing fresh air gives you joy, then Scranton would be a place to consider.

Five cons of moving to Scranton

Tax Hikes & More

With the mismanagement of the city’s budget from recent years past, rising expenses, and not much in the way of revenue, there’s a large structural deficit in Lackawanna County, where Scranton resides. The current county commissioners are attempting to right the ship and are moving forward with an approved budget that will increase property taxes in 2026 by roughly 33%. Coupled with this, the county is presently conducting a reassessment of all the real estate within its jurisdiction. These reassessments will also be effective for the 2026 tax year.

While the cost of living in parts of NEPA is low, property taxes in Lackawanna County, and therefore Scranton, are on the rise. Moreover, Scranton has a higher-than-average local wage tax (3.4%). If you’re looking to purchase a home in the city, you should also be aware that the transfer tax, as part of your closing costs both when buying and selling, is 1.85%. Most other municipalities surrounding Scranton only impose a 1% transfer tax during the real estate transaction.

Job Market

Although Scranton has a growing economy, predicated on small businesses as well as other jobs in the service, healthcare, manufacturing, and academic fields, the area struggles to bring back young adults who are recent graduates of high school or post-secondary education. Naturally, a large portion of college-bound students will leave the area to pursue areas of interest or specialties only available elsewhere. Yet, years later, a significant portion, though they may return to visit loved ones, won’t join the workforce in NEPA. Career opportunities can be limited in our area, specifically, many higher-paying positions. Thus, young professionals explore bigger cities for the possibility of matching their level of education or specialty in their field. Hopefully, more manufacturing pursuits as well as unique skill-set professions will find their home in Scranton sooner rather than later. This would boost the area’s economy, helping NEPA flourish.

“Weather” You Like It Or Not

Scranton experiences its share of uncertainty as it meets winter, spring, summer, and fall. There are instances when confusion sets in – it feels like the middle of winter, but it’s April. If you’re considering a move to Scranton, know that fluctuations in temperature and especially precipitation are commonplace in the region. Humidity is high throughout the year. Cold, snowy winters can creep in and affect day-to-day activity. Yes, winter sports are fun for the whole family, but road conditions aren’t always best for travel and busy schedules. With that being said, other destinations would pose greater travel risks and endure harsher weather than Northeastern Pennsylvania.

Potholes, Potholes Everywhere

The harsh winters and springs bring about ice-wedging and, likewise, roads that are in rough shape and deteriorating faster than one could say “heyna or no.” Potholes are a popular complaint with locals; Scranton roads have seen better days! Flooding problems in various sections of the Valley have brought about heightened concern for not only roads, but also bridges. Both need more repairs, and that means detours for your commute to work, sporting events, etc. If you’re contemplating a move to Scranton, understand that you’ll need some patience behind the wheel and occasionally will need to add more time to get to your stop.

Not A Big City Feel

The Scranton/Wilkes-Barre corridor is the fifth-largest metropolitan area in Pennsylvania. Though it has its share of traffic and commerce, Scranton lacks the same degree of cultural attractions or nightlife as major cities do. The city has plenty of bars, restaurants (especially some splendid Italian options), and events happening each weekend throughout the region, yet there’s not that same fast-paced, weekend lifestyle people might be used to in larger metropolitan areas.

Although Scranton comes up short with respect to its nightlife and weekend attractions, it can still pack a punch for those who enjoy the arts. The city features a collection of art galleries (many of which are featured during their First Friday Scranton each month). For those who enjoy natural history, science, or art, the Everhart Museum is a must-see. For those who want to celebrate the arts by catching a play, concert, recital, or show, both the Scranton Cultural Center in addition to the Theater at North offer marvelous performances.

In Conclusion

Scranton provides residents and visitors a captivating blend of history, cultural vibrancy and affordable housing. With its diverse neighborhoods and proximity to major cities, the city is an attractive option for those seeking a welcoming community. While the city endures erratic weather patterns throughout the year and a less-than-desirable tax situation, Scranton’s growth, modest cost of living and active cultural scene make it a practical choice for prospective residents. Looking for a slower tempo with a certain distinctiveness in mind? Then Scranton might be the perfect match for you!

