This year, there is no federal tax credit to get home buyers off the fence. However, spring fever is expected to help spur home buyers to low cost homes. A survey of 3,500 homeowners and renters conducted by the National Association of Realtors® found that 60% of buyers who would like to own a house really worry about their job security and available credit. Real estate agents say they think the market may be rebounding because buyers fear interest rates are permanently back in an upward mode.
Homes for sale become even more important to closing a deal where financial motivation is canceled out by financial apprehension. With the staging craze, homes buyers have become a bit spoiled looking for perfection with comfort. Homes are being shown almost as museum artifacts. You don’t want to touch anything for fear of breaking something. Feedback is important even though many sellers don’t want to hear the buyer’s opinions. The days when buyers would sign a deposit check at the front door because they’ll settle for anything are over.
People who have let repairs and remodeling slip have work to do before their houses will be considered ready for sale. A death sentence for a listing is now known as deferred maintenance. Easy repairs are not being tolerated like nail pops and settlement cracks. Buyers think that, if there are nail pops, then there must be something wrong with the rest of the home.
As a Realtor®, I want to point out to sellers that they will have an open response by freshening or redoing tired kitchens, baths, floors and paint. It is not always possible or practical to do the upkeep, so keeping the price lower than the new properties can help in the long run.
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