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

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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
1,477,595
Rebecca Gaujot, the GO TO REALTOR
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

Chris, some buyers prefer to select their own countertops, paint colors, etc...but landscaping is a LARGE plus in my area.

Sep 10, 2010 12:20 PM #25
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Rebecca - So true!  Does landscaping play a part in pricing?

Sep 10, 2010 12:21 PM #26
Rainmaker
954,549
Bob & Leilani Souza
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California) - Roseville, CA
Placer County, CA: Foreclosures, Auctions, Rentals

Chris, I KNEW you had to be kidding about someone being allergic to granite! :)

Leilani

Sep 10, 2010 04:29 PM #27
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Leilana - HAHAHA!  :)

Sep 10, 2010 04:32 PM #28
Rainmaker
720,734
Ann Hayden
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Wildwood, MO
SelectAnn.com

Chris,

So true....price is really all that matters to most buyers.  Great post.

Ann Hayden in St. Louis, MO

Sep 10, 2010 11:27 PM #29
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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Chris, this is so on the mark, and so hard to get some sellers to grasp!

Sep 11, 2010 04:35 AM #30
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Ann - Thanks!  And I agree

Sep 11, 2010 10:55 AM #31
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

PAtricia - I know!  :)

Sep 11, 2010 10:55 AM #32
Rainmaker
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Marcy Moyer
Keller Williams Realty Palo Alto Probate & Trust Specialist - Palo Alto, CA
CDPE

Chris,

Did you know that some granite is "radioactive?" Some people take geiger counters into homes to check is the granite is emitting whatever radioactove things emit.

Sep 12, 2010 12:17 AM #33
Rainmaker
438,313
Marcy Moyer
Keller Williams Realty Palo Alto Probate & Trust Specialist - Palo Alto, CA
CDPE

Chris,

Did you know that some granite is "radioactive?" Some people take geiger counters into homes to check is the granite is emitting whatever radioactove things emit.

Sep 12, 2010 12:17 AM #34
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Marcy - Really?  Wow, do you have a story on that in the paper or something I can read about that?  Wow!!!!

Sep 12, 2010 12:00 PM #35
Rainmaker
192,674
Marcie Sandalow
Marcie Sandalow Evers & Company Real Estate 301.758.4894 - Bethesda, MD
Bethesda Chevy Chase DC real estate

I love your ratio advice:  be in the lowest 1/3 price-wise, and the top 1/3 condition-wise.  Makes perfect sense! Geiger counters at home inspections... that's new for me, too!

Sep 12, 2010 03:56 PM #36
Rainmaker
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Betsy Schuman Dodek
Washington Fine Properties - Washington DC Area Real Estate - Potomac, MD
SearchPotomacHomes.com

I agree with Marcie, the ratio advice is a great line!

Sep 12, 2010 09:11 PM #37
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Marcie - I know!!!  lol

Sep 12, 2010 11:53 PM #38
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Chris Alston
Chris Alston (Keller Williams Realty, Cupertino California) - Cupertino, CA
Silicon Valley, California

Betsy - :)

Sep 12, 2010 11:54 PM #39
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Fred Griffin
Get There Social Media, LLC - Tallahassee, FL
Real Estate Technology

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?"

Sep 13, 2010 12:25 AM #40
Rainmaker
1,719,922
Debbie Gartner
Floor Coverings International - Westchester NY & Stamford CT - White Plains, NY
The Flooring Girl - Westchester hardwood flooring

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).

Sep 13, 2010 06:06 AM #41
Rainmaker
895,509
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Chris,

 

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

 

Brian

Sep 13, 2010 08:02 AM #42
Rainer
288,212
Leanne Paynter • Greater Fort Lauderdale • Plantation, Davie, Cooper City
United Realty Group, Inc. - Davie, FL

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.

Sep 13, 2010 11:24 AM #43
Rainer
421,810
Peggy Chirico
Prudential CT Realty - Manchester, CT
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate

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.

Sep 13, 2010 01:01 PM #44
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