Selling a house that is dated and "worn."

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except that the homeowner has to spend money for the renovations so not quite the same net gain as it is for the realtor.

[Anonymous]

Make sure nothing major is broken (heat pumps, leaky faucets, electrical). Deep clean. Take blinds and draperies off. Wash windows.

[Anonymous]

Anonymous wrote:I would paint and that’s it.

+1 deep clean and paint.

[Anonymous]

You’ve gotten good advice in this thread. I personally bought a house that needed updating because it was the way to have less competition for the square footage and location I wanted. Very glad I got to make the upgrades myself and super happy with my home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Paint and stage, but do not renovate.

I would not offer allowances but the listing should say something like "price allows you to select your own updates on your schedule."

Why? Some may be looking for a fixer but some may just want to be in the neighborhood and bought the cheapest house. Unless it’s a tear down no need to suggest it needs updates.

That's a fair point, and it depends on how dated it is. Saying something in the listing might prevent buyers coming back with price reductions for the carpet etc. when that’s already priced in. But maybe not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except the higher price isn’t a benefit to the seller if you’ve spent more than the gain on renovations. It is a benefit to the realtor who makes a bigger commission.

If the seller spends a high estimate of $10,000 for painting, cleaning and yard clean up and sells the house for $860,000 instead of $800,000, the additional listing commission is $1,000. Add that to the $10,000 costs to the seller, and the seller nets $49,000 more

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except the higher price isn’t a benefit to the seller if you’ve spent more than the gain on renovations. It is a benefit to the realtor who makes a bigger commission.

If the seller spends a high estimate of $10,000 for painting, cleaning and yard clean up and sells the house for $860,000 instead of $800,000, the additional listing commission is $1,000. Add that to the $10,000 costs to the seller, and the seller nets $49,000 more

The original comment was about spending money on renovations, not just painting and cleaning.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Paint and stage, but do not renovate.

I would not offer allowances but the listing should say something like "price allows you to select your own updates on your schedule."

Why? Some may be looking for a fixer but some may just want to be in the neighborhood and bought the cheapest house. Unless it’s a tear down no need to suggest it needs updates.

That's a fair point, and it depends on how dated it is. Saying something in the listing might prevent buyers coming back with price reductions for the carpet etc. when that’s already priced in. But maybe not.

OP says the house is 20 years. So it’s probably not in style but not too bad. Smart buyers should recognize that the price per sq foot is lower than comps for a dated home.

[Anonymous]

Houses should be renovated every 10-12 years and buyers expect that. No one under 45 wants to have a project they want HGTV move in ready.

[Anonymous]

Do not sell as is unless everything is broken or in dire need of repair - an “as is” listing will lower your potential asking price. Also, offering concessions is not going to get buyers in the door and wanting to make an offer. Declutter, clean, paint if necessary (to make pictures more appealing), and price accordingly.

[Anonymous]

Anonymous wrote:Houses should be renovated every 10-12 years and buyers expect that. No one under 45 wants to have a project they want HGTV move in ready.

What they want and what they can afford are two different things. I’m sure there are plenty of people in this area who’d be happy to get into a house that’s clean but dated.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Houses should be renovated every 10-12 years and buyers expect that. No one under 45 wants to have a project they want HGTV move in ready.

What they want and what they can afford are two different things. I’m sure there are plenty of people in this area who’d be happy to get into a house that’s clean but dated.

Wrong, no one wants a project we are busy and want move in ready.

[Anonymous]

Anonymous wrote:Houses should be renovated every 10-12 years and buyers expect that. No one under 45 wants to have a project they want HGTV move in ready.

Well that’s nice. But they buy what they can afford and sometimes you have to buy the fixer upper to get into the right neighborhood or zipcode.

[Anonymous]

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Not necessarily.

It's also in the realtors interest to get the listing on and off the market as soon as possible. The gains in commission would need to outweigh present value, which would probably only amount to a few thousand dollars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Houses should be renovated every 10-12 years and buyers expect that. No one under 45 wants to have a project they want HGTV move in ready.

What they want and what they can afford are two different things. I’m sure there are plenty of people in this area who’d be happy to get into a house that’s clean but dated.

Wrong, no one wants a project we are busy and want move in ready.

That’s probably why you make bad real estate decisions.