I thought that this money was offered to first time homebuyers, so that, once they were in their new home, that they would spend the $8,000 on improving the new home. The monies that they would spend on that new home, were to stimulate the local businesses. That being said, why are the buyers expecting every home to have, new siding, new windows, new, stainless appliances, refinished oak floors, new furnace, new roof and the home must be freshly painted.
Hello? I find it hard to believe some of the feedback that I am getting on my listings. Some of these items are in the homes, but, not all. If the Sellers have already dropped their prices to the bottom of their budget, are the buyers still not going to choose their home to purchase because it doesn't have the new stainless appliances? Maybe. I think that in our last, high market, because there was so much flipping with homes going on, that the buyers indeed, expect all homes to be like new, inside and out.
Unfortunately, all of them are not. If you are a Seller in this position, your home will sell. It will just take longer. Save money and drop your price, now. More homes, in my area, are selling. The ones with all of the updates sell much faster than those homes that have partially updated. If you cannot find the funds to update your home more than it is, then you might as well drop your price now. Don't wait. Waiting will only cost you more money in the end. Taxes, utilites and maintenance.
There are a few buyers who are handy and don't mind painting and cleaning. Your home should have strong bones. Meaninng, the structure, the roof, the windows, the electrical service, the furnace (heating system) and the plumbing. Those buyers will be interested in your home, if it is in their price range. Again, drop that price. It is the answer to the faster sale. By the way, the $8,000 bailout refund for first time homebuyers expires now on November 30, 2009.
Hosting an Open House today, in Manchester, Ct! 87 Prospect St, Come by and visit or just, Wish me luck!
It's a Good Life!
Fran
Oh, By the Way...if you know of someone who could use my good services, please send me their contact information. I will follow-up and take good care of them for you. I am never to busy for your referrals!
Frances, This is a Buyers market. The buyers can be a lot more discriminating in their choise of home and expectations for a home. $8000.00 tax credit or not this is the nature of a buyer in a buyers market.
I remember the good ole days when it was a sellers market. Back in thoise days the seller could say it is what it is, take it or not, if you don't some else soon will.
I thought in addition to the first time home buyers spending the 8K on improverments, furniture, lawn mowers and such, their purchase would push the rest of the market. However I don't think that has quite become the reality yet. ONce the market is cleared of low end new construction and foreclosures then I hope the domino effect will take hold.
Here's hoping anyway.
Bob, I agree. I was trying to impress on Seller's that same idea. It is a Buyer's Market:) I don't think that the monies offered have made the difference that anyone had hoped for. The strict banking regulations are not helping, either. As they say, this too, shall pass.
Fran - Good reminder for sellers, and good luck with your Manchester open house!!
Frances I had never heard the term "Strong Bones" before in reference to a house, so I learned something new today.
George, Goes to show you, I've been doing this job for a long time! LOL! See the lady Wendy above you on the comments, we used to work at RE/MAX together. Amazing how we can find eachother on the rain! Very cool!
Sadly, the point your making is unless you've got the best/newest/updated home in the neighborhood, you're in a parachute race. And the way to win in a parachute race is to take off the parachute. You'll reach the ground faster than everyone else. : )
I'm seeing this in our market as well. Most are racing for the bottom to get a sale. To counter that, we're rolling out a new marketing program to change the focus from price to value. Use the seller's price concessions to attract the right kind of buyers, retail buyers instead of "investors" that make a living off of bottom feeding. We use that money creatively to give buyers a reason to buy THIS house.
We'll see how successful this is in a few months with real stats. Its worked in Arizona, where they have California's RE flu really bad.
Mike
This is a tough market that we are in and some buyers do have pretty high expectations. But to be honest I have had both kinds, the ones that just want to buy and the ones that want all remodelled for rock bottom prices.
Mike,
We, also, offer Seller concessions. FHA has now changed some of those allowable charges now, which has not helped the Seller or the Buyer. I like your parachute analogy, it fits perfectly. Thank you for stopping by!
Evelyn,
We seem to be seeing more of the high expectation buyers, at this time. Things do change, so, who knows?
I hadn't really thought about how the flippers had adjusted the idea of what buyers could expect, but you are so right. My staging partner and I had been staging for a local flipper quite regularly. Now many local Realtors know what he does, and he has the properties sold before they are finished!