Today, Buyers Expect It

By
Real Estate Broker/Owner with M & M Realty of Brevard Inc. BK629999

A Home Buyer Expects That

When an owner is considering placing their house on the market for sale, often there are items that must be addressed first, if the house is to sell quickly and sell for market value.

Often, we give the seller a list of things that should be done, to get the house ready.  Sometimes it needs a coat of paint in a couple of rooms.  Sometimes carpets need cleaning or are in desparate need of replacing. A door may be rotted at the bottom, a kitchen faucet corroded or a toilet seat may be broken.  These are all items that should be addressed prior to putting a for sale sign in the yard.

When the jobs are complete, and the house is in tip top condition it can comfortably be placed on the market, at a competitive price.

But, often the seller that has spent $2000 in repairs to get the house "market ready", expects to get that money back, dollar for dollar.

Well, not so fast. 

The seller's $2000 was not money down the toilet.  It was money spent to get the house up to par and in top condition, so the house could stand out and appear attractive and competitive in today's market.  If properly priced, the house would sell more quickly and closer to market value,. than a similar house without those items done.

Unfortunately, the house is not going to bring $2000 more, because of $2000 spent.  Today, buyers expect that certain things in a home are in good to excellent condition, if they are going to pay market price for a property. 

A house without these items addressed prior to going up for sale will likely linger on the market and grow stale. The seller will likely be chasing the market, by continually dropping the price (likely much below the $2000 that could have been spent in the beginning).  When the house does sell, it will likely sell for much less than current market value.

Remember, today sellers are competing with properties that are short sales and foreclosures.  I have to say that I have seen some short sales and occasionally a foreclosure that are in move in condition.  And, there are some incredibly attractive prices on these properties.

NOTE: Please remember that real estate is local in nature. I write from my experiences in our local market.  This information may not be applicable in other areas or other parts of the country.

Melbourne FL Real Estate

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I specialize in Brevard County Real Estate - Residential, Investment & Relocations.

We have a team of professionals to facilitate your Short Sale.

I also buy, sell, rent, own and manage Melbourne Real Estate & Investment Property.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Lou Ludwig 11/23/2010 11:12 AM
  2. Elyse Berman, PA 11/25/2010 02:35 PM
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Rainmaker
3,247,813
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Sandy

The money spent to get the home ready to sell, is money being spent to being the home to market standards.

Good luck and success.

Lou Ludwig

Nov 23, 2010 11:05 AM #1
Rainmaker
524,552
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Sandy - It is so hard to quantify the results in a declining market.  All other things being equal, the house in better condition will sell first!

Nov 23, 2010 11:41 AM #2
Rainmaker
671,751
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Lou, Today the house has to be market ready, otherwise it will sit stagnant.

Hi Wendy,  I agree, the house that is in market condition will sell more quickly.

Nov 23, 2010 12:13 PM #3
Ambassador
3,872,969
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sandy- excellent post addressing a question that always comes up... will I get my investment back?  And, you're so right, if the information or photos on the MLS don't look good, then it will be hard to get showings.  And, even if they do get a showing, that does not necessarily translate into an offer.  Condition and price are key.  And I'm glad you brought up the condition of our foreclosures and short sales.  People either assume that because a house is a short sale or foreclosure condition wont't matter or that short sales and foreclosures are always in bad condition.  Great post!!

Nov 23, 2010 01:40 PM #4
Rainmaker
1,516,122
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Sandy - Great points. They may not get the investment back but they will not have the "carrying cost" for a couple of months while the property sits in a declining market!

Nov 23, 2010 11:54 PM #5
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Very true Sandy.  That $2,000 will in fact get them $2,000 more in the current market than if they had to sell it without the repair, then they would have received much less.

Nov 24, 2010 12:01 AM #6
Rainmaker
1,434,008
Yolanda Cordova-Gilbert
Richmond, TX

Sandy,

                Great post! There are many ways to get your "investment back" as Gary stated the carrying cost because the house does not sell as fast; the fact like Gabe said you will receive less if it is not in "standard market conditions." Also this is why people need a qualified realtor to assist them in one of the biggsst investments in their lives. I am so tired of people thinking it that you guys should chip in your commission! Happy Thanksgiving Sandy!

Nov 24, 2010 12:47 AM #7
Rainmaker
782,205
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Hi Sandy, I always learn so much on your posts!  Great point that they are not going to get their "spruce up" money back dollar for dollar, but it will increase the chances of a sale for the market price they are in!

Have a Happy Thanksgiving!  How about a Scorpion update?

Nov 24, 2010 01:37 AM #8
Rainmaker
872,005
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Sandy,  This is true in our area as well.  Going to reblog this for you.  Happy Thanksgiving!

Nov 25, 2010 02:29 PM #9
Rainmaker
671,751
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Kathy, I love the way you summed up this post. You said it perfectly.

Gary, It's important for us to get this message across to sellers in this competive Brevard market you and I are in.

Gabe, Without the investment who knows how long that house would sit, like Gary mentioned. 

Yolanda, So true. If the house isn't in market condition, it's just not going to bring market price.

Nov 29, 2010 10:52 AM #10
Rainmaker
671,751
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hey Coach, Oh, you are always too kind.  Those spruce up costs will help the house sell for more money than if the work was not done.

Scorpions walked away with a 5-5 season.  We were tickled!  This is the best year they have had in football in sometime. They should be proud of their accomplishments.  Their new coach for the past 2 years and the new players that were brought in helped our team to victory.  Thanks for asking!  Go Scorps!

Nov 29, 2010 10:58 AM #11
Rainmaker
671,751
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Elyse, I know real estate can be different in different areas. Thanks for the reblog.

Nov 29, 2010 10:59 AM #12
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Rainmaker
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Sandy Shores FL Realtor®, Melbourne Real Estate

Brevard County Real Estate, Florida's Space Coast
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