Remember when the rule of thumb in the real estate world was “location, location, location”? Well, in todays market it could be argued that “Condition, condition, condition” is the new Mantra!
The condition of a home for sale is one of the most important factors in drawing offers, the sales price of that home and the length of time it is on the market. Buyers have become skittish regarding the time, effort and expense of tackling repairs and cosmetic renovations and tend to over-estimate the cost of these renovations, deflating the homes value. They are willing to pay more for move in ready homes with current, on trend design finishes and color palettes.
On the flip side of that same coin, many sellers don’t renovate their homes before putting them on the market for the same reasons…time, effort, and expense! Many don’t know where to start …how to find contractors, where to spend their renovation money in order to get the biggest return on their investment, what finishes to choose to appeal to todays buyers and they just cant stomach the thought of having to manage the project.