Definition
A previously owned residential property being sold again, encompassing a wide range of ages, conditions, and styles.
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Resale homes comprise the majority of residential real estate transactions. These properties have established market history, known utilities costs, and proven floor plans. Buyers can preview the home in actual condition, unlike new construction. The resale market includes properties ranging from perfect move-in-ready homes to extensive renovation projects.
Pro Tip
Resale homes offer price negotiation and inspection opportunities; use market data and comparable sales to determine fair value.
Example
A resale home that sold for $250,000 five years ago now listed for $300,000 based on market appreciation and updates represents typical resale value.