Pricing and presentation of a home are key in a competitive market. Is it better to replace, paint and fix outdated decor and/or heavily customized rooms or reduce the price? There is a balance.
Recently I listed a lovely white brick ranch in a highly desirable Charlotte neighborhood that was lovingly decorated and appointed in the '70s but with little changes since. Needless to say most home buyers hope for a modern kitchen with granite countertops and move-in ready condition not shag carpet with glow in the dark yellow stove.
The sellers recognized the challenges, but we also saw the value of their lot in this highly desirable subdivision. The home sellers briefly considered renovating the home themselves to compete with new and remodeled homes, but ultimately decided the project was not for them. Renovations can be tricky in recouping the cost especially in this market.
We decided to price this home aggressively and admit it needed a makeover. Within 3 days were under a satisfying contract at full price.
There was much interest in the home as it hit the market but many prospects were reluctant of tackling the extensive redecorating and work. The ultimate buyers of this home had been searching for a while in this subdivision for a brick ranch at a fair price and were willing and able to take on the construction project of modernizing the home for the value that they were getting.
A win-win for the sellers and buyers.
Recognizing the competition for a particular home and pricing accordingly to similar homes that are actually selling is a critical step. There are buyers in this market but they are able to be extremely selective and discriminating. If you want to sell, go see your competition and be aggressive. And congratulate yourself for knowing the market when a desirable offer comes in.
