Why Update When Selling?
Many clients don’t want to make any updates to their homes when they decide to sell. Some clients don’t have the money, others don’t understand the point in making an investment in something you’re trying to get rid of in the first place!
The reality is that buyers today are far more savvy than they were in the past. Since the advent and popularity of the internet, buyers can search on their own for most houses before they ever even speak with a Realtor to see one. They have an idea what they want in a house, typically what I call “The List” and they want everything on that list. If they can’t get everything they want on that list for their price, they want most of it and will use “the List” to compare each house to another. They want quartz countertops or an open floor plan or a remodeled kitchen.
The problem is, when a client comes to see your house and it hasn’t been brought up to date in line with similar houses in the same area, they will either make a very low offer or make no offer at all. Most often all they see are dollar signs and a cash register ringing in their heads! Often times, they can get the same house for only slightly higher or perhaps even the same exact price but with a new kitchen, new paint, new light fixtures, and a new Master Bath.
So, when pricing your house to sell, listen to your Realtor’s advice! He or she knows the market best and knows that if your home isn’t updated, it will have to priced to sell accordingly and in line with homes around you. The only way to not reduce a price on a home that isn’t comparatively updated with homes around it, is to update it or allow it to sit stagnant on the market.
Also, listen to feedback from other Realtors who show the home and their client’s feedback. It may be difficult to hear, but the market will tell you what your house is worth regardless of what you may think. A home is worth only what someone will pay for it at the time it is listed on the market. Don’t chase the market – either price your home right or make updates and get a fast sale for the most money possible!