"Price can fix condition but condition can not fix price!" My new favorite quote!
Regardless of how bad of shape a property is in it WILL sell - at the right price! However, just because a property has been updated beyond the updates of properties around it does not mean it will sell for more! It typically means it will sell faster...but in the same price range as the homes available around it.
When sellers determine the price of their home they tend to start with the price they paid for it and then add in everything they did to the house. So, Bob bought his house for $350,000 and then he put in ceramic tile and painted and added a few cabinets...for a total of $50,000. Now Bob thinks his house should sell for $400,000. However, if the homes around him are still listed at $350,000 and under then Bob is not going to get much more than $350,000 for the home. He must be competitive in his pricing AND offer more than the competition. This will get his home sold faster...but not for more.
Pricing has nothing to do with ANYTHING except what a buyer is willing to pay. If buyers are only paying $350,000 for homes in Bob's area then why would they pay $400,000 for Bob's house? Maybe Bob should rethink his asking price and base it on the competition instead of on what he has in it or what he thinks must get out of it.
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