If a house is a fixer upper it can be priced accordingly. If a house is gorgeous it can be priced accordingly. There is a market for both types. It's the in-between houses that are harder to sell.
Investors and do-it-yourself warriors love fixer uppers. Almost everyone loves a gorgeous house, especially with today's low prices.
But what about the properties that are in OK shape but need a lot of cosmetics. Nothing is really broken but the house is a little tired. There are many houses like that in Louisville KY.
- Maybe needs all new carpeting.
- Maybe has an aging roof, or aging mechanicals.
- Maybe has wallpaper or textured walls, all in perfect shape but no one wants them.
- Maybe the kitchen or bathroom need a bit of updating.
What's the Problem?
Buyers either don't have the money left over after the closing to make the repairs, or they just don't want to bother with the required updates. After all, there's a low priced gorgeous house down the street or a full blown fixer upper where they can really get a great deal.
So What To Do?
- If you have the cash and the equity, you should consider some strategic upgrades.
- If you have equity but no cash, you should consider dropping the price significantly. Even though you are giving the buyer a deal, you are selling your house fast. Isn't that your goal? Holding out for the top dollar that may not come can put your life on hold and drain you financially.