Most distressed properties sold on Auction.com need significant renovation.
And through these renovations, Auction.com buyers are adding value to distressed properties, often in low-income and minority communities.
“This is apparent from a post-renovation resale price that is 1 percent above after-repair market value on average. This 34-point lift in value occurs over 262 days — or nearly nine months — on average,” said Daren Blomquist, Auction.com VP of Market Economics. “For low-income census tracts, the value gain was even higher at 45 percentage points over an average 268 days.”
The latest episode of Disposition Download discusses how renovated homes on the Auction.com platform add value and affordable housing supply. Watch now.