Definition
A home that's been lived in—established neighborhoods, mature landscaping, proven performance. You can see how it actually performs and what utilities cost. Wide market range: perfect move-in-ready homes to extensive renovation projects. Usually better value than new construction.
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Pre-owned homes offer the advantage of established neighborhoods, mature landscaping, and often better value than equivalent new construction. These homes may require updates and inspections for deferred maintenance. Pre-owned homes appeal to buyers seeking character, location advantages, and negotiation opportunities. The market for pre-owned homes includes historic properties, renovated homes, and homes sold as-is.
Pro Tip
Pre-owned homes offer negotiation leverage. Identify needed repairs and use them as leverage in price negotiation.
Example
A 30-year-old ranch home in an established neighborhood with mature trees and potential for renovation represents the pre-owned market.