“How much work does it need?”

That’s one of the first questions asked when considering homes for sale.  Some are surprised at the home prices – even fixer-uppers- in the Lake Wallenpaupack region of Pike and Wayne County.

Why home values are the way they are:

• Pike County is the fastest growing county in the Northeast U.S. (not just PA.)  Supply & demand at work.
• Lake Wallenpaupack is a major attraction & is the largest powerboat lake in Northeast PA.  It is the 3rd
  

  Homes Sold in Pike & Wayne County 2008

  largest man made lake in the state (maybe the 2nd largest – more about the controversy here.)

• The Poconos offers year round recreation.
• Something for everyone: golfing, skiing, boating, hunting, hiking, fishing, camping, museums, great restaurants, waterfront homes, rivers, lakes, woods, waterfalls…you get the idea.
• Close to major metro areas;  convenient location for commuters.
• Lower real estate taxes than New York & New Jersey.
• Good school districts (list of schools.)

In a nutshell, there’s a lot to love. Even though we’re in the mountains and many areas are rural, you’ll find the expected modern conveniences:  indoor plumbing, electricity (okay, ignore my sarcasm! ) High speed internet and cable TV is available in most areas.  Ample health care and shopping is within a 20 to 45 minute radius of Lake Wallenpaupack.

Folks looking for a 2nd home in Pike or Wayne County don’t want to spend “too much.”  They want

Cheep! Cheep!

something “cheap.”  Doesn’t everyone?

“Cheap” is subjective; what’s cheap to you may not be cheap to someone else.  I define a cheap home as “low priced compared to similar or neighboring homes.“

“How much work does it need?” is also quite subjective.

To some, “a little fixing up” means applying a fresh coat of paint.  To others, it means new carpets, new fixtures, and replacing paneling with drywall.

Everyone has a different perspective.

My husband and I bought a doozy of a fixer-upper 13 years ago, for one reason and one reason only: it was the cheapest home available in an area we wanted.

It had a working roof, furnace, and bathroom.  The windows kept out drafts and let in the sun. The house was cheap.

We looked beyond the ugly burnt orange carpeting.  The house was cheap. We looked beyond the hideous purple & black 1950’s bathroom tiles.  The house was cheap.  We ignored the paneled walls and ceilings.  The house was cheap.

You may have to decide what you want vs. what you need.  Everyone wants a cheap house – but homes are priced according to market value.

Homes that need work are priced at the lower end of the market; those needing less work are priced higher. Typically, the lower the price, the more work is needed.

Either you want a cheap home, or you want a home that doesn’t need much work.  It’s rare to get both in one fell swoop.

Unfortunately, watching HGTV for insights into real estate is like reading Harlequin romances for insights into love & marriage.  The two have very little connection to the real world.