Sellers: Your Home
Competition
It is quite often that buyers will find the right house with the
wrong yard...and vice versa...the right yard, wrong house.
A real estate
buyer searches for just the right fit, often starting with resale
properties in established neighborhoods and ending up with new
construction.
What does an established neighborhood mean to you?
To me, it's the older neighborhoods with wonderful outside elements that
help to make a house have the feel of a home.
The land, the yard, the
Azalea's and Rhododendrons that burst into bloom each Spring.
What does
an old neighborhood mean to you?
Large lots? Grand Southern Magnolias
and stately Oak trees?
When you drive up to a house like that, it feels
like home...you wish that it was your home!
In the Charlotte NC real estate market, you'll quickly learn that the
beauty of our older neighborhoods start at the ground level and work
their way skywards.
The lots are larger, nicely set back from the street
with a front porch and a front yard...large trees offering a canopy over
the fenced backyard.
Natural privacy is found by ample spacing between
you and your neighbors home.
These homes should sell quickly, right?
Well, not necessarily.
The homebuyers drive through the older neighborhood......."It's just GORGEOUS!"
they exclaim.
Cosmetic Updates Needed
Ahh...then they make an appointment to view a few of the older homes.
The
carpet is a fashionable olive green.
The Kitchen has harvest gold
appliances, lots of heavy floral wallpaper in the Dining Room and
Bedrooms...very clean but very dated.
The residential property disclosure sheet states that there are hardwood
floors under the carpet.
Well, unfortunately, without viewing those
hardwood floors, the buyers are uncomfortable in making any further
inquiries.
These are homes that have fantastic potential!
Given a few
basic cosmetic upgrades, these homes could move off of the market
quickly.
Instead, they are gathering dust.
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The Buyers Bought a New Home
Why is that, you ask.
It's because the buyers became discouraged and began rethinking their
options.
Old vs. New
The buyers originally thought they wanted an older home in an older
neighborhood. They were sure of it!.
The older home's neighborhood was gorgeous, but so many of the homes
needed some form of cosmetic updating.
The older homes were not
dilapidated homes; they were lacking today's sleek appliances, sunken
tubs and walk in closets.
They were not move in ready. And,
unfortunately for the Charlotte resale market, these older homes have actually
pushed the buyers into the new home market.
We are in a society where too often both parents work outside the home.
With little time and little know how, (and little extra cash) they
choose the home that is easiest for them to move into.
They decide to
take another look into purchasing a new home complete with the barren
soil and twice baked yard of new construction.
So, the buyers wander back over to the new home development where the
model homes are professionally decorated and showcased ever so
perfectly.
The neighborhood entrances are beautifully designed and
welcoming. The new development also offers great amenities which include
a community pool, tennis courts and playground.
Everything is new and
neatly staged to sell.
The buyers begin to overlook the flaws evident in
the small lots, tight garages and narrow streets.
They are relocating and they have to buy.
The Buyers Make a Decision:
Their options come down to one of two things:
1.
Fix the old house up...(only if they can steal it with a low ball
price).
2.
Landscape the new home...(which they may or may not do).
The Sellers Options:
If you are a seller, it will pay for you to have your home fixed up and
move in ready for the buyers.
Your competition is steeped in
foreclosures and new construction. It is a tough market for Charlotte sellers.
*Shine it up. The home will smell better.
*Box it up and store those excess items. The home will be easier to keep
clean.
*Update items that you can update. It will sell faster.
Kind of clean will not work. Nor does lots of wallpaper, crazy colors
and damaged blinds.
Make a list and check it twice!
If you have to sell,
it's much easier to get in shape without the interference of showings.
It will also benefit you with the ability to sell in a timely manner at
fair market price.
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