The most vulnerable part of the housing market is the lower-priced home, said Bier. That's because it's the one people on a tight budget reach for. The problem is, once they get it, they can't maintain it. He blames the problem on lenders, who encourage people to go into debt to buy a house they have no prayer of maintaining. What's more, the real estate industry depends on selling the most expensive house possible, leaving less money for fix-up.
People are tired of fixing old pipes.
If a developer comes to you with schlock, say 'no'. With every step you take, there will be disagreement. At the same time, he said, cities like Shaker Heights can only do so much themselves. In addition to coming up with incentives to prod people to repair and upgrade their homes, older cities should consider a regional approach, Bier said. Shaker Heights is limited.