In today’s market environment, home buyers are looking for bargains. I don’t blame them, after all, it’s a Buyer’s market. However, “bargain” usually means a home that needs repairs and/or updating.
One of my clients that was looking for such a bargain put it in perspective when after looking at a few of those bargains, he turned to me and said: “this is not a bargain, this is junk”. He and his wife decided to pay more (still a good deal) for a home where they could move right in. It could use some updating, but it did not need any repairs.
In spite of all the negative news you hear, homes that are in good condition and priced correctly according to the area market, are selling fast. Buyers are competing for those homes.
If you have the time, and you are not afraid of hiring contractors and dealing with renovations, you are in a good position to find a “bargain”, realistically. If you are not, be prepared to pay a little more.
Ask your Real Estate Consultant to prepare a Comparable Market Analysis of the home you are considering to purchase to make sure you are not overpaying.
My advice for Sellers is also to consult with a Real Estate Agent experienced in your area. Prepare your home as best you can to make attractive to today’s Buyers, however, remain realistic. It doesn’t matter “what you need”, or “how much money you’ve put into the home”. The market sets the price.
If you are not working with a Realtor at the moment, I’ll be happy to help you.
Nina Higdon
Real Estate Consultant
nina@besthouses2go.com
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