There are many things to consider and check out when buying a home for resale. Often buyers get caught up in the cosmetics of a home and overlook key areas that over time can save them hundreds if not thousands of dollars. Cosmetics can be dealt with over time as funds and personal time are available for doing the work. Conversely, if you have issues with a foundation, roof, windows or heating, electric and plumbing systems - those typically need to be dealt with immediately. These being more of a matter of structural vs. cosmetic issues.
A listing we have has been a challenge to find the right buyer. There are a number of factors, the least of which is it's in a market area where few homes of similar size, acreage, and quality exist. This limits the number of qualified buyers immediately. And the number of homes that are truly comparable to the home are currently limited.
An interested buyer recently viewed the home on numerous occasions. And made a very low verbal offer some $80,000 below asking. Their rationale seemingly indicated that due to the fact there were no other homes in this category they chose to compare it with another home that vaguely looked similar, was on a lot 1.5 acres smaller, had less sq.ft. And construction was nowhere near the quality of our listing. The obvious question? Why did they not buy this other home?
They did not have a Realtor so I took them through - step by step - the differences and quality in building materials that indicated value in the home. The list was extensive: 2x6 construction, oversize garage with higher ceilings for SUVs, open floor plan with all hardwoods, 4 bedrooms, 2 full baths, 2 half baths, Anderson windows throughout, 35 yr. roof, granite, and stainless steel appliances, etc. The builder is providing a personal warranty on all systems and appliances further indicating confidence in the home.
The buyers simply could not get over the fact that two rooms had paint color, not to their liking, and they failed to see the value in the basic higher level construction and condition of the home.
I like to think I helped to educate them on what to look for in a home and how to buy quality and value. Or more to the point, how to know it when you see it. The funny thing is, the seller is willing to negotiate and take less as he wants to retire and move on - just not $80,000 dollars.