Why do homes that aren’t updated fail to sell?
Over the last three years or so, the buyer pool in our market has changed. Between balancing their work life and family life, many millennials don’t have time to make upgrades to a home after they buy it. Because of this, they prefer houses that are move-in ready, and this preference has influenced other buyer demographics.
HGTV has also changed the real estate industry in that everyone expects their next home to be something like what they’ve seen on that channel.
This means if your home isn’t updated once you put it on the market, buyers are going to cut it out of their search completely. They’re not interested in looking at a house that doesn’t evoke an emotional reaction.
These days, buyers decide how much they want to invest in a house before buying it. Previously, if a buyer could spend up to a certain amount on a home, they would spend every dollar of that amount and, over time, do the extra work on the home afterward to get it to look how they wanted. This trend has caused homes values to dip.
Even if you have made updates to your home, you’re not in the clear yet. If those updates are 10 years old or older, they’re probably outdated. Unfortunately, many buyers are willing to sacrifice quality for trendiness.
If you’re not sure what to update or what “updating” really means for your home, give me a call and I’d be happy to come out to your home and give you a free evaluation. Don’t spend any money unless you’re absolutely sure you’ll see a return on your investment.
If you have any more questions about this or any other real estate topic, feel free to reach out to me as well. I’d love to help you.