For more to see and do in Scranton, check out our homes for sale in Scranton, PA.

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7 Reasons Your Offer Was Rejected By The Seller

When the days get longer and the sounds of spring increase—birds chirping in a tree near you—it signals a surge in homebuyer and seller activity. Regardless of market conditions, buyers often panic and rush into making offers without carefully strategizing. Real estate deeply affects emotions, but taking a thoughtful approach can lead to better outcomes.

One key question every buyer should ask is, “What do I need to buy a house?” A buyer’s agent plays a crucial role in answering this question and guiding clients through the process. A professional, experienced real estate agent helps buyers understand the market, prioritize their goals, and craft competitive offers. Mistakes happen, but minimizing errors improves the chances of securing a home. If you’re currently house hunting, be mindful of these seven reasons why your offer may be rejected.

1. Low-Ball Offer – Are You Serious?!

A seller may be insulted by a low offer, especially if the home is newly listed or priced competitively. In a competitive market, submitting an offer well below market value often leads to immediate rejection. Sellers may perceive low offers as a lack of seriousness or awareness of local market conditions.

A lowball offer can result in no response at all, limiting the buyer’s ability to negotiate. If multiple offers exist, a low starting bid puts the buyer at a severe disadvantage. While strategic low offers may work in certain cases, they can also jeopardize the deal. Understanding the seller’s expectations and market trends is crucial before making an offer.

2. Too Many Contingencies = Too Much Uncertainty

A contingency in a real estate contract means that certain conditions must be met for the sale to proceed. While contingencies protect buyers, too many of them create uncertainty for sellers, making the deal less attractive.

  • Excessive contingencies can lead to renegotiations, frustrating sellers who want a smooth transaction.
  • Each condition adds risk—if one fails, the deal may fall through.
  • In competitive markets, offers with fewer contingencies stand out as “cleaner” and more appealing.

Including necessary contingencies like a home inspection is advisable, but an offer filled with unnecessary conditions may make a seller hesitant to proceed.

3. Financial Instability

Sellers want to ensure buyers can secure financing. A buyer without a pre-approval letter may be seen as a risky choice. Without financial verification, sellers may worry about closing delays or failed financing.

  • Buyers with strong financials have a better chance in competitive markets.
  • Pre-approved buyers signal financial readiness, making them more attractive to sellers.
  • Sellers may prioritize offers with flexible timelines and a demonstrated ability to close.

Financial uncertainty often leads sellers to look for buyers whose finances appear more secure.

4. Inflexible Timeline

Buyers who can’t accommodate a seller’s timeline risk losing the deal. A flexible buyer willing to adjust their closing date can gain an edge, even if their offer isn’t the highest.

  • Many sellers want a quick closing to avoid carrying two mortgages or relocating delays.
  • Buyers who accommodate a seller’s timeline stand a better chance of winning the deal.
  • Understanding the seller’s needs can help tailor a competitive offer.

Flexibility builds trust, making sellers more likely to accept an offer that aligns with their timeline.

5. Too Many Demands

A long list of demands, including excessive repair requests or seller concessions, can push sellers away. While it’s reasonable to negotiate, being overly demanding can harm negotiations.

  • Excessive demands make an offer seem risky or difficult to execute.
  • Sellers may choose simpler offers that allow them to close quickly.
  • A well-balanced approach increases the chances of a successful deal.

Seller concessions, where the seller helps cover closing costs, can also deter them. These requests reduce the net amount the seller receives, making the offer less attractive. In a strong market, sellers are less likely to entertain offers with high demands.

6. The Primary Force: Your Buyer’s Agent

A buyer’s real estate agent plays a major role in deal success. An agent’s reputation and experience matter in competitive markets. Listing agents may be hesitant to work with agents who are difficult to communicate with or lack negotiation skills.

