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Why is This House Priced $58,000 More Than it was in 2012?
Today, I received the following email from a buyer.
I like this home very much. I saw a YouTube video of this house from Feb. 2012. The asking price then was $189,500. I can see that the seller made upgrades to the kitchen, flooring, etc. but did he make $58,000 of improvements to justify his $248,000 list price?
Here is the response I sent to this buyer: 
First of all, let's address the improvements. I'm not the listing agent so this assessment is based upon my visual observation. The sellers made several cosmetic improvements including hardwood floors throughout much of the first level, new ceramic tile flooring in the kitchen and baths, painting kitchen cabinets and installing granite countertops, re-carpeting bonus and bedrooms and painting. The master bath was upgraded to a tile surround shower. I'm guessing they may have spent $10,000 to $20,000 on these.
The difference between now and 2012 is two-fold: 
1.  They made improvements that buyers desire. Buyers now want turn-key homes. They don't want to make any improvements and are willing to pay top dollar for a home that is move-in ready.
2.  The housing market is a different market than it was three years ago. There is a shortage of inventory ... more

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