You Gotta Win the Beauty Contest and the Price WAR

By
Real Estate Agent with Berkshire Hathaway Fox & Roach Bryn Mawr

The old adage I've always heard is "location, location, location". In the current market atmosphere, I'm feeling like a broken record, saying "condition, condition, condition". In my area, it's the homes in the best condition that sell quickly and for the highest price, assuming they are not grossly overpriced to begin with. I have so many Sellers saying "we don't want to (fix the roof, tear up the ancient wall to wall, cut down the jungle in the backyard, etc), but we'll gladly take care of it if/when a Buyer asks." My dear homesellers of Pennsylvania, this is a mistake. With so much competition out there, you need to spend the time and yes, money, that it takes to get your home in tip top condition IF you want to get top dollar for it. Do as much as you can afford to do. Otherwise, you are inviting a Buyer in who is a) not going to offer you a good price to begin with and b) will use your condition against you AGAIN during the home inspection contingency phase to get a still-lower price. Of course, if you don't want to do the work, we can always price your home accordingly, but you are still not going to get even THAT bit of top dollar. Buyers right now are going for the properties that are either in the best condition, or that they think they can STEAL. Don't let your house be one of the latter ones. 

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Posted by

Rebecca Diamond

Comments (3)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Too many homes and too many choices for the buyers.  You are right a beauty contest is the way they sell.

Sep 27, 2010 06:25 PM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Rebecca -- Such sage advice.  This is my main mantra for sellers as well.  As both an ASP (home stager), renovator and agent, I know first hand how an improved condition can not only make the seller's net financial position even better (all things being equal), in some markets (mine as an example), it can mean the difference between selling or not.  I lay out all the likely objections, scenarios, etc., on how a particular path will play out if the seller chooses to ignore the condition aspect in today's market.  At least this way, when the market responds negatively and harshly, they have a framework and are not surprised, and sometimes then, they decide to do what I wanted them to do from the start.

Exceptional post -- I suggested it for a feature! :)

Nov 23, 2010 02:46 PM
Rebecca Diamond
Berkshire Hathaway Fox & Roach Bryn Mawr - Bryn Mawr, PA
Main Line Homes for Sale

Thank you, Chris for your response and the suggestion! It's so important to lay out "how a particular path will play out if the seller chooses to ignore the condition" - I firmly believe this is the road to success, precisely becuase it does give them a framework and prevents them from being surprised. Well said!

Nov 29, 2010 04:29 AM