Home Selling in Tenafly>Question Details

NYCGal, Home Buyer in New York, NY

What is the best way to appeal to buyers who would be willing to update a home?

Asked by NYCGal, New York, NY Tue Mar 12, 2013

My home is very nice, and on a large and beautiful piece of property (although not all flat) however, it does need some updating. I already painted and spruced it up. I do not want to update it though. I feel that I am priced fairly. Besides lowering the asking price, what is the best way to appeal to buyers that would be willing to buy a home that needs updating?

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Andrew Tisellano’s answer

Without seeing the house it is impossible to tell you.
Staging always helps.
Then marketing to the right buyers.

But sometimes it just comes down to price. if similar homes are selling for less why would they buy yours?

see my FSBO Blog for more info.
feel free to contact me for an free in home consultation.
1 vote Thank Flag Link Tue Mar 12, 2013
I made a significant price drop, and my home shows well. It has a great layout too. I am offering a very reasonable asking price, but I have to find that person willing to do the work I guess.
Flag Tue Mar 12, 2013
Your feeling about price is not based on fact. Order a fee for service bank appraisal, similar to what a buyer lender would use and price it right there at that number. Having the buyer appraisal come in under contract price is a big problem. declutter, rent a storage unit.
0 votes Thank Flag Link Sun Mar 17, 2013
I am a Real Estate Broker and Builder in your area, I grew up in Tenafly and have been practicing for over 25 yrs . I have heard this question a lot . The answer is that your home MUST be priced right for today's market so if you haven't had a professional Realtor who knows construction costs to determine the upgrade costs and how your home compares to other homes in your homes price range, I am afraid selling your home may take a very very long time because buyers today will compare what you are offering to the rest of the homes and pass on yours causing you to waste valuable market time.

On the other hand perhaps you have priced in right, but again only a qualified Realtor who know the area can tell you that. I respect sellers desire to sell their own property and I would be willing to offer you a FREE market analysis of your home without obligation with the hope that if you find you can't or get tired of selling on your own, you would let me do it for you....Fair Enough?

Here's my email address: ed@MetroRealtyPartners.net
0 votes Thank Flag Link Sun Mar 17, 2013
Often the initial factors considered by buyers are location, price, and curb appeal....with this said, the easiest of these to accept may be improving a properties curb appeal. Trimming, planting, painting, repairing, etc that allows your home to "shine" on the outside, may be what it takes to get buyers through the door.
0 votes Thank Flag Link Sat Mar 16, 2013
The best thing you can do is consult with your Realtor and decide what options you have. You have to ask yourself, if there are comparable properties on the market in the same price range as your home that are move in ready why would they select your home? Unless it is priced below the competing homes or you offer a sellers concession for repairs most buyers will probably pass the opportunity to buy your home as is.
0 votes Thank Flag Link Sat Mar 16, 2013
If you don't have much of a budget, then make sure your house is clutter free and clean. If you have outdated bathrooms - i.e. colored bathtub, make sure you look for an updated shower curtain that could coordinate with the bathtub and therefore make the bathroom look more modern. As to kitchen, can the cabinets be refinished or painted if they need to be and update cabinet handles etc. Light fixtures are also a way of updating a room. These can be taken down and spray painted any metallic color you like or buy new ones that aren't that expensive. If you have wallpaper and can take it down easily do so and repaint the room - check with your local paint store if there are colors this year that seem popular. Finally, accessories in rooms can help tremendously if you keep them fresh and again up to date. Hopefully this will help.
0 votes Thank Flag Link Tue Mar 12, 2013
Great ideas! :)
Flag Wed Mar 13, 2013
Kitchen and master bathroom is always money well spent. However, if your area is experiencing a buyer's market, you might find it difficult to get upper market values since buyer's would rather purchase a move-in ready home than spend their available cash reserves to update a home.
0 votes Thank Flag Link Tue Mar 12, 2013
If you have had the price set by an experienced realtor who if familiar with the local market we would assume they took this into consideration. However one "dodge" is to offer a cash rebate toward the updates
i.e. list price is $xxxx but seller offers $5,000 toward installation of a new kitchen/bathroom/furnace.
yes its really a reduction in price but it sounds more like they are getting cash in their pockets and peoples natural greed works wonders.
good luck
0 votes Thank Flag Link Tue Mar 12, 2013
Have you used a saleability checklist? The more yeses you can check off the more you can ask for your property. It really comes down to the local market. How does your home compare to the other actives in your local market and price range. If you are selling your home yourself your marketing exposure to buyers is also limited. If you are not listed with a real estate agent then interview a few and ask them what steps they would take to get your home sold. This is a great market to sell a home in. Get some advice from a pro and you will be sold in no time.
0 votes Thank Flag Link Tue Mar 12, 2013
What is a salability checklist, and where do I get it? :)
Flag Tue Mar 12, 2013
Consider offering a seller's concession. This would allow a potential purchaser to get a larger mortgage to help defray the renovation costs. Speak to your agent about this, and how they are marketing your property to highlight the advantages of doing their own renovations.
0 votes Thank Flag Link Tue Mar 12, 2013
I dropped the price of the home a significant amount.
Flag Tue Mar 12, 2013
Where did you get your price from? Studies show that 66% of sellers think their house is worth more than it actually is.
If it needs updating to be competitive with the other listings in your neighborhood, and you aren't going to update, then you need to lower the price.
Buyers are not stupid these days. They have tons of resources that help them determine market value. Overpriced houses simply do not sell.
If you are not working with an agent, get an appraisal done. That will give you a real good idea of the market value of your home.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Tue Mar 12, 2013
I dropped the price of the home a significant amount.
Flag Tue Mar 12, 2013
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