About 87% of first time homebuyers prefer a move-in ready property, according to a recent survey, which has real estate agents encouraging sellers to spruce up their homes before putting them on the market.
It seem buyers will pay a premium, engage in a bidding war and even overpay just to avoid buying a "project home."
Sellers who take the time to make cosmetic repairs, eliminate clutter and address maintenance issues will sell their homes faster and for more money. Removing excess furniture, clearing the floors and depersonalizing the space will make rooms look larger and help buyers imagine themselves living there.
Agents might even help seller declutter and stage, noting that those who refuse to do so will have to reduce their price expectations.
Less than perfect homes can however be a low priced opportunity to buyers willing to overlook minor imperfections and just need a little TLC.
I tell my buyers to look for the best bones or the best bang for your dollar in a home. Basically, if you are able to get the worst home in a great area, you can only improve on your investment. You simply have to focus on potential in a down market.
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