When you meet with a seller to talk about selling their home they are always keen to find out your opinion of the price of their home. The price is straightforward. The price is simple. But price alone lacks depth and understanding of the marketing process. More importantly, understanding the process leads a seller to gain a stronger price from the market.
I showed this home today. If you are not from the area, especially if you live across the world somewhere, you may not appreciate the updated fixtures found in these photos. The home is thirty-four years old which means it has hit a threshold for many if not all cosmetic finishes as well as most all of the mechanicals. For instance, the windows and siding have been redone. This project is a sizeable expense. This home also has a new kitchen and all the baths have been updated.
Nicely appointed homes will attract a large pool of buyers. This is favorable for a seller as more demand for property results in the best financial outcome. Hence the process of prepping a home for sale includes tackling refinishing hardwood floors, replacing ugly old appliances, and verifying the mechanicals are tuned and humming. Often couples get into a tussle about how much take on. One is watching the checkbook and shaking their head to and fro. The other is nodding yes, yes, yes. Can you over-improve? Definitely.
The home above has been improved to the point of reaching the highest segment of price in comparison to their nearby neighbors. The market may give the seller the best price in the neighborhood without giving the seller the price necessary to cover the expense of the updates. In other words some renovations result in a bigger bang for your buck upon sale.
Paying attention to the condition of the structure of a home before going to market is just one aspect of the process of marketing a property. Other angles also affect the final price the seller pockets at the time of closing.
Home Economics 