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I was out today with a client looking at entry level homes.  One of the homes we looked at turned out to be a seemingly under-priced townhome.  This wasn't of interest to my client, but it did have some interest for me.  But, it got me thinking... (regular readers will recognize the danger here)

This was a most entry of entry level properties.  Listed at only $113k in an area where the other similar properties seemed to be listed around $140k-$150k.  But, it had needs.  It needed carpet or other flooring, paint EVERYWHERE, and all of the appliances.  

The problem would be that most of my contractor connections are used to doing higher end properties.  The kitchen counters needed to be replaced, and using my people would make solid surface (like Corian) about the same price as a laminate (like Formica).  Stainless Steel Appliances aren't much different in price than enameled.   Wood floors would cost a little more than carpet for the main floor, but not that much.  

So, since we've wandered all over the place, perhaps I should move towards the point.  Since I spend WAY too much time in houses I can't afford, and my tastes have moved in that direction, am I too far out of touch?  Or, simply, would entry level buyers want the similar fixtures and surfaces?

Let's try to keep pricing out of the equation.  Assuming that two homes are prices similarly, and one is carpeted, would one with wood floors sell more quickly?

If one home has Stainless appliances that are a bit more expensive, would that home sell faster than one with black appliances?

Would buyers buy a home with oiled bronze or other higher end looking fixtures before a home with builder grade fixtures?

I'd really like to know.  Do these higher-end touches appeal to buyers at all levels?  I'd love your comments and ratings.

 
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4 Comments on Luxuries for Entry Level Buyers?

"Do these higher-end touches appeal to buyers at all levels?"

Absolutely!!  I recently listed a home in the first-time-buyers market range ($139,800) and this home had corian counters with the seamless sink, higher end faucets throughout, and gorgeous GE stainless appliances.  It wowed viewers who came through the home and the cost was perhaps $1200 more to the sellers to feature these higher end products over the "typical" features of a home in this price range.  This home also sold in 35 days in an area that is seeing 78 days on market as the norm.

08/07/2007 04:57 AM by Kris Wales-Macomb County MI Real estate (RE/MAX Advantage 1, Inc.)


I thought that would be the case.  I'd love to hear more opinions. 

08/07/2007 08:47 AM by Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty)


Yes.  Yes.  and Yes.

Of all the homes that I've showed lately, the "Upgraded" homes show the best.  My clients stayed in them longer and made more positive comments about them.

 

08/13/2007 03:27 AM by Roswell Georgia Real Estate Agent - Nancy Rivera (RE/MAX Leading Edge in Roswell Ga)


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Real Estate Agent: Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty)
Lane Bailey - REALTOR & Car Guy
Lilburn, GA
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Diamond Dwellings Realty

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