The housing market has defied all predictions. Here’s what the data reveals.
What is a blue-ribbon condition?
The blue-ribbon condition is the state of a home that is so well maintained that it looks new. Another term for blue-ribbon homes is mint condition. Home buyers are attracted to these homes because they will require fewer repairs if any.
Blue-ribbon-condition homes aren’t new, but they have been so completely cleaned that they look new. Sellers have an incentive to sell homes in this condition because they have the appearance of newness and might sell not only faster but closer to the asking price.
Buyers are more likely to purchase a home in blue-ribbon condition if it doesn’t look too messy, and they’ll be able to take possession sooner; they might be able to imagine themselves living there more easily if it doesn’t look too lived in. These homes are, therefore, suitable for homebuyers looking to live in a newer neighborhood.
A home that is in blue-ribbon condition has no clutter since there are no items in it. A blue-ribbon home also has enough room for the buyer to inspect all sections and for an inspector to provide a more thorough report.
Buying your first home? Browse Bankrate’s mortgage offerings to find a competitive rate.
Blue-ribbon condition example
Mary is a homebuyer who wants to buy a new home from Terry, a real estate agent. She contacts Terry after seeing an advert in a newspaper indicating the price as $65,000 and describing the house as in blue-ribbon condition. After meeting with Terry, Mary visits the home and falls in love with its spaciousness and cleanliness — sure signs that it was well maintained and free of clutter. She sends an inspector to confirm what was in the newspaper against the dealer’s description, and is happy enough with the results that she buys the home.