Sunday, September 15, 2013

Getting Value When Preparing to Sell

My most recent listing was a ranch home in Gahanna Heights.  Because it is a ranch, I received an increased amount of calls from current homeowners in the area that were interested in looking that the home because they are interested in downsizing.

The "downsizing" caught my ear because I knew that if they were going to purchase the home from my sellers, it would be contingent upon the sale of their property.  Contingencies aren't always the greatest of situations because it could really delay the closing for my seller.  When I asked these folks about their current home, it wasn't uncommon to hear "well, I've still got quite a bit to do to my home before I sell."

This is where I can add value with my services as a Realtor.  Most people think they have to do X, Y, and Z to their home before it sells, but that isn't always the case.  What is most important is that a future seller prepares the home to sell at the highest price for the condition, and if improving the condition then increases the price that they could sell it for, making sure that they get the best return on the money they spend improving the home.

To make it simpler to understand:

If a potential seller could sell for $180,000 today, then puts $5000 into the home to get it ready to sell, and they could only sell it for $185,00.  They didn't make any money on their improvements.

However, if a seller could sell for $180,00 today, then puts $5000 into the  home and it increased the value to $195,000.  They've now done upgrading/ repairs that get them a return on investment that justifies the upgrading.

From KWRI:

If this is a situation that sounds like it will arise sooner than later, contact me today to set up a time to evaluate your options.  It never hurts to assess your current situation!

Request a market analysis & home value report here

Take care,
Scott Morrison
614-383-8502
scottmorrison@kw.com

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