Existing Homes For Sale Need Upgrading and Updating

As I travel around my selling area, I see more and more homes that are in need of upgrading and updating.  After being at a standstill since the housing decline, new construction is on the rise again but it seems to me there is not enough inventory of new or "move-in ready" homes to satisfy demand in my area.   Homes needing a little "TLC" or updating are priced lower to take into account the work needed to bring them up to date and for the buyer willing to take on the required projects, these homes present a lot of possibilities and a good return on investment.
The real estate market and live and work in is a retirement area.  Therefore, most of the buyer clients I see do not want to make renovations.  When it comes to remodeling or home improvement, they have "been there, done that".  They are looking for a retirement home complete with all the comforts and modern conveniences they can afford already in place.

 If you're thinking about making some upgrades to your home, check out what characteristics are important to today's home buyers and what cost vs. value is for different remodeling projects.  The investment you make in your home will increase its value and pay off at resale.

When You Make An Offer to Purchase A Home...Go The Distance

When a client is ready to make an Offer to Purchase on a home, one of the first things I do is determine how realistically the asking price is.  This is important because the closer asking price is to market value, the closer the agreed upon purchase price will be to that number, except in cases of hardship.  To determine market value,  I look at comparable sales in the last six months, days on market, whether the home has received other offers, tax value, and local market conditions, to name a few.   I present my finding to the buyer client in order to help them determine a good opening offer.

Of course it's human nature to want to get the best deal possible, I get that.  But the purpose of making an offer is, at the very least, to get the seller to counter offer, if not accept.  So if the home is priced relatively close to market value, and your initial offer is ridiculously low, the only thing you will have accomplished will be to have insulted the seller who'll shut you down.  

As an agent, I wish for homes to be priced correctly because they are easier to sell.  As a buyer, you have to be able to recognize it when it happens and react accordingly.  Your agent has done a lot of work to help you achieve your goal of finding a home in your price range that meets your needs; has done all the paperwork necessary to make an offer; and has researched comparable properties and market conditions so you can make an educated offer.  If you are a serious buyer, go the distance.  Consider all the information given to you by your agent and negotiate intelligently.  If both buyer and seller are committed, it should result in a meeting of the minds and an accepted offer.

Purchase Process Should Be Positive

In my opinion, home ownership is very important and a great source of pride and joy.  Because it is such a wonderful thing, as a real estate agent I believe the purchase process needs to be a positive experience as well - sort of like a prelude of good things to come.  This is not always possible as the purchase process has become somewhat complicated with demanding lenders, confusing paperwork and sometimes difficult negotiations.  What I try to do is take one step at a time and without drama handle each issue and solve each crisis as it presents itself.  It also helps to prepare buyers and sellers for what to expect, and things to consider when dealing with issues to keep them from turning into larger, stressful problems.  Purchasing a home is a collaboration of sorts, between people working toward the same goal (for different reasons) and if you are smart and remain realistic about what is important, it should be a successful, stress-free, positive experience and good start to the next chapter of your life.