Bruce Nemovitz

We’ve all heard the phrase location, location, location when it comes to real estate values. In other words, location is the most important aspect as to value of real estate…or is it? The market is a reflection of buyer’s values and demands. Today’s younger buyer has more choices than in past years. Inventory of homes is about 25% higher than last year which means a buyer will have more options than in the past. Another factor has been the purchasing of homes with little or nothing down. That’s right, a buyer today can purchase a home with no money down, and may even have their loan costs paid by the seller. Of coarse there are credit requirements and a seller would have to agree to pay those loan costs, but the bottom line is that today’s purchaser does not have the disposable funds to upgrade or do repairs. The two factors of more inventory and less disposable funds for repairs and upgrades leads to condition, condition, condition as a new value factor in many cases, almost as important as location!

Now, many or most of my senior clients want to sell their homes as is, and that is just fine. But we all want to sell our homes for a fair price. Most or all of the funds from the sale of our properties is exempt from capitol gains (the exemption of gain for a married couple is $500,000 and a single person, $250,000). This means that dollar for dollar the proceeds from your home sale is the most important money you will ever receive! That is why following a few guide lines will be hugely important when selling your home.

First and foremost, take care of significant defects if you have the funds to do so. The most important structural areas to pay attention to are the basement or foundation, the roof, the furnace, the plumbing and the electrical systems. Now you may not be aware as to the condition of these areas of your home so you may want to have a Senior Real Estate Specialist view your home as a first step. This specialist can make suggestions as to contractors needed if they determine a problem may exist. A Realtor is just a first step, as they are not trained home inspectors. But obvious problems can be pointed out so that you have at least begun the process. They will offer names of reputable contractors if you are experiencing problems or want to have the entire home inspected prior to putting the home on the market.

If defects are found to exist, it is best to repair them with a guarantee. A buyer will appreciate the guarantee and focus on the rest of your home as opposed to fear of a “black hole” for their incomes.

As for the cosmetic aspect of your home’s appearance, you would want the buyer to feel that the home has been maintained. You probably don’t want to put in new kitchen cabinets, carpeting, etc., but you can de-clutter the home and make sure it has a clean appearance. This will give the buyer a feeling that the owner cares for the home and major repairs will be avoided. Remember, your buyer will want to upgrade to 2007 cosmetic décor, so you don’t want to scare them off with repairs that will break their budget.

Condition is important. You can’t change the location but you can offer a home that offers affordability and comfort. Start the process now so you are not faced with selling your home lacking the best presentation possible. You’ve worked hard for your home and you deserve the rewards of your efforts!

Bruce Nemovitz is a Senior Real Estate Specialist, as well as Certified Senior Advisor. Bruce has sold residential homes in the four county Milwaukee-Metro area for over 29 years. He has just published a book called “Moving in the Right Direction, a Senior’s Guide to Moving and Downsizing”. He works with his wife Jeanne and assistant Boni at Realty Executives Lakeshore.

Please feel free to call Bruce or his team with any real estate questions, you may have at 414-303-4004, or email at Bruce@BrucesTeam.com