Bruce Nemovitz

When I started in the real estate business in 1977, buyers would look at a property with an eye for potential and adaptability. I would show a couple a typical Milwaukee bungalow with 3 bedrooms, expandable attic, and one bath with room for a second bath. The carpet was worn, the kitchen cabinets could use a face lift, and in general the home needed a face lift! However, it had those three time tested features, location, location, location!

After going through this somewhat tired home, the buyers would make an offer with the idea of remodeling in mind. Their offer price was somewhat reduced, but reasonable. That was 1977!

Today’s buyers are busy, many with few dollars for fixing and updating, let alone a down payment. Yes, we still see savers who have 20% down, but it is more common these days to see sales with no money down! Even the buyer’s closing costs to obtain the loan are lumped into the sale. With so few dollars available, you can understand why today’s buyers are gravitating towards homes that need little or no work and paying top dollar for that luxury.

Many of my clients choose to sell their homes as is, and that’s ok. But today’s consumer expects quite a discount for the home that needs updating. We can see a 20% drop in sales price if the home doesn’t show well. Think about that. 20% on a $200,000 home is $40,000! Many times, a coat of paint, some new carpet and kitchen flooring can add significant dollars to the nest egg. Updated kitchen cabinets and new counter tops can excite a buyer to make a substantially higher offer. Cosmetics today are so important in attracting a great sales price. Along with cosmetics goes structural. A bad basement or worn roof can kill any sale or cause the final sales price to plummet, let alone add weeks or months to the date of closing.

My advice is to have a Senior Real Estate Specialist view your home and get you the advice you need to reach the best price for your home. The specialist will view the home looking for structural problems as well as give advice as to preparing the home for sale. Thinning out personal property is equally important in reaching your goal of a fair and substantial sales price. There is a saying, “you never get a second chance at a first impression”.

The well cared for home, with today’s decorating, and structural soundness will sell faster and well as attract a top sales price. A home that is tired and worn will sell but may take longer or demand discounting to the point of sadness. Decide what your goal is as to the final sales price you want to receive. Your realtor can guide you and make suggestions to help you achieve your goals. If you have time before selling, do it now! The longer you wait the worse a structural problem can get. If you are going to update cosmetically, do it now also so that you can enjoy the new improvements. It used to be location, location, location, but now add condition, condition, condition!

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