Aging homes is an eye-opening market, RealtyTrac says

IRVINE, Calif., Oct. 30 (UPI) -- U.S. home buyers can expect to see lower prices and less competition when purchasing an older home, real estate research firm RealtyTrac said Thursday.

With the release of the firm's Aging Homes Analysis report, RealtyTrac said 70 percent of the U.S. single family homes were built before 1990.

Among 2013 sales, however, RealtyTrac said 60 percent were of homes built before 1990.

RealtyTrac said at least 80 percent of homes sold this year in Louisiana, Vermont, Wisconsin, Michigan, New Mexico, Kentucky, New Jersey, New York, Rhode Island, Illinois, West Virginia, Connecticut, Massachusetts, and Pennsylvania were older homes.

On the other end of the spectrum, less than 40 percent of 2013 sales were older homes in Utah and Nevada.

Buyers can expect an older home to cost less. On average, homes built in 1990 or after that were sold this year were priced at $256,292. Homes built before 1990 have sold for an average of $233,221 this year, RealtyTrac said.

"The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening," said Jake Adger, chief economist at RealtyTrac

"However, given the low inventory of homes available for sale in today's market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes," he said.