Mistakes Sellers Make – Part Two
Leaving Money on the Table
When Listing your home, are you leaving money on the table? Do you know where you are losing equity that should be kept?
Factors that leave money on the table are undone repairs, decorated “personal choice” paint colors, outdated flooring and fixtures, or unappealing curb appeal that needs work.
When you were a buyer, do you remember how you approached other people’s outdated homes or ones that were in disrepair? You walked away, unless you got a SUPER low price.
So now that the tables have turned, the buyers are using their critical eye to determine if they agree with the price based on the amount of work they feel your home requires making it move in ready.
The buyer will also deduct a higher price than it actually would cost to do these repairs or updates. They do this because of the unknown factor and also the stress and time it will take to fix your homes issues. You basically will pay them for their time and labor to do something that you could have done, or contracted and controlled the costs on. So, you leave money on the table.
By doing your own updates and controlling costs through management of your contractors, you can KEEP money in your pocket. Your costs to update or paint will be far less when you are in control. This will initially be an expense but in the long run your asking price will be at market value and your price will not likely be reduced, plus the carrying costs will be much less due to having a move in ready sale able home.
Don’t leave money on the table!
Keep in mind that as a home owner you should be investing 1-3% of your market value every year to do updates on the home. This will ensure that when you go to sell, you are more likely able to list for market value and not have to do major updates to become a GOOD listing.
Today’s buyers are way too educated to pay market value for a house that needs 10k or 60k or more worth of work. Gone are the days when a buyer bought a house and saved up to fix it over the years. Today people want what they see on TV and they will get it. It’s either going to be your house, or your competitors. You can decide.
I am teamed up with my husband to offer project planning and contractor management, painting, fixtures updates, facelift renovations, and Staging in all my listings. You can have a no obligation quote for this, by calling 780-218-7444.
In addition to updates and proper pricing, Staging a home brings in better offers than not staging it, So make a plan for cleaning, repairs and then stage your home, price it correctly, to have success!
Real Estate Agent and Professional Home Stager