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Sunday, October 21, 2012

Pardon my tacky wall paper…Will $3000 help you look past it?

Pardon my tacky wall paper…Will $3000 help you look past it?

I just read an article that recommended sellers compensate buyers for their home's flaws.  Whether requested or not, sellers need to be assured their home's flaws are already being compensated for in the lower offer (and eventual selling) price!

One thing I can say with certainty about sellers... I have never met a seller who said “my house is a piece of crap and I just want it sold!

So should a seller just offer compensation for the flaws in their home?   Like so many other issues in real estate, it depends on the seller.

There are lots of articles about return on investment for improvements   Perhaps the return will not be there so sellers may consider compensation.  This may really be especially appealing to the flipper or the investor-buyer.

But what about the buyers who are looking for "move in" ready?   I do not believe most buyers looking for "move in" ready will just suck it up and accept your flawed home.

The inventory of move in ready homes for sale in Brevard County is shrinking.  This means
  1. Less inventory equals more competition   
  2. More competition equals a potentially higher selling price. 
Another consideration is what I call the combo solution -  Reduce your price to reflect the flaws and offer a home warranty to remove some of the buyer's concerns about an immediate investment for a failed AC or whatever!
If the fix is reasonably easy I say fix it while other sellers flounder around in the price cutting or compensation world!

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