Price and Condition Are Synonymous.... Not Exclusive of Each Other

By
Real Estate Agent with Keller Williams Realty

When Selling a Home, Price and Condition Are Synonymous..... Not Exclusive of Each Other

Sure homes in certain neighborhoods are selling off the hook and many sellers may be wondering why their home is not selling despite that highly sought after neighborhood.  Well here's some food for thought:

  • Have you done a good job of maintaining your home?
  • Does the exterior need painting?
  • Has your HVAC been serviced regularly (with records to prove it) or replaced in the recent past to a more efficient unit?
  • Is there evidence of a roof problem (perhaps you had that fixed, but failed to replace the stained or damaged sheetrock on the ceiling?
  • Not that clutter is a material issue, but it sure does affect how well a home shows.  Has you home been "show ready?"
  • Does the garage and opener function properly
  • Are there plumbing issues that you just haven't gotten around to addressing?
  • Are there quite a number of things that you just haven't gotten around to addressing?
  • If you've lived in your home for 20 years or so, do your appliances, cabinetry, the shag carpet, tile, windows, overall decor, etc reflect that?
  • Your home may have been built by Mike Brady, but his 1970's style guide could use a bit of tweeking (30 + years later).
But let's say that you have done a good job of Price and Condition are Synonymousmaintaining the home.  There are other factors to consider as well.
  • Did you check out the home while it was listed to see how it compared to yours?
  • Perhaps the home was a designer showcase, well maintained, had great curb appeal?
  • Did those homes have more square footage than your home?
  • Did they have basements and yours doesn't?
  • How about bedrooms and baths?  Even one additional bedroom and an additional bath (even a 1/2) may have taken you out of the competition.
  • Sure you may have an extra bedroom, but the garage had more value to the buyer down the street.
The bottom line is this, when pricing your home the determining factor is not every home in your neighborhood that has sold.  It's every home in the neighborhood that is most LIKE yours that counts.  Price, style, condition, sq. footage, lot  size, etc. all count in the comparison.
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Re-Bloggged 1 time:

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  1. Winston Heverly 01/06/2013 05:00 AM
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Topic:
Real Estate Best Practices
Location:
Alabama Jefferson County
Groups:
BananaTude
Tags:
pricing

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Rainmaker
232,992
David Grbich
Realtor Orange County Real Estate
Ventana Coastal Properties - www.FindCARealEstate.com

So true - great post. There is more to just looking at comps and condition plays a key role in a buyer's willingness to buy. Regards Dave

August 17, 2012 07:30 AM
Rainmaker
268,480
John DL Arendsen
Real Estate Broker, Mfg Home Dealer, General Contr
TAG Real Estate Sales & Investments & ON THE LEVEL GC

Lot's of great common sense info here. We all just need a littl reminding now and then.

August 17, 2012 07:50 AM
Rainmaker
891,043
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Hello Charita -- and pricing it right upfront rather than testing the market is always preferable in my opinion.  Lots of great advice and comments.  Congrats on the feature.

August 18, 2012 06:12 AM
Ambassador
681,465
Charita Cadenhead
Serving Jefferson and Shelby Counties (Alabama)
Keller Williams Realty

Sally it's funny you should mention that because some people still buy houses with the notion that they will live there forever.

David there are so many things that factor into the home selling schematic.  Price and condition are just part of it, but a very important part.

John you would think so wouldn't you?

Michael testing the market should be for FSBO.  As Realtors we don't have time for that and should walk away if we suspect that people want to use us in that way.

August 18, 2012 06:17 AM
Rainmaker
37,114
Tom Horn
Appraising The American Dream
Thomas Horn, Real Estate Appraiser

What you say is correct Charita and holds true for how appraisers pick and analyze comparables.  I sometimes get homeowners that ask me why their home did not appraise for as much as the house down the street.  I explain to them that that house was bigger, or had more upgrades, or had recent repairs and renovations.  Appraisers do make adjustments for the very things you describe. If you don't want to add square footage to increase the value of your home you can at least make repairs and keep it up to date.  Thanks for the pointing these things out Charita.

August 29, 2012 05:55 AM
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Charita Cadenhead

Serving Jefferson and Shelby Counties (Alabama)
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