12 Things You Should Know About Real Estate: Part 3

Written by Quincy Virgilio

May 11, 2021

This week’s items on my list concern the little things that potential buyers consider when they are deciding what price to offer for your home. 

  • Cheap fixes or updates will result in cheap offers

A common perception is that money can be saved by cutting corners on upgrades, after all, you’re just doing this work so that it looks good as people walk through the door; it’s no longer your problem once the potential buyers have signed on the dotted line, right?  WRONG!  As they walk through your home, they will turn on faucets, open drawers and closets and run their fingers over the paintwork on the door jams.  The new kitchen faucet you installed doesn’t have a quality feel to it as they turn it on because instead of buying a known brand, you bought the cheapest knock-off you could find online; the paintwork feels a little sticky because you skipped the step of priming over the old oilbased paint before adding the fresh coat.  For each one of these, your potential buyers will be making a mental note of how much they will be reducing their offer by, which will most likely be more than you saved.  Take the advice of your real estate team before cutting corners to see how it will affect your sales price. 

  • Buyers notice things they want to change before noticing any updates 

You may wonder why you took the advice of your real estate team and spent time and money on upgrades when all your potential buyers comment on are the things they want to change.  Don’t be disheartened.  They didn’t know what was there before and everyone wants to put their own personal touch on a place which during this pandemic, we have been spending a lot more time in than we ever previously imagined possible.   If you hadn’t done those upgrades, they would be added to the changes line item in their home purchase budget which would be taking money away from the purchase price line item. 

  • Time is of the essence

In a market as hot as we are seeing right now, you need to move quickly.  We are at the beginning of prime selling season, and this bubble may not be here this time next year.  There are more potential buyers than homes on the market, so find a good real estate team who can help you get your home ready and listed fast.  Don’t miss out. 

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The Virgilio Real Estate Team