(or, More Confessions from Pearland Sam)
I went on a listing appointment in Silverlake on Saturday to a very nice 2-story home that has been impeccably maintained. This home was built in 1999 and is currently vacant (the owners bought a newer, larger home nearby) and has been on the market for over 6 months with no offers. And I must say, "it's nice."From the original white carpet (no shoes have ever touched it) to the lovely vinyl floors in the kitchen, all intact and in mint condition! The oak finish cabinets are trimmed with beige Formica countertops and 4"x4" white ceramic tile backsplash -- all like new!
The splendid polished brass chandeliers glisten and gleam in the entry, formal dining, den (with fan kit), kitchen, and breakfast nook. The carpet and vinyl flooring in the bathrooms (with tile "step-outs") are spotless!
And it's the lowest price in the neighborhood! But really . . . who wants it? (Simple answer: no one.) Why? It looks like it did 13 years ago when new. It's dated. Today's buyers are rejecting dated homes in favor of farther commutes and crummier neighborhoods to get granite countertops, stainless steel appliances, laminate/wood floors, nickel-plated or other shades of silver fixtures and door knobs. And it's nearly impossible to discount the home enough to sell it as-is!
Buyers want to buy a home with no up-front repair costs -- which translates to "the house must be updated and in good condition in order to sell it." There. I've said it. It's true. Believe it or stay put.
Need help getting yours ready for sale? Let our professional design/stage/shoot team help you get yours ready for market. Call TheSamTeam today at 832-200-5656 and let's get started. That is, IF you want to sell it.
Sam,
ReplyDeleteI couldn't agree more, however, it is frequently the case that sellers do not have the cash on hand to update homes. And most that do not have the cash on hand will turn towards using home equity loans that have more than a 50% turn down rate in Texas do to homeowners having to have in excess of 20% equity to pull cash out. There are options for these home owners utilizing new loan programs in renovation lending. Wells Fargo has launch an entire division to handle these programs. If you would like information on these programs or possibly a guest post about these programs I would be happy to do so.
I was in Denver last week and listened to a two-hour presentation from Wells Fargo about their renovation financing programs. While not new, they seem to be adding a "twist" to make them work, because they have a long history of being cumbersome and difficult to close. Instead of remaining anonymous, I wish you'd post your contact details, or call/email me at 832-200-5656, SamF@Remax.net. I'd love to get your "take" on the WF program.
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