Homeowners Make Repairs to Home Before Listing it For Sale

By
Real Estate Agent with Crye-Leike REALTORS® 165062

Northern VA homeowners making repairs before listing home for saleMany northern VA home owners and potential home sellers don't want to paint clean repair or fix anything prior to selling a home and listing it for sale. Remember, a homes condition impacts price directly! Their faulty reasoning is based on a feeling that they have the best home in the neighborhood with the most square footage, on the biggest lot, and have the best nails and so on!  Isn't that always the always the way?  It is a false assumption, and feelings are not facts.  From our side of the table in real estate many homeowners feel the same way, and are sorely disappointed when their home does not sell or it is on the market for an extended period of time and sells for far less than even the lowest prices that were suggested.  Or even worse, it never sells and the listing expires or is withdrawn!  It is important to note that you cannot just pick a home price out of the air when selling a home.  Pricing a home doesn't work that way. It is incorrect.  A homes value is determined by what a buyer is willing to pay for a home, and is based upon comparisons to similar homes sold recently in your immediate neighborhood that have recently sold and closed.

The reality is that the house down the street that has been totally updated with new siding, new roof, a gourmet kitchen with granite countertops and new cabinets, and has a new HVAC, and a totally renovated master bath just sold for less money than the home without any updates.  Unreasonable expectations from uniformed home sellers will lead to beg disappointments.  Home prices are based upon historical facts - closing costs, square footage, condition of the homes, upgrades and how well the home was maintained.  Northern VA home sellers need to be realistic.

As a norhtern VA home seller you cannot ask for the highest listing price in the neighborhood if the home has none of the above.  A home's deficiencies can be easily identified by all.   It is easy for anyone to notice water stains on the ceiling, rusted water marks underneath the leaky originial 15 year old hot water heater, yellowed paint, fogged up bad windows, and a furnace or air conditioner on its last legs. When this occurs the seller needs to address the issues and more. If not buyers if the offer will make low ball offers based upon guesstimates of repar costs.   Home sellers cannot take the position that they do not want to address any of the issuess.  It is no longer a sellers market, and will not be for soem time to come. 

The more likely scenarios of what really will happen ( based upon our many years in real estate)....if you get and offer buyers won't buy it at the asking list price, home inspectors will not pass a home that needs work, appraisers will not give the value to it, and the bank will not give a mortgage to the buyer.

 

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Topic:
ActiveRain Community
Location:
Virginia
Groups:
Realtors®
Prudential Network
Tags:
selling a home
repairs
plumbing
heating
roof
handymen
ac
air conditioners
making
va
make
fixit
hot water heaters
small repair jobs

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Rainmaker
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Captain Wayne - Rowlett Real Estate School
REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida - Panama City Beach, FL
Rowlett Real Estate School / Owner and Instructor

Thanks for the post, this is interesting and very useful information for all to consider. ~Captain Wayne~

May 25, 2011 03:10 AM #1
Rainmaker
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Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

Well the age-old problem!  We suffer with this mis-conception too!  There is no reason that a buyer will pay top dollar and then remodel the house too!  Great post ... enjoyed reading it and appreciate your sharing.

May 25, 2011 03:50 AM #2
Rainmaker
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Ellen Crawford
Crye-Leike REALTORS® - Alpharetta, GA
Alpharetta Real Estate Agents & Alpharetta REALTOR
Rainmaker
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Ellen Crawford
Crye-Leike REALTORS® - Alpharetta, GA
Alpharetta Real Estate Agents & Alpharetta REALTOR

Lisa Wetzel CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) I agree buyers want to purchase a home not buy a long term project.

May 25, 2011 03:53 AM #4
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Rainmaker
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Ellen Crawford

Alpharetta Real Estate Agents & Alpharetta REALTOR
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