  • Reputation matters in cooperative sales—agents prefer working with professionals they trust.
  • An experienced agent helps buyers craft stronger offers and understand market dynamics.
  • Vetting an agent before committing can prevent unnecessary roadblocks.

Choosing a skilled buyer’s agent improves the odds of getting an offer accepted and navigating the homebuying process successfully.

7. Unrealistic Seller

Sometimes, the reason for rejection has nothing to do with the buyer. Some sellers are difficult, unrealistic, or emotionally attached to their property. Even a strong offer with favorable terms may be declined for no clear reason.

  • Some sellers refuse to negotiate, even when their home sits on the market for an extended period.
  • Emotionally attached sellers may set unrealistic price expectations.
  • Having a strategic plan with your agent can help navigate these situations.

Setting realistic expectations as a buyer is crucial. If a seller is unwilling to negotiate, it may be best to move on and find another property.

Final Thoughts

Numerous factors contribute to why an offer may be rejected. Buyers and sellers are human, and mistakes happen, but buyers can minimize their risks by being strategic. A great real estate agent, financial preparation, flexibility, and a competitive approach can make all the difference.

A buyer’s agent provides essential support, helping clients prioritize needs, understand market conditions, and craft strong offers. By working with experienced professionals—like our team at Realty Network Group—buyers can increase their chances of securing their dream home.

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How to Find Cheap Small Houses for Sale

Buying a home is one of the most significant investments you’ll make, but it doesn’t have to come with a sky-high price tag. If you’re looking for affordable housing options, especially smaller homes, there are numerous strategies to help you find great deals. Whether you’re a first-time buyer or just looking to downsize, this guide will provide actionable steps for locating cheap small houses for sale while ensuring you make informed decisions.

Maximize Online Real Estate Platforms

Online real estate platforms like Zillow, Redfin and Realtor.com are invaluable tools for finding small, budget-friendly homes. With their extensive filters and user-friendly interfaces, these sites simplify your search.

1. Refine Your Search Criteria

Use specific filters to set your price range, square footage and preferred locations. Narrowing down your criteria helps you focus on homes that meet your budget and needs.

2. Explore Neighborhoods Using Maps

Many platforms feature interactive maps that allow you to explore areas with lower property values. This is particularly useful for identifying neighborhoods you might not have considered before.

3. Look for “For Sale By Owner” (FSBO) Listings

FSBO listings can often lead to better deals since sellers avoid paying listing agent fees and might pass those savings onto you. Of course, make sure your real estate agent scours the market and gets in touch with FSBOs first. Thus, you’ll have buyer representation, which increases your chances that the transaction will run smoothly.

4. Set Up Alerts for Price Drops

Enable notifications for homes that have recently reduced their prices. Acting quickly on these opportunities can help you secure a bargain.

5. Check Lesser-Known Platforms

While major sites like Zillow are widely used, explore lesser-known platforms that might cater specifically to small or affordable homes. Sites such as Homes.com, HUDHomeStore.gov and Foreclosure.com can sometimes feature unique listings.

Leverage Local Resources

Don’t underestimate the power of your local community when searching for cheap small houses.

  • Facebook Marketplace and Classified Ads
    • Many homeowners post listings on Facebook Marketplace, Craigslist or in local newspapers. These platforms often feature smaller homes or hidden gems that haven’t made it onto larger real estate sites. Again, ensure that you’re tapping into your real estate professional’s knowledge in this area and have them initiate any contact with listing agents or homeowners.
  • Attend Local Auctions
    • Real estate auctions and sheriff sales can be excellent sources for affordable homes. Do your research beforehand to understand the properties and set a bidding limit.
  • Word of Mouth
    • Share your homebuying goals with friends, family and colleagues. Networking can uncover opportunities before they’re publicly listed.
  • Community Boards
    • Local community boards, such as those found in libraries, grocery stores or coffee shops, often feature “For Sale” flyers for homes that are not widely advertised.

Consider Fixer-Uppers

Small homes that need a little TLC can be an excellent way to save money upfront while building equity over time.

