Bondi Realty Group Norwalk article May 2011
Buyers avoid fixer uppers
In the overheated housing market of the past, buyers felt that they had to accept homes even though they were in inferior condition but these days, most view an as- is property and run the other way.
Buyers have little or no tolerance for homes that need fixing up. They want to walk into the picture perfect home and just move in. A move in condition home is in the number one position when buying a property today. One factor that is the main cause is the tight lending by the banking industry. Buyers must put down more money as a down payment, resulting in less money to fix up their new home.
This is absolutely the story of today’s market. Buyers will pay a premium to get a home in move in condition. They will even engage in a bidding war just to avoid buying a project house. As a result we strongly advise homeowners to remodel before listing their home to get the best price and fastest sale possible.
We recommend against major renovations, such as replacing the kitchen and baths.
Sellers shouldn’t risk spending more than they’d get back in the sale price. This can be true with major kitchen and bath renovations because they are such a personalized taste.
There are however ways to spruce up kitchens and baths without blowing your budget. Think about replacing or painting cabinet doors and hardware. Install a new faucet, countertop and sink. In the bath, add a new toilet, fresh paint and new grout. These small changes can make a big difference when selling your home.
On the other hand, major maintenance and safety issues such as underground oil tanks and leaky roofs, heating and air conditioning must be dealt with before the home goes on the market because buyers are unwilling to take them on. These issues can be discovered and dealt with by having a home inspector come in prior to listing your home. You will now be prepared that your home will pass inspection and increase the chance that your sale will go through.
Beyond those kinds of headaches, sellers can make a big difference with simple and relatively inexpensive fixes: painting the walls, getting rid of clutter and pulling up carpets to show the hardwood floors that buyers crave.
Curb appeal is extremely important. Spruce up the front yard and entryway to make a good first impression. Trim the bushes, cut the grass, plant fresh colorful flowers in the garden and in pretty glazed pots. Give the front door a fresh coat of paint.
Getting rid of clutter is absolutely essential. A buyer needs to envision how the house will look with their items in place. Do an intense deep cleaning. This is a very cost effective step that is extremely necessary. You’ve got to clean it out sometime; if you do it now, it’s going to benefit you financially. If sellers can’t or won’t prepare their homes for the market then they will have to lower their expectations on price.
Sellers – If you are looking for the best real estate agents in the business, look no further than Bondi Realty Group LLC. We can provide the best service in the business to you! Please contact us for your personalized free market analysis today. Our coverage area includes Norwalk, Darien, New Canaan, Westport & Wilton, CT. If you are moving out of the area we have an extensive referral network.
Betty Bondi
Owner/Broker
Bondi Realty Group LLC
203-899-9990