Last Updated on September 1, 2022
When it’s a seller’s market – less than 6 months of housing inventory available – I am frequently asked “Then why is my neighbor’s home not selling?”
A shortage of available properties does not translate to “anything goes.” Today’s buyers are savvy. They know the market and the majority are represented by a professional Realtor®. They want a good value for the price. They want certain features and locations.
Buyers want move-in ready homes. In the May-June edition of Carolinas Market Update, I talk about the importance of remodeling and updates. Few buyers today have the time or desire to do the work and make updates after they purchase. Those buyers who are willing to do the work are looking for a bargain.
When inventory is in low supply, multiple offers are prevalent for the most desirable properties. It’s the homes that address the needs and wants of today’s buyers that move quickly.
But what if you are not looking to sell now? Even if you plan to sell a few years from now, it makes sense to do the work now to make your home current and marketable. That way, your home will be ready when the time comes – and you can enjoy the fruits of your labor in the meantime.
A Realtor is your best expert to advise what your home needs to be current and marketable. Open floor plans, updated kitchens and baths and the latest technology are all on the wish list of today’s buyers.
I’ll be very honest: Remodeling takes some time and patience. But it’s worth it.
The price an owner will pay to update their home is far less than the concession a buyer will expect to do the work themselves. Selling your home without updates or “as is” will not result in a quick sale or maximum value in today’s market.
Pat Riley
President and Chief Operating Officer, Allen Tate Company
