How a Buyer sees a home is NOT always how a Seller sees the home

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

It is not a secret a home seller always thinks their home is the best while placing a higher value on improvements they made. The other not so well kept secret, is that home buyers tend to pick apart home trying to get the lowest price for the home.

 

Some where in the middle is the true value of the home. Getting there can be a rough ride. Take a recent seller who spent a great deal of home to get their home ready to sell. A $20,000 kitchen, adding a bathroom to finished basement area. Painting the inside and replacing the 1st floor carpet with laminate. 

 

It sounds amazing doesn't it? However when you look at value, what you pay for a repair does not always make your home worth more that upgrade. With some you are lucky to get your money back. In this case they already owed a big mortgage. Being a condo in a large complex of all similar units, value is limited to near what the last 3 highest sales sold for. 

 

In brief the seller wanted to add the cost of all these repairs to what the last condo sold for as theirs did not have these repairs. I showed them the comps, what they meant and they did not get it, but agreed to a price to list, still higher than any condo in the complex. The day came buyers started seeing the condo. The comments though were similar to what i already warned. 

 

The upstairs bedrooms had not been touched, they need paint and new carpets. Everyone loves the laminate, loves the new kitchen. The 1st floor though was just painted, but painted a dark color. No one has liked it so far and the money they spent on painting, is really wasted.  The kitchen although quite awesome, is well above what is expected in a condo. Buyers are beating up the home as expected. The seller is holding firm but starting to realize they are too high. Time will tell and i gave them 2 weeks. Getting the seller to see the home through a buyers eyes will be key. 

 

 

The moral of the story is pricing a home right from the start is key. Setting a price should be done using real life sold comps, not emotion.

 

The MOST IMPORTANT thing in real estate for me, is to provide great service. To stand out from the crowd by being there through each step of the buying or selling process. My message that I want to share in Real Estate, is that my philosophy is simple, to provide more personal and professional service to guide clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest.

 

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

 

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 32 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 

 

    

 

 

 

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New Hampshire Hillsborough County Manchester
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Rainmaker
3,778,056
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Scott Godzyk,

I hope they see quickly the error of their thinking quickly! The first 2 weeks are crucial when the most buyers come to see the home when its fresh on market!

Oct 05, 2018 06:14 AM #1
Rainmaker
2,957,136
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It can be a trying time when one seller "gets it" and the other stubbornly holds firm to a thought that may not be so right Dorie Dillard CRS GRI ABR 

Oct 05, 2018 06:16 AM #2
Rainmaker
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Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

I would almost say...those two visions are never (hate that word) the same !

Oct 05, 2018 07:21 AM #3
Rainmaker
2,957,136
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

That is pretty true, although some come close, the other side of this, can be WAY off Sally K. & David L. Hanson 

Oct 05, 2018 07:28 AM #4
Rainmaker
3,139,545
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

While too many sellers think their house is better than the others, buyers certainly see the value of a home much differently!

Oct 05, 2018 08:35 AM #5
Rainmaker
2,493,045
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

That picture is a testament to why it is important to try and look at a home through a potential buyer's eyes.

Oct 05, 2018 08:41 AM #6
Rainmaker
2,493,045
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Scott, on having this blog FEATURED in the Old Farts Club group!  

Oct 05, 2018 08:44 AM #7
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I've lost several sellers who flat out refuse to change anything, price or condition, when they hit the market and sit...or get showings and no offers.  It really is hard to get a seller to not take this task personally, but really be able to objectively see their home compared to the competition.

Oct 05, 2018 09:35 AM #8
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Scott Godzyk  many times I have had sellers get angry at the agents when they give negative feedback in these situations such as priced to high . They take it to heart when the agent  say overpriced . In the end they take less money then if they priced the house at market value instead of over pricing it . Sellers really should listen to the professionals

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Oct 05, 2018 12:15 PM #9
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Scott- sellers would do well to listen to the wise words of a local professional agent who is familiar with the market. 

Oct 05, 2018 12:46 PM #10
Rainmaker
2,851,190
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Scott.

The worse ones to deal with is engineers, they want every penny in upgrades/maintenance back.  New carpet, painting etc., you name it they know exactly how much they have spent, they expect to get it all back.

Oct 06, 2018 12:40 AM #11
Rainmaker
3,010,719
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

This is so true, Scott. I've taken sellers many a time on a "house hunting" trip to show them just what they'd be up against when they list their home.

Oct 06, 2018 01:37 AM #12
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I'm always so intrigued reading the comments with a post like this one. All I can say, is "I concur." It's baffling. 

Oct 06, 2018 06:57 AM #13
Rainmaker
1,290,779
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I can't even begin to count the number of times I've heard "But I spent $______ in upgrades, so it's worth more." 

Oct 06, 2018 09:57 AM #14
Rainmaker
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Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

The key is making the right updates based on your area. Condos in particular are affected greatly by this. Those improvements are nice to have, but they don’t add to the price of the home. Buyers won’t pay for those upgrades because the perceived value is just not there. Great post 

Oct 07, 2018 05:39 PM #15
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Scott Godzyk

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