When an owner is considering placing their house on the market for sale, often there are items that must be addressed first, if the house is to sell quickly and sell for market value.
Often, we give the seller a list of things that should be done, to get the house ready. Sometimes it needs a coat of paint in a couple of rooms. Sometimes carpets need cleaning or are in desparate need of replacing. A door may be rotted at the bottom, a kitchen faucet corroded or a toilet seat may be broken. These are all items that should be addressed prior to putting a for sale sign in the yard.
When the jobs are complete, and the house is in tip top condition it can comfortably be placed on the market, at a competitive price.
But, often the seller that has spent $2000 in repairs to get the house “market ready”, expects to get that money back, dollar for dollar.
Well, not so fast.
The seller’s $2000 was not money down the toilet. It was money spent to get the house up to par and in top condition, so the house could stand out and appear attractive and competitive in today’s market. If properly priced, the house would sell more quickly and closer to market value,. than a similar house without those items done.
Unfortunately, the house is not going to bring $2000 more, because of $2000 spent. Today, buyers expect that certain things in a home are in good to excellent condition, if they are going to pay market price for a property.
A house without these items addressed prior to going up for sale will likely linger on the market and grow stale. The seller will likely be chasing the market, by continually dropping the price (likely much below the $2000 that could have been spent in the beginning). When the house does sell, it will likely sell for much less than current market value.
Remember, today sellers are competing with properties that are short sales and foreclosures. I have to say that I have seen some short sales and occasionally a foreclosure that are in move in condition. And, there are some incredibly attractive prices on these properties.
NOTE: Please remember that real estate is local in nature. I write from my experiences in our local market. This information may not be applicable in other areas or other parts of the country.
I specialize in Brevard County Real Estate – Residential, Investment & Relocations.
We have a team of professionals to facilitate your Short Sale.
I also buy, sell, rent, own and manage Melbourne Real Estate & Investment Property.