We were doing an open house, and while the house is dated, it has great potential. So although it has great "bones" and is located in a "sought after" neighborhood, it is firmly stuck in the '60's.
The fireplace in the kitchen is a great asset, but Buyers can't see beyond the old soiled carpet or the dated yellow formica counters. And the bay window, hardwood floors and twin corner cabinets in the spacious Dining Room are just charming. But who can see past the flowered wallpaper! So while the Seller has updated the Central Air, roof and other mechanicals, the cosmetics haven't been touched.
While the house has languished on the market way too long, and has taken price reductions, it hasn't sold. The question is "Why don't Sellers understand that instead of continuing to take price reductions, a better approach might be to give the house a facelift?" Remove some of the wallpaper, do a little painting, rip up the carpet in the kitchen and lay a "peel and stick" floor. We all know how important that "first impression" can be.
True you have to know where to stop. But freshening up the rooms Buyers see when they first enter the house is critical. New roofs won't sell houses, but a little paint just might!