Regardless if your home backs up to a major road, if the kitchen or bathrooms are outdated, if the home needs to be painted, if the carpeting needs to be replaced, if the roof has to be reshingled or the heating and cooling system needs to be replaced, PRICE will always overcome any of these objections when selling your home in the Metro Detroit Real Estate Market.
It is important that when you list your home you have a proper consultation by your Realtor to advise you of the major selling points home buyers look for in a home. Buyers do not want to inherit your “to-do” list and if your not willing to update, renovate or replace these big ticket items, then you must be prepared to price your home according. Often buyers will double or triple the actual replacement cost to offset the burden of inherriting these projects. It you have the funds to be able to make these updates, you need to make sure you renovate your home to be as neutral as possible to appeal to the masses.
Another option you can do overcome these objections is to offer sellers concessions, or a credit to the buyer when they close on your home. One important thing to know is most mortgage companies will only allow a 3% concession/credit to the buyer. If your updates require more then 3% of your listing price, you may have to reduce the home instead.
It is so important that your Realtor is knowledgeable with your market place and gives you a very precise market analysis of your home. If you price your home above the average selling price for comparable homes, then your home should be an above average home with atleast some if not all of the major updates completed. If you price your home to the average selling prices in your market, then your home should have atleast some of the major updates and if your home is lacking most if not all of the major updates, then you should price your home below the average selling price.
Remember, buyers will comparrision shop and will look at multiple homes in your marketplace to determine the value of your home. Buyers are smart and if you want to sell fast, with the least amount of inconvienence when having your home up for sale, then price accordingly.