When faced with making cosmetic changes to their house, some sellers say "we'll give the buyers an allowance" in lieu of changing the dated features themselves. While having an allowance is better than nothing, a buyers emotions play a big role in deciding which house they would consider buying. The reason? Buyers buy houses like they buy retail. For example, if you were in the market for a Toyota Camry, and you found a few you liked that were the same year, same features, same price, it might be a tough decision. What if one of the Camry's had a big dent in the fender? Are you more prone to 1) choose to pay the same amount and buy the car with the dent, bypassing the other Camry's that need no repairs, or 2) buy the car with the dent at a deep discount, or purchase the one that is ready to drive off the lot? If I wanted to get a better deal, I would ask for a lower price because of the dented fender. If I was a busy person, I would opt to buy the car I could immediately drive off the lot, and bypass the car with the dent altogether. What if the dealer said they would fix the fender? Which car would you buy? Chances are you still wouldn't buy the one with the dented fender unless there was a big discount. It's the same with houses. I urge my sellers to update the paint color, carpet, light fixtures or vinyl before the sign goes in the yard, in lieu of offering an allowance. It's easier for sellers not to make the cosmetic changes, but they will pay for it in the price. If the sellers absolutely won't do the updating, have a good sized sample of the carpet the seller will install, or a big paint swatch of the color the seller will paint the room. Post a note, along with a written estimate, notifying the buyers that they could choose their own paint color, or take the price of the estimate off the price of the house. That way buyers couldn't expect to get $1,000 off the price of the house to paint a room, when the estimate is $300. So, the next time a seller says "we'll give the buyers an allowance", ask if they have been car shopping lately!
Even if the carpet is clean, dated colors will deter a sale!
Original content posted on ListMoreNow.com. Reposted with permission.
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