I’m getting this question a lot more these days from sellers. Because we are in a super strong sellers market many home sellers believe they can just throw their home on the market without fixing anything or making any updates. They’ll say, “Ron, it seems like all your homes are selling in the first 48 hours so why should I spend any money on my house? I’m sure there are buyers that will want it anyway.”
Here’s what I tell them. “If you spend a little time and effort to make repairs and do minor updates now, before we put your home on the market, you’ll sell quickly at a much higher price. I’m talking about making a $2,000 investment to get a higher sales price and net you another $10,000. That’s what I can help you with.”
My new listing agent, Robert Girard likes to say, “If you were going to sell your used car, would you run the vacuum on the floors, clean out your trunk, and possibly have it professionally detailed or would you leave the petrified McDonald’s french fries under the seat and not even run it through the car wash? Of course you’d clean it up and maybe even wax the exterior to give it a new shine. That way it would be more attractive, and you’d be more likely to have more people interested in buying it, raising the sales price. That’s exactly what we’re trying to do here with your home.”
To date (August 2017) we have already had over 20 sellers receive multiple offers on their homes, driving the sales price even higher. I’m pricing these homes at the very top of their price point because the sellers realized it’s to their advantage to replace that old worn out carpet, maybe repaint a room, and update some old light fixtures and faucets.
We recently had a client in Parkville that spent quite a bit of time updating and staging their home. In reality they did not spend thousands of dollars doing this, but when we put their home on the market it was in pristine condition. They listened to the advice of my home stager and did everything she suggested. My photographer took some fantastic shots of the home and we did some “coming soon” marketing to the top Realtors in the area. When we hit the market, we had over 25 showings in the first 48 hours and received 6 offers. The winning offer was $13,000 over the seller’s asking price. It was so high that I doubted whether the home would even appraise at that price. That’s why I got the buyers to agree to purchase the home at this price regardless of what the appraiser valued the home at.
The flip side of doing all this work can be best explained with an example of what I heard another agent say to me a few months ago. We were at a weekly office meeting discussing the market and someone asked me how am I getting my listings sold so fast. After describing the work we put into all the repairs/staging, another top agent said to me, “Oh Ron, that takes too long to get the home on the market. You don’t need to go to all that trouble and expense. Just throw it on the market and it will sell.”
Last week I saw that agent post something on a private Realtor Facebook page, “Is anyone else noticing a slow down in the market? Am I the only one out there with listings that aren’t getting showings?” Hmmm. I wonder why that is? I thought about posting on that thread to say, “I’m not having that problem.”
Bottom line is, no matter what market you’re in, you’ll always sell your home the fastest and for the most money if you take the time to update and do repairs.