Today’s Real Estate market is very interesting. What strikes me is the difference in the behavior of home buyers in today’s market place and how they respond to a home that needs work, compared to a clean updated home in done condition that is ready to move in.
The speed in which a home can sell and the amount of money a seller can collect if they go through the emotional, physical and strenuous process of fixing the home prior to sale can earn them double or even triple on their investment.
Has the home been “lived in” and are the walls marked up, baseboards and molding chipped, paint colors dark, floors worn, landscaping a little rough and is it cluttered? That is surely a recipe for either no offer or an offer many thousands less than the homes true potential.
When a buyer walks into a home that needs work and does not feel good, they immediately exaggerate the amount of money it would take to make the corrections they feel they are necessary; most of the time triple what it actually costs. They then proceed to either not buy the property at all, or write you a low ball offer.
What buyers are looking for today is a home that is “done” and one that they can move right into or “bring their toothbrush.” If you can put together a solid punch list, work on one item at a time or hire a handyman and contractor to give you a hand, the return is there.