Trulia Oakla…, Home Buyer in Oakland, CA

Do "move-in ready" homes generally sell for significantly more? ?

Asked by Trulia Oakland, Oakland, CA Tue Mar 27, 2012

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10
Claire Wills, Agent, Oakland, CA
Mon Jul 9, 2012
What I have been experiencing with clients recently, is that they are willing to bid over asking price, when they feel they won't have to do anything to the home prior to assuming property. It all depends on the client and the actual property.

Best,

Claire Wills
1 vote
Cheryl Berger, Agent, Berkeley, CA
Sun Jul 8, 2012
From my experience my clients are willing to pay top dollar for a move-in ready home. This home would be completely renovated from the foundation to the roof. Often times the house will come with warranties for most of the systems and the contractors who do the work. Alot of my clients work long hours and/or have kids so don't really have the time to work on their house. Any free time they do have they like to enjoy with friends and family, so this would be an ideal situation for them.
1 vote
Unhei Kang, Agent, Berkeley, CA
Tue Mar 27, 2012
In the East Bay, yes, it's important to get a house to a "move-in ready" condition. Typically, this means fixing defects (do you have a furnace that's not working, a roof in poor condition?), painting, staging, landscaping, and at a minimum, getting a pest inspection report, so that you understand the condition of your house.

I suggest that you and your realtor explore "what if" scenarios of selling the house 'as is', doing minor preparation (spot painting, cleaning, landscaping), or the full gamut, to come to the best decision for your property for this real estate climate.

Best of luck.
1 vote
Gisele Zachar…, Agent, Aventura, FL
Tue Mar 27, 2012
Not necessarily specially because what "move in ready" may be for you, may not be for others. Buyers are looking for small defects in a house to have a reason to bargain. So it is important that your home not only be move in ready, but be in impeccable condition for showings. That means, your home should be cleaned and decluttered atall time or at least prior every showing. First impression is very important, if you have a messy or dirty home, even if you have a great home, buyers will not have a good impression, and you don't want that to happen. I keep saying that but you would be surprise of how many sellers out there miss out because of the appearance of their home.
Good luck.

Gisele Zachar-Nashelsky
Real Estate Broker Associate
Licensed in NY and FL
facebook.com/sellinginmiamibygisele
1 vote
Gina Odom, Agent, Santa Cruz, CA
Tue Mar 27, 2012
Typically a "move-in" ready home suggests that it's been updated and or remodeled. You may also hear it being called "turn-key." It implies that you have to do nothing to move in and It's been updated and inspection reports are coming back with little or no work that needs to be done. If this is the case, these houses do tend to yield a higher purchase price. Many home buyers don't want to have to do any work. They want the luxury of just moving in. Often times, you will see multiple offers that jack up the purchase price. If you are considering this type of house, be sure to have your Realtor look over the inspection reports to make sure they have not missed anything. Just because it looks pretty doesn't mean the house is necessarily in good shape.
1 vote
Shellee Sche…, Agent, Wheat Ridge, CO
Wed Apr 17, 2013
"Move-in ready" homes have some obvious upsides. First and probably most commonly, "move-in ready" homes offer a complete product that makes the stress of buying a home a lot less. When ever you make a huge purchase or anything that has emotion involved the last thing you want is something that you have to "fix" or work on. A home that you can not move in to until you do work on it is not desirable to most home buyers.

The down fall of a move-in ready home is that it is customized to the previous owners liking. The type of client that buys this home will need to have similar taste to the previous seller, therefore limiting the number of potential clients. Sometimes it is better to have things "plain" but finished so the buyer can use their own imagination to show their personality through their homes.

To answer your question, anytime something is "complete" it will sell more than something that "needs work" but a "move-in ready" home can sit on the market longer because you are narrowing your clients, and the chances of making your money back is less. So yes they will sell for more but only because they have more resources in it, but realized that the buyer may still only be paying 75% of what was put into the upgrades to make it "move-in ready".
0 votes
Antoine Pirs…, Agent, Oakland, CA
Mon Jul 9, 2012
Than what? This is the questions I think. More than asking price? Why is that important anyways? Put the alternatives next to each other and compare. What is important for you is to find a property that fits your criteria. If one of those criteria is move in ready, then approach it from a value perspective rather than price. I can tell you the difference if necessary.
Kind regards
Antoine
0 votes
Elisa Uribe, Agent, Oakland, CA
Tue Mar 27, 2012
It sounds like you might be in the midst of deciding what to fix before you put your home on the market?

You will have a much easier time attracting more than one buyer if your house is in a desirable neighborhood, if it has a nice layout, and has been well cared for, no doubt.

Of course, the other thing that comes into play and should not be over looked is the price.

Best of luck!
0 votes
Pacita Dimac…, Agent, Oakland, CA
Tue Mar 27, 2012
Not necessarily.

And "move in" can be different things to different people.

For some, it merely means it's habitable and one can move in.
To others, it can mean that there are no major repairs expected.
And still to other, it can also mean it complies with government requirements. For example, we have the sewer lateral testing/replacement and certification ordinance that is now in effect. If the seller has this done before close of escrow, he may think it's "move in ready.

Your best bet is to ask the agent what he meant by move-in condition --
Wre there inspections done?
Were the items identified on the inspections addressed and resolved?
If there were improvements, expansion, renovations, were they done with permits?
0 votes
Antoine Pirs…, Agent, Oakland, CA
Tue Mar 27, 2012
More than ...what? The questions to raise are: sell faster ( i.e. in less time than the average DOM? or, sells for more than average of comparable houses? More than asking price? As you can see there are many "more than" that can be questioned. Pls. speak with your Realtor about all of them and more.
Antoine
0 votes
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