The buyer is allergic to granite... Do your awesome counters have value in the eyes of the buyer then?

By
Real Estate Agent with Chris Alston (Keller Williams Realty, Cupertino California) 01338415

Granite Counter

Hmmm...  Well...  I guess someone can be allergic to granite, right?  Break out in slate sweat, or recycled hives?  Maybe tile tilt?  LOL!

Sometimes our sellers seem to place such a huge value on things that may not necessarily have an intrinsic value to the buyer.  Like shelves in the garage, hardwood floors, blinds, carpet, new paint...

Buyers see value in two ways...  Similar properties, one with MORE features and benefits.  OR Similar properties one with a LOWER price.

So the granite counters may not add value as a dollar amount, they may add value in the eyes of the buyer by getting them to write an offer. 

So help your sellers understand that the granite counters are a FEATURE that can help the home sell faster...  BUT, may not have an actual dollar amount that can be used to justify a higher list price.

To get a house sold in a shifted market, be sure to list it in the bottom 1/3 of all homes in your comp area, and be sure it is in the top 1/3 in condition. 

Have you used any of these ideas?  Or have a horror story about how a seller thought "something" was worth a million more dollars? 

 UPDATE: 9/9/10 9:16pm PST  (Just kidding on the allergy to granite... lol!!!!!  Just using a hypothetical situation)

 

Posted by

 

Chris Alston

 

Home sales and purchasing specialist

Keller Williams Realty, Cupertino

19400 Stevens Creek Blvd, Suite #200

Cupertino, CA 95014

408-850-6955

408-850-6956 fax

calston@kw.com

www.LivePlaySiliconValley.com

 

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Rainmaker
709,449
Fred Griffin, Your Real Estate Broker for Tallahassee, Florida 850-339-4861
Call Fred 850-339-4861
Frederick Griffin, Licensed Real Estate Broker

My friend dropped $3500 for granite countertops in the Master Bath before listing his house, thinking it would help to sell it.

A comment from an agent who showed the house:

"Buyer was concerned about the granite countertops - she heard that granite stains easily - would your Buyer be willing to replace it with formica or corian?"

September 13, 2010 12:25 AM
Rainmaker
1,490,288
Debbie Gartner
The Flooring Girl - Westchester hardwood flooring
Floor Coverings International Westchester NY & Stamford CT

This is a great post.  It's important for sellers to consult their realtor and/or stager first to see if it's worth the investment.  Some items definitely are and are in fact "cost of entry" - at least in most cases.  Many will help reduce time on market (which has a value) and many will improve value.  But, that increased value may look more like being able to keep their price vs. taking price reduction.

And, when they do make changes, make sure they are neutral.  Usually with granite, as an example, there are certain basic ones that have universal appeal (e.g. Ubatuba) and there is no real benefit by upgrading to more expensive granite, esp since some buyers will like; others won't.

In addition, I think it's important for realtors to be up on these home improvements so they can provide knowlegdeable advice.  I"m reading above from Fred, and this info is clearly incorrect...the buyer and realtor have gotten things mixed up.  Marble is very porous and stains easily; granite, however is the opposite.  So, that issue could have been easily addressed.  (On the other hand, if it is really marble and the realtor got it mixed up, then this is not the smartest improvement).

September 13, 2010 06:06 AM
Rainmaker
894,244
Brian Madigan
LL.B., Broker
RE/MAX West Realty Inc., Brokerage (Toronto)

Chris,

 

You're quite right, but if the buyer wants to renovate, they are of no value!

 

Brian

September 13, 2010 08:02 AM
Rainer
265,314
Broward County Real Estate • Leanne Paynter
United Realty Group, Inc.

Beauty (and value) are in the eye of the beholder.  What may be a "wow" factor for one buyer may be something another buyer "expects".  The updgrades you paid extra for a few years ago simply help to sell your house faster these days, though not necessarily for more money.

September 13, 2010 11:24 AM
Rainer
421,810
Peggy Chirico
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate
Prudential CT Realty

I had a seller who paid a fortune for silk wallpaper in the 80's and couldn't understand why no one wanted it.  And he used it to justify what he wanted to list his house for.  Sellers can't expect to recoup 100% of what they spent twenty-five years ago.

September 13, 2010 01:01 PM
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Chris Alston

Silicon Valley, California
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