If Your Home Isn't Updated, Can You Still Sell It? Real Stories from a Real Estate Agent!

Do this ONE thing before selling your home!

Selling a home can be a daunting task, especially if it hasn't seen updates or maintenance in a long time. In this article, we'll explore and dive into a real-life story that highlights the importance of a single crucial step before putting your house on the market: setting the right price.

The Story:

Our tale begins with a home frozen in time, built in the seventies, and untouched by updates or maintenance for 17 years. The kitchen, bathrooms, and various elements were original, showcasing the wear and tear of decades without attention. The owner, having lived in this home for so long, didn't understand the need for change and assumed potential buyers would share his sentiment.

The Challenge:

However, the reality was starkly different. The house needed a significant amount of work - the furnace, air system, and even the roof, despite being replaced, had not been accompanied by other necessary updates and maintenance. A leak from years prior had left a watermark on the ceiling, revealing a lack of attention to even basic repairs. When it came time to discuss pricing with the seller, convincing him of the true value became an uphill battle.

The Pitfall of Overpricing:

Despite the clear need for updates, the owner insisted on setting a high initial price. Overpricing a home is often the kiss of death in real estate. The listing agent, in this case, faced the challenge of maintaining a good working relationship with the seller while addressing the fundamental issue – the price.

The Journey to a Sale:

Over ten months on the market, multiple price reductions were necessary to reflect the actual value of the property. It was only when the price went slightly below the market value that interest surged. Multiple offers were received, and the property eventually sold above the lowered list price.

The Lesson Learned:

The key takeaway from this story is clear – any home can sell, regardless of its state, as long as it's priced correctly. The seller's initial reluctance to accept a lower price had extended the time on the market unnecessarily. In real estate, objections about the age or lack of maintenance can be overcome with the right price.

The Strategy for Success:

It is vital to price a home correctly from the beginning. Rather than scrambling to make last-minute updates before listing, homeowners are encouraged to focus on regular maintenance over time. This approach ensures that the house remains in good condition, and when it's time to sell, the price can reflect its true value without drastic reductions.

Conclusion:

Selling a home that hasn't been updated is indeed possible, but it requires a strategic approach to pricing. The real estate market responds to fair valuations, and setting the right price is the one thing you must do before putting your home on the market. As the story illustrates, the path to a successful sale involves a balance between understanding the market and addressing the condition of the property.