1. Spot the Potential

Look for homes that may need minor repairs or cosmetic updates. These properties are often priced lower because of their condition.

2. Plan for Renovations

Before making an offer, get quotes from contractors to assess the cost of necessary repairs. This will help you determine whether the home is a good investment.

3. Do It Yourself

If you have the skills or can learn basic renovation techniques, you can save money by tackling smaller projects yourself.

4. Check Tax Records

Fixer-uppers can sometimes carry lower property taxes. Reviewing these details can help you assess the total cost of ownership.

Consult a Real Estate Agent

Working with an experienced local real estate agent can provide insights you won’t find on your own.

1. Market Expertise

Agents understand the nuances of different neighborhoods and can guide you to areas with lower housing costs.

2. Off-Market Opportunities

Many agents have access to off-market or “pocket” listings — homes that aren’t yet advertised publicly.

3. Negotiation Support

A skilled agent can help you navigate negotiations and ensure you get the best deal possible.

4. Connection to Resources

Agents often have a network of professionals, including inspectors, contractors and lenders, who can simplify your homebuying process.

Explore Alternative Buying Methods

Think outside the box to discover unique ways to find affordable small homes.

  • Short Sales and Foreclosures
    • Short sales occur when homeowners sell for less than their mortgage balance, often resulting in discounted prices. Foreclosed properties can also be bought at a significant discount but may require additional work.
  • Government Programs
    • Programs like HUD’s Dollar Homes or Good Neighbor Next Door offer affordable housing options for eligible buyers, such as teachers, firefighters and law enforcement officers.
  • Rent-to-Own Agreements
    • In some cases, you can enter a rent-to-own arrangement where a portion of your rent goes toward purchasing the home.
  • Online Auctions
    • Sites like Auction.com and Hubzu can provide access to properties at reduced prices, but be prepared to do your research before bidding.

Expand Your Search Area

If your dream neighborhood is too expensive, consider nearby suburbs or rural areas where housing prices are typically lower. Keep an open mind about locations you may not have initially considered, as they could offer more affordable options without sacrificing quality of life.

1. Suburban Growth Areas

Look for suburban areas experiencing growth but still offering competitive pricing. These areas may offer a balance of affordability and amenities.

2. Rural Opportunities

Rural areas can offer significantly lower home prices. Consider the trade-offs, such as commuting distance and access to amenities, before making a decision.

Key Tips for Success

To summarize, here are the top strategies for finding cheap small houses for sale:

  • Use online platforms to refine searches and monitor price drops.
  • Explore local resources like Facebook Marketplace and community bulletin boards.
  • Consider fixer-uppers for long-term savings.
  • Work with a real estate agent or REALTOR® for expert guidance.
  • Investigate alternative options like auctions and government programs.
  • Expand your search area to uncover hidden opportunities.

How Realty Network Group Can Help

At Realty Network Group, we specialize in helping buyers navigate the housing market. Our experienced REALTORS® have deep knowledge of Northeastern Pennsylvania’s neighborhoods and can connect you with affordable properties that match your needs. From identifying off-market opportunities to providing expert negotiation support, we’re here to make your homebuying journey as smooth as possible.

Ready to Find Your New Home?

Finding cheap small houses for sale requires effort and creativity, but with the right approach, it’s entirely possible. Whether you’re a first-time buyer or looking to downsize, Realty Network Group can help you every step of the way. Contact us today to start your search!

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Buying The Worst House On The Block

Affordability has become a concern in the real estate industry, but it isn’t a problem everywhere and it’s certainly not a headache for much of our region. And while affordability is more favorable in the Greater Scranton area, hesitation can capture many buyers who are eager to purchase. After all, mortgage rates are still elevated (even if they’ve come down since October) and inventory hasn’t sprung up to what we’d hoped it would have by now. It’s a time for some to get a little more creative in what exactly they’re looking for in a home.

