The hardest words to sell an enthusiastic Atlanta home seller is, "I really dislike being the bearer of bad news, but you are not going to sell your home in it's current condition!" It could be a real downer to the homeowner that has worked feverishly on a variety of projects thinking they are going to double their money flipping a home in this market. Mortgages are determined by the historic value of recent sales, with a percentage of price coming from aesthetics. Most appraisers in this market will not render a $375K appraisal in a $259K neighborhood. They certainly cannot add 100K for carpet, and paint. It will not happen. You have simply overpriced your home with added extras that will not return the cash spent when you sell it. You may have even blinded yourself to the truth thinking it was money and time well spent by believing that...after all they do it on TV all the time. It wasn't!
Since we've been in the real estate business for many years it is really interesting to talk to a lot of Atlanta homeowners. We get to see perspectives. This is a market that has been driven buy luck and rates and ceap money for manyy years. Most agents in teh business have never seen a real estate estate market let alone a downturn. Many home owners and would be investors have deluded themselves from bad advice and from watching too much TV. They feel they can buy low and sell high by making a few cosmetic and cheap improvements to the property. Some believe erroneously that a pool will return its value, it won't! Especially with he drought we are having in Atlanta. It reminds me of the stunt men on TV that would warn children watching the show not to try this at home, that they were trained professionals! The consequences could be dire if you tried this by yourself!
It isn't so far fetched when you are visiting a potential listing in the Atlanta. The wrong choices of personalized colors, carpeting, floor coverings, paint trim, tile selection, and appliances could be a disaster in the making for sales, or not making a sale. Aqua blue walls, and the retro look on a budget may send a different picture to the potential buyers. In the Atlanta real estate market where we are blighted with a total excess of inventory you are guaranteed to get less buyers looking at your home. Thew closest a potential buyer may get to actually visiting your home may be from the interior home photos they view on the Internet. Since over 85% of all home purchases start on the Internet with todays buyers, than the converse is true also. There may be a reason you are getting no traffic in your home. Potential buyers may be turned off by the colors of your dining room walls, deco wall paper or personalized projects you thought would sell your home at a hefty project! I do not want to be the person to tell you, but your best friend that advised you on home decorating tips... they need to get a day job.
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Hi, Jim: Many sellers are learning this lesson the hard way... and many more are going to learn it in the coming months. In this market, homes need to be in top condition to attract buyers. If it's not, there are hundreds around the corner for them to pick from.