The One Thing Buyers Are Looking For That Sellers Should Not Provide

By
Home Stager with Sharon Tara Transformations

Home buyers don't want to pay full asking price, they want to pay below asking price.  As soon as a buyer finds a home they like, they start looking for ways to justify a low offer.  Ironically, it's most often the seller who provides them with exactly what they are looking for.   

caution sign

 

Common reasons buyers use to justify a low offer include:

Kitchen or bathroom needs updating.

Flooring or carpeting needs replacement.

Appliances need replacement.

Interior and/or exterior need paint.

Dated wallpaper needs to be removed.

 

In a price negotiation situation, based on these types of improvements, the buyer has the advantage.  The monetary amount they reduce the price by will far exceed the actual cost of the needed improvement.  

Smart sellers address all improvement issues prior to listing.  By doing so they have control over selection and cost, and they eliminate the risk of getting a low offer that they have no choice but to accept. 

 

The one thing that buyers are looking for that sellers should not provide is justification to lower the price!

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 11/25/2013 09:02 PM
  2. Janice Ankrett 11/25/2013 11:07 PM
  3. Will Nesbitt 11/25/2013 11:58 PM
  4. Lora "Leah" Stern 914-772-4528 11/26/2013 07:50 AM
Topic:
Home Selling
Groups:
Realtors®
Stage It Forward...
Home Staging
Advice for Sellers
Bananatude
Tags:
home staging
advice for sellers
nh home stager
prepare new hampshire home for sale

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Rainmaker
2,113,552
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Andrea:  Sellers must decide if they are willing to take that chance.  There is so much that can be done for very little investment.

Debbie:  Human nature!

Jane:   There are still many areas where the sellers are not as lucky and buyers still have the upper hand.

Michelle:  Silicon Valley goes to the beat of it's own drummer, LOL! 

Nov 26, 2013 09:05 PM #59
Rainmaker
231,955
Mark Neighbor
A O Home Solutions - Sell House Georgia - Buy House Georgia - McDonough, GA
Sell House Fast In Georgia

Good article. Often investors want to see some work that needs done because they are programed and taught that not paying too much is key. Often leaving something to do on a house or older home that an investor will buy saves the homeowner time and money.  At http://www.sellorbuyhouses.com and We buy and sell houses in Metro Atlanta so we have seen this work for both investor home buyers and investors selling houses.

Nov 26, 2013 09:56 PM #60
Rainer
314,844
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

The seller should be very active in having the home show well so that the buyer can not find an excuse to ask for a price reduction. Look good and stand firm and be prepared. As a seller you must be in control.

Nov 26, 2013 11:28 PM #61
Rainmaker
342,185
Julia Maher
Nestings: Connecticut Home Staging and Model Homes - Fairfield, CT
Connecticut Home Stager

BRILLIANT!

Nov 27, 2013 12:50 AM #62
Rainmaker
342,185
Julia Maher
Nestings: Connecticut Home Staging and Model Homes - Fairfield, CT
Connecticut Home Stager

BRILLIANT!

Nov 27, 2013 12:53 AM #63
Rainmaker
2,113,552
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Mark:   I agree, the investors are looking for places at a good price that need some work.  For a seller that wants to get as close to asking price as possible, it's wise to take care of all the work prior to listing.

Jimmy:  I like that little pep talk!  Great way to motivate sellers!

Julia:  Thank you!

 

Nov 27, 2013 09:04 AM #64
Rainmaker
978,722
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Oftentimes these updates are listed right in the MLS!  "Credit for flooring," is one of these I see often.  By publicizing this credit up front, you're advertising, "Price reduction available."  Great post!

Nov 29, 2013 12:46 AM #65
Rainmaker
2,113,552
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Jan:  I've written on the subject of "credit" or "allowance" before and what a bad idea they are.  They establish in the mind of buyers that the home has not been well maintained.

Nov 29, 2013 01:26 AM #66
Rainer
286,848
Thomas McCombs
Century 21 HomeStar - Akron, OH

This is often a tricky issue.

Sellers set the price to include needed upgrades and repairs, and then buyers want to reduce it again to include those items a second time.

This is where the experienced Realtor adds value to the mix. Negotiation skills are key here, as always.

Nov 29, 2013 06:26 AM #67
Rainmaker
360,175
Ginger Foust
Certified Staging Professional - Oakhurst, CA
Home Stager Oakhurst CA, Dream Interior Redesign & Staging

Short, sweet and to the point.  Well done Sharon!!

Nov 29, 2013 10:22 AM #68
Ambassador
1,653,271
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Sharon It make sense not to give buyers justification to lower the price.  If there are a lot of updating required much thought will have to go into the decision to do all updates or not.

Nov 29, 2013 01:32 PM #69
Rainer
301,121
Marie Graham
Owner, The Refreshed Home White Plains NY - White Plains, NY
Westchester County Interior Decorator, Home Stager

...and just one price reduction trains them to look for more!! Good one Sharon>>>very star-worthy!

Nov 30, 2013 03:47 AM #70
Rainmaker
841,232
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team
Great post Sharon. We agree especially the comment "The monetary amount they reduce the price by will far exceed the actual cost of the improvement"
Nov 30, 2013 05:06 AM #71
Rainmaker
2,113,552
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Thomas:  Hopefully the sellers can be convinced that adjusting their price is not the answer....making the improvements before listing is the answer!

Ginger:  Whenever possible, I like to keep the posts short....thank you!

Jennifer:  And if there is another home that does not need improvements, that's the one they will choose!

Marie:  I appreciate it, thank you!

Bob:  Why should the seller lose money when they don't have to?

Nov 30, 2013 07:28 AM #72
Rainer
85,270
Mike Crosby
Mike Crosby Realty - Placentia, CA
Placentia- Yorba Linda Real Estate - 714-742-2897

I was looking for comments on the book the One Thing. But nice post. 

Dec 10, 2013 04:42 AM #73
Rainmaker
2,113,552
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Mike:  Hope you found what you were looking for, thanks for commenting!

Dec 10, 2013 08:14 AM #74
Ambassador
636,952
Larry Lawfer
YourStories Realty Group powered by Castles Unlimited® - Newton, MA
"I listen for a living." It's all about you.

Great post Sharon.  One phrase I always use in regards to Staging your home and the pricing.  "The cost of the staging is always less than the first price reduction because your house isn't staged to sell." This does the trick. Thanks for your post

Dec 11, 2013 05:20 AM #75
Rainmaker
2,113,552
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Larry:  A common phrase amongst stagers....nice to hear an agent using it!  I love your tag line  "It's all about you.  I listen for a living."  Fabulous!

Dec 11, 2013 06:46 AM #76
Rainmaker
273,520
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

Good post. Sellers can also just say no and wait for the Buyers to blink.Very few Sellers do this though.

Feb 26, 2014 01:47 PM #77
Rainmaker
2,113,552
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Wayne:  Thank you!

Feb 27, 2014 04:12 AM #78
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Rainmaker
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Sharon Tara

New Hampshire Home Stager
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