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Realtor Poll, Should we reduce price or make repairs?

By Karen Martin Real estate agent Safe Harbor Realty

Real Estate Agent with Safe Harbor Realty Serving SouthCoast MA&RI

August 28, 2007 07:37 AM

I have a home listed that is just not moving I am in a buyers market. Asking price 230,000 Average price of homes 250,000 for the area. The exterior is excellent, vinyl siding, newer windows, roof, & heating system I have shown it to about 5 buyers in 1 month (average) Feedback was 1st floor bed too small, (2) more work than they wanted to do & (2) not what looking for Home has been on the market 1 month I called the seller to consider 5,000 price reduction they said they would think about it Do your think we should reduce $5,000 or put 5,000 into kitchen it is bad needs floor, countertops paint & cabinets. thanks for your help

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Dan Forbes

Bradenton, FL

You may actually need to do both. I believe today's buyers are unwilling to buy something that needs work, cleaning, or cosmetic repairs. They also will over-estimate the costs of these repairs as well as not wanting the hassle. I believe it saves the seller $$$ to do the fix-ups themselves.

The question today is this, Are you priced better and better looking than your competition?

Aug 28, 2007 07:43 AM

Barbara Mills

Keller Williams Realty - Jamul, CA

I say offer the buyer $5,000 in concessions....tell them it's a mild fixer and the $5,000 is for cosmetics. So basically you are reducing the price $5,000...just like a carpet allowance or flooring allowance, call it what you want - all the same.

My son - the contractor/realtor would tell you that you could probably fix the kitchen for way less than $5k and do a lot of the work themselves...

I had a similar situation on one of my listings - I went to the board and announced it at the brokers caravan and had 27 realtors come by that day - I offered pizza, salad, soda and a $50.00 gift card drawing. ....that was on a Thursday - by Tuesday I had my first offer!!

Hope this helps

Aug 28, 2007 07:45 AM

Jennifer Allan-Hagedorn

Sell with Soul - Pensacola Beach, FL

Author of Sell with Soul

MAKE REPAIRS! Buyers will always overestimate the expense of a new kitchen and most won't want the disruption in their lives. It's tough to Fall in Love with a house that needs repairs, so unless you're marketing to the investor crowd (and their tight pockets), you gotta create the Wow... or at least... eliminate the Ick...

Aug 28, 2007 08:21 AM

Jeff&Grace Safrin

F.C.Tucker 1st Team Real Estate - Valparaiso, IN

SpousesSellingHousesTM

The properties selling right now quickly up by us are below market value and move in condition !

The Market is SPEAKING Loudly - BUYER's RULE & want it ALL...

how much time do your sellers have?

may have to do both fixing & price change afterwards to get it noticed again!

Aug 28, 2007 08:25 AM

Karen Martin Real estate agent Safe Harbor Realty

Safe Harbor Realty - Westport, MA

Westport, MA Realtor Helping Home Sellers & Buyers

Thank you all for your comments. good ideas -seller is elderly cannot do cleaning or work & low on funds I was thinking of suggesting they have Home Depot come in & give them a quote do the work & then unfortunately reduce price another 1,000 to get it noticed Has any one had Home Depot do a quote?& the results?

Aug 28, 2007 09:53 AM

Personally, we have used LOWE's

contractors to lay ceramic tile in our laundry room & bathroom and they did an EXCELLENT job (they were small 6 " tiles and the work was tedious ( took all day from 730 am to 1030 pm)

they were neat & detailed

they guarantee their work & your satisfaction and the price was reasonable labor cost (not the materials) for both rooms was $638. 2 men worked 15 hours minus a short lunch & dinner break.

Aug 28, 2007 11:59 AM

Thank you Jeff & Grace, I will send them a 5% off coupon from Lowe's Realtor Benefits to give them the idea

Aug 29, 2007 01:49 AM

Lane Bailey

Century 21 Results Realty - Suwanee, GA

Realtor & Car Guy

Do the work. I see buyers that are "looking for something that needs a little work" all of the time. They always seem to spend more for the house that needs nothing. Also, expect that if it needs $5k in work, you will have to take at least $10k off of the price to make it attractive.

Aug 29, 2007 02:02 AM

Realtor Poll, Should we reduce price or make repairs?

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Karen Martin Real estate agent Safe Harbor Realty

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