By: Amy Admire and Catherine Van Til
So, you’re selling your home and you’re teetering on whether you should do some updates or leave it as is. What is, “as is” any way? As is means you’re selling the home as it is with no plans to update or repair anything. Now, that doesn’t mean a buyer won’t ask for repairs or concessions (money back at closing). Remember, everything is negotiable.
You’ve decided to leave the home as is. You have the money to do the updates, but you don’t have the time and you really don’t want the aggravation of lining up the contractors and dealing with all of that. You know that means you’ll have to list it for less but the time and aggravation you’re saving is worth it. So, you list it… and it sits. No activity. There are a few showings here and there but no real positive feedback… and no offers. You know the longer the home sits on the market, the more carrying costs you have- mortgage payments due, HOA fees are due, the electric bills keep coming, the water bill keeps coming in. If the home is vacant, writing those checks don’t feel very good. It’s kind of scary… How long will it take to sell?
You start thinking, maybe you should do a few things to make it more move in ready. More buyers prefer a move in ready home than one that needs updating. Maybe you will paint, and maybe update the lighting. That should do it. But then you start thinking, will that do it? If you’re going to do it, do it. Make it truly move in ready. Replace the floors, paint (professionally) and update the lighting. Your buyer pool will be higher, and it will sell faster with less giving on the price- because it’s move in ready.
So, what’s the answer? There is no right answer. Sometimes we have to try different things to see what happens. The market calls for different things at different times. What we do know is, if a home isn’t selling, you have to make a change. Whether that’s a price change or changes to the home. If you have the availability to make changes to the home and you are able to recoup the money you’re putting in, sometimes that’s the best bet. If you’re able to do these things before you list the home, that’s even better- You will save time on the market this way. Some homeowners don’t have the ability, financially to make changes to the home so a price reduction is more likely. There are programs out there right now that will allow the homeowner to get the repairs and updates completed now and pay the bill when the home closes.
When it’s time to list your home, call your Southwest Florida Homes Team girls. We will come up with a game plan that suits you and your needs.
