Even Sweat Equity Is Devalued in These Tough Economic Times

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In a down market buyers have a lot of clout.

Certainly they feel price is open to negotiation.

But according to a recently released study, the condition of the home is of paramount concern to first-time buyers.

Buyers are looking for lower home prices for pristine homes, because today’s buyers have much higher expectations for where they’re going to choose to put their real estate dollars.

They’ve grown up in very nice homes, thanks to their parents, and they expect to keep up that lifestyle.

These buyers feel sweat equity is highly overrated.  They are not looking for “fixer uppers” that are a good deal.

* courtesy “This Old House

They  don’t want to deal with sellers who “want” a certain price for their house, and yet have not invested the money into the house to update baths, kitchens, flooring, roofs, etc.

The majority of today’s first time buyers want a house that’s in “move in” condition, and that means cosmetically and structurally.  That means they’re looking for all the bells and whistles – stainless steel appliances, granite countertops, hardwood that shines, modern bathrooms with double sinks, ensuite master bedrooms, master closets large enough to hold all the shoes owned by the “Sex and the City” gang, and amenities galore.

If the house isn’t brand new, it better have a new roof, furnace, flooring, paint, etc.

These buyers have grown up watching all those design shows on HGTV and they demand a house that shows well, is built well, and has been maintained and updated to the highest standards.

And it’s not just first time home buyers.

In general we’re finding that buyers expect the sellers to put a house on the market that’s been meticulously maintained.  There’s a lot of competition out there from homebuilders with new homes who’ve been cutting prices drastically to move product.

And because of today’s economic conditions, there’s a lot more inventory out there.  If you want your house to be noticed amongst its many competitors, then the house has to look great, feel great, and be priced great to attract motivated buyers.

Today’s buyers are being very selective about where they invest their real estate monies.

And these days, their equity formula just doesn’t include sweat!

JOHN PRESCOTT

BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of  Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities.  www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene
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