Most Sellers are asking “Should I do the updating?” Our answer “Well, that depends.”
The two things you need to consider:
1. Will you get a 1.5-2x return on the work you are considering? We quickly analyze for a lot of clients whether the work will be worth it. Most of the time it is, however we have definitely had more case by case situations in the past few months than we have had in a long time.2. How long will the work take? If the work will cause you to miss significant days on market, the answer may be to adjust with price instead of the work.
More often that not, Buyers want to find the “prettiest, cheapest house on the block.” That’s what we all want, right?
And Sellers want to sell “for the most amount of money in the shortest amount of time.”
Often times these two strategies converge on having the best condition at the best price. With homes sitting on the market longer, Buyers are asking fewer questions about days on market, however they are comparing homes to their competition more.
When we look at the number of homes that have gone under contract each week, here is what we are seeing – the rain impacted our showings and under contract. Now that sunny days are here again, buyers are out looking and that should lead to more homes going under contract. We just have to be the prettiest – most reasonable home on the block.
Cheers to a strong week,
Seychelle & the Van Poole Team
