Homeowners need to make updates to compete in “Seller’s Market”
The first quarter of 2015 fared much better than the same period in 2014, with real estate sales and closings healthy. But the challenge remains: low inventory levels. Many buyers are having trouble finding the right home to purchase.
But if it’s a seller’s market, then why is my neighbor’s home not selling?
Even though there is a shortage of properties, today’s buyers are savvy. They know the market and the majority are represented by a professional Realtor®. They want a good value for the price. They want certain features and locations. And they want move-in ready homes.
“Few buyers have the desire to do the work and make updates after they purchase. Those who are willing to do the work are looking for a bargain,” said Pat Riley, president and COO, Allen Tate Companies, in the May-June edition of Carolinas Market Update, a bi-monthly real estate video series.
“Multiple offers are much more prevalent today than ever before. Homes that address the needs and wants of today’s buyers are ripe for the picking,” said Riley.
Riley recommends that even if you are looking to sell a few years from now, it makes sense to do the work now to make your home marketable – and enjoy the fruits of your labor. A Realtor is your best expert to advise what your home needs to be current and marketable. Open floor plans, updated kitchens and baths and the latest technology are all on the wish list of today’s buyers.
“Remodeling takes time and patience, but it’s worth it. The price an owner will pay to update their home is far less than the concession a buyer will expect to do the work themselves,” said Riley.
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions. It is produced every other month by the Allen Tate Companies and features information, statistics, trends and predictions about the real estate market in North and South Carolina.