Bruce Nemovitz

Today’s challenging market requires an understanding of today’s buyer verses purchasers just a few years ago. We enjoyed a boom in real estate for almost 20 years which was unique and rare. Since 2005 we have seen not only a changing real estate market, but a different type of buyer.

Think about it, purchasers today have a much larger selection of properties to choose from. They are also bombarded with negative economic news almost daily. They also have less available funds for purchasing. Therefore, buyers either want a home is pristine condition updated to today’s standards, or want to buy at wholesale prices if the property needs updating. You can sell either way, but if you choose to sell with work needed, make sure the improvements necessary are cosmetic, not structural!

A home with significant defects presents the greatest challenge in our current market. Buyers will walk away from homes that show a defective basement, roof, or furnace. These components of a home demand significant dollars to remedy. Usually, a home with one or more of these defects is in need of cosmetic updating also. The two combined will stop almost any sale unless the seller is willing to offer a huge discount which in most cases is not possible. If you are not able to repair a defect, make sure you get at least two estimates to fix the problem. A contractor will describe in writing the solution to the problem as well as offer a price to correct the defect. This will at least give the buyer an understanding of the significance of the problem and allow for a credit to compensate the buyer.

In summary, make sure you price your home for sale with the improvements, or lack thereof, in mind. The signs you see ‘growing’ into the ground are usually sellers who have not priced their home with condition in mind. A Senior Real Estate Specialist is expert in today’s market and will offer suggestions as to how to prepare your home for today’s market as well as properly pricing your home so that you receive an accepted offer in 45-60 days. They will alert you to significant defects and offer honest and reliable contractors to estimate the situation. You CAN sell your home in any market. You just need to get all of the facts and then move forward to a successful sale!