Buyers Bypass ‘Fixer-Upper,’ Want Move-in Ready
More buyers are shunning “as-is” properties in favor of homes that are in move-in condition, according to real estate professionals and recent surveys.
For example, a Coldwell Banker survey recently found that 87 percent of first-time buyers say they desire a “move-in” ready home.
“This is absolutely the story of this market. It seems buyers will pay a premium, engage in a bidding war, and even overpay just to avoid buying a ‘project’ house,” says Beth Freed of Terrie O’Connor REALTORS® in Ridgewood, N.J.
As such, real estate pros are advising their sellers to fix up their homes for quicker sales. “There is no question homes that have been spruced up for the market sell quicker,” says Kate Conover with RE/MAX in Saddle River, N.J.
That doesn’t mean major, costly renovations that sellers won’t likely get back on the sale price either, she says. Instead of a major kitchen or bath renovation, just repainting the home or removing the clutter can go a long way in freshening up a home. Also, don’t forget about curb appeal: Freshen up the flowerpots, trim the bushes, and paint the front door, if it’s starting to show wear and tear.
Also with buyers wanting “move-in” ready homes, real estate pros say it’s crucial that sellers address any major maintenance and safety issues—such as leaky roofs—before the home even goes on the market.
Source: “Home Buyers Shun ‘Fixer-Uppers,” RISMedia (May 2, 2011)