I bought my home in 2000 so it is 11 years old and my wife and I realized that it’s time to start updating. You know how we knew? I started looking at the market and what you could buy at a similar price. It did not take long to realize that if we were going to sell this house anytime soon for top dollar, we better update now. Granted, I have an advantage over most because I see 30-50 homes a week, but there is no reason that you cannot do the same. If you want to evaluate where your home stands in comparison with others, simply schedule some time to go out and look at homes with a Realtor or just visit some open houses.
When I was out showing clients’ homes to buy in the $290K-$350K price range, I was amazed at what you could buy for around $300,000. Prior to this, I was thinking that I could sell my home for around $350K, but after seeing what a consumer could buy for $300K, I had to change my mindset. The homes at $300K were nicer than mine. They were similar in square footage, lot size, and location but the upgrades inside blew me away. People have come a long way in their understanding of what it takes to get a home to sell in this market. If I had to sum it up in one word, it would be “value.” There are plenty of sellers that “get it” and show value to the consumer. As such, those homes sell and sell quickly. I told my wife, “It’s time to upgrade the house.” Not to keep up with the Joneses, but realistically, if we are not going to stay here much longer, we better be able to show a home that competes or beats what someone can buy at $300K.
If you are at all thinking about selling in the near future, I encourage you to look around your neighborhood and quickly ascertain what a consumer can buy for around the same price. Then honestly rate how your home stacks up to the competition. Would that buyer want the home down the street, or your home for the same price? You may be like me and realize that it’s time to upgrade and give people more “value.”
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
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