Many homebuyers may overlook a house that needs work to bring it up to snuff, but purchasing the worst house in a desirable neighborhood can actually be a smart investment strategy. First, if you’re an investor who has an eye for flipping homes, purchasing this type of property could present a big opportunity. The lower price point may allow for a larger profit margin when renovating and reselling the property. Additionally, the potential for appreciation is higher in sought-after neighborhoods. In fact, there’s often excessive demand for rundown homes in desirable communities in Northeastern Pennsylvania. Furthermore, buying a fixer-upper can give buyers the freedom to customize their dream home while increasing its value. If the renovation costs are low-to-moderate and not too excessive, that’s a win-win. Finally, with this odd housing market still favoring sellers, buyers may have a better chance of finding a good deal on a property that needs TLC.

Buying the worst house on the block can be a smart approach, but as you may have guessed, it’s not for everyone. Experienced investors who have the time, resources and expertise to renovate and flip the property stand to make the most profit. However, more novice homebuyers with a limited budget and a willingness to take on a fixer-upper project can also benefit from this strategy. On the other hand, those who are risk-averse or lack the necessary skills to handle a major renovation may want to steer clear.

While buying the inferior house on the block may seem like a smart financial move, it’s important to understand the potential drawbacks before making a purchase. One of the biggest concerns is the amount of work and money needed to improve the property. This can be a significant and time-consuming undertaking, and unexpected issues may arise during the restoration process. This is why it could be beneficial to be handy, but also rely on the professionals for any jobs that might be over your head.

While this move can be a smart way to get into a desirable area at a lower cost, be aware of potential pitfalls. You may end up with a money pit that requires more repairs than you anticipated. It’s also important to weigh whether the surrounding homes are much nicer than your property. If this is the case, it will always be the odd one out. Don’t let the allure of a bargain blind you to the risks. Consult with a trusted real estate agent to help you navigate the potential issues and find the right home for you.

Additionally, the value of the property may not increase as much as expected even after improvements are completed. This is because the value of a home is often influenced by the value of surrounding properties, and it could be that other homes on the block are not well-maintained. Regardless, it’s imperative that you consult a real estate professional and preferably one who knows that neighborhood well. They’ll be able to assess the property and provide you with a competitive market analysis (CMA) to help you understand the value of the home after those proposed updates to it take effect.

If you’re not planning on living in the home, but instead would like to turn the property around as an investor, keeping your eye on its resale value is vital to making any profit on a future transaction. The number and cost of upgrades will certainly impact its resale value. This is why it’s important to understand and live by the five Ps, which you might already be familiar with: Proper Planning Prevents Poor Performance (and that’s resale performance!). Storyboarding your plans for renovation clearly helps with this preparation too.

While it can be a good tactic to buy the worst house on the block, in some cases, it’s not always the best option. Here are some other factors to consider:

Pros: 

  1. Lower purchase price: Buying an inferior home in a specific community often means you can get it at a lower price than other homes in the area. This can make it a more affordable option for those on a budget.
  2. Potential for equity: If you’re willing to put in the time and effort to renew the home, you may be able to increase its value and build equity over time.
  3. Opportunity to customize: When you purchase a fixer-upper, you have the opportunity to customize it to your liking and make it your own.

Cons: 

  1. Cost of renovation: Facelifting a home can be costly, and it’s important to factor in these expenses when considering purchasing a fixer-upper.
  2. Limited resale value: If you over-improve a home, you may not be able to recoup the costs when it comes time to sell.
  3. Locality concerns: If the neighborhood is in decline or has a high crime rate, purchasing the worst home in the area may not be a good game plan.
  4. Other pitfalls you might want to consider: Not relying on information that’s available at your fingertips, over-spending, etc.

In conclusion, buying the worst house in a neighborhood has the potential to be a profitable and rewarding investment if you’re willing to put in the time, effort (with proper planning and execution), and money to renovate it. However, it’s important to weigh the pros and cons and ponder any drawbacks before making the purchase. Decision makers should consider the surroundings, market conditions as well as other factors that could impact their bottom line.

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