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43 Comments on "Potential" Does it sell a house in today's real estate market?
Thanks Anna. I think this is why so many people buy new homes in subdivisions even when there are better buys in the resale market. Unfortunately there is NO building going on in our area so buyers are limited in their choices. Thanks so much for your thoughts and comments.
Patricia, fortunately there are more and more RE agents that understand this, as did the listing agent on this house. Unfortunately other mistakes are hindering a sale. Thanks for your support of the staging industry!
Tara, it is REALLY tough when you have competition that gets it and your seller doesn't. For the most part, it's not working for sellers and their agents here either. Prices just keep dropping lower and lower. Have you escorted your seller through those houses that are direct competition?
Thanks for your thoughts and good luck with that seller and the sale.
Hi Ginger, If priced right most buyers can and will see the potntial in a listing. I just put a tri-plex under contract that looked so bad/funky when we first saw it but the buyer had no problem seeing the up side to the deal. Hope your Holiday Season is the best ever !
Bill, how great it is to hear that. Do the buyers have the "vision" themselves or do you create that for them. When we owned a brokerage only one of our agents (out of many) had the ability to visualize what a house COULD be AND then successfully share that vision with potential buyers. Good for you and thanks for the input.
Ginger, potential sells when you lower the price enough otherwise it is not competitive.
That's just it, Ginger. If your area is "saturated" with homes-of-potential, then adding one more to let it "sit" isn't a great plan unless it's remarkably priced to move immediately. If the "investors" aren't in plentiful numbers for that area, then a different approach sounds necessary: Of course, that's where you come in! ;-)
Gary, I agree but all too frequently sellers don't understand that. Thank you.
David, somehow I imagined you commenting that potential can sell with your buyers because YOU have the ability to verbally paint a picture for them of what COULD be. Investors are rare here and no one is building, so the contractors are rare too. Unfortunately, I still have a long way to go in educating realtors and sellers about the reality of what staging is. But...I'm working on it, thanks!
Nobody wants potential anymore... or so it seems. And nobody can imagine a home with minor updating - or even major - if the area is right. WHATEVER HAPPENED TO LOCATION LOCATION LOCATION???? I work with all price ranges but let's be realistic here. When it's your first house, don't expect the Taj Mahal.
Meanwhile, sellers will make some improvements to help sell, but often they don't trust an agent with better color sense. And in my market, stagers are only used in higher price homes mostly. But what a difference it makes!
Potential adds up to more money, more money, more money! See my Kiss of Death List from a previous blog!
Evelyn, it sounds like you and I are feeling much the same on this issue. Sometimes I just want to shake these buyers that want it all but don't have the $$ or credit to get it ALL. Not all houses, at all prices points can justify HIGH-END finishes +++. Some times I hear the words "OK we'll have to compromise" but what they're willing to go without (or earn over time) frequently doesn't amount to much. Thanks for your support of the staging industry. Do you know of Sherwin Williams Color system to help clients visualize color changes? YOU could learn that system and make yourself more of an expert. Let me know if you would like to learn more.
Ginger, most buyers are looking for a house that's in a move-in condition. The majority of those who are wiiling to do the renovations and upgrades hate the process itself. We all know - it's a hard and messy job. I agree with the comments above that price fixes everything. We have few houses with a potential that currently sit on the market. Some realtors and sellers just prefer to do nothing about it, although staging has been offered as an option to them.
Homes with a "potential" are a hot buy for investors or buyers who have experience with remodeling. I bought and remodeled a foreclosed home in San Mateo CA beacuse the location was great and was able to negotiate the price. But then again, I am a Real estate agent who is also an Architect and an investor!!
Eve, some of those "hard and messy" jobs just need a little know-how, experience and patience to turn things around. Home renovations don't all have to be expensive or difficult. It too bad that many of todays buyers are so BUSY that they can't see the value is learning these skills and having the patience to wait until they can truly afford more of the luxuries that have historically come with time. (unless born with a silver spoon) I hear what you're saying about people chosing to do nothing, it is tough. Thanks for your thoughts.
Ayesha, I would still be flipping and investing today, if things were different. Good for you!
Karen, don't know how I missed your comment. I will jump over and visit your link. Thanks.
Ginger: Most of my buyers are not looking for potential. Even the one who insisted that she wanted a fixer upper with potential turned away from everything that was within her desired criteria. I think we are just too busy to see the potential ourselves.
Valerie, it's interesting to hear that it's the same in your area, SO-O far away. Some folks idea of a fixer is far from what I think of and your client seems to be one of the others. I keep hearing that same story a lot here. Show me a fixer because I like the price but don't ask me to buy one...I'm too busy for THAT! Thank you.
Nice pictures and post!
Thank you Renee.
Why choose potential for a beautiful home when you can just buy a beautiful home to begin with....unless you are looking to save money (or have no choice because you don't have money) and have to buy the potential house and put in the time to fix it up.
Exactly Sharon! I just don't understand some people's thinking. Hopefully they just need educating but sometimes their listening skills are a bit off. Thanks.
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