The Invisible Deck and the “Unfinished” Finished Basement

While we are at it, let’s imagine a pool in the yard, because this beautiful, private cull de sac lot is perfect for a pool! If we squint, we can imagine the gleaming hardwood vs. the beat up, 50 year old floors that haven’t been tended to since the home was built. There’s no dishwasher here, BUT you could put a dishwasher in. Don’t see a garage? No problem! There’s plenty of room to build a detached garage on the property.  Is there a theme to this article? Absolutely.

You Must Sell What You Have. Don’t Try to Sell Your Vision

When meeting with homeowners getting ready to put their home on the market, it goes without saying that we are going to discuss the condition of the home as it relates to salability and market value. Unfortunately, too many homeowners are still putting homes on the market before they are “market ready”.  Other homeowners have simply run out of time or money, and are unable to build the deck or re-finish the hardwood.  Understood. Sometimes cash is tight. But what else needs to be understood is this: Unfinished projects will affect the marketability and the bottom line sales price of your home.

I was recently in a home where the homeowners had a door from the breakfast nook to, well, nowhere! That first step outside is a potential leg breaker! This 5 year old home never had a deck attached as was intended when the home was built, yet there was no apparent pricing adjustment to the list price. Then there is the story of the owners of a 1 year old Fischer Homes resale in the Polo Fields who had accepted a corporate transfer.  I will never forget listening to the homeowner justify the price he wanted, based on the fact that his unfinished basement with 10’ ceilings and 3 nice sized windows let in quite a bit of daylight. Now, the home wasn’t built with a walkout basement.  He reasoned with a few adjustments, like cutting through concrete, it could have a walk-up stairwell basement, be properly finished, and add about another 2500 sq. foot of living space….What?!  Are you serious?? By the way, the home did not sell anywhere near this guy’s price.
 “No kidding?” you say.

I am currently representing a buyer purchasing a home in West Chester. The out of town owner purchased the foreclosed home as a “fix and flip”.  The problem is, he put it on the market before completing in full the re-hab project.  What my buyers saw was unfinished hardwood, a master bedroom in need of carpet, no appliances, and a yard full of weeds needing attention. Costing his checkbook a great deal of cash, the seller priced the home not as you see it, but as though it were complete. It is not.  My buyers are getting one great purchase, and the seller is completing the unfinished projects, including re-finishing the hardwood floors. Why? Because he needs to sell!  Putting this home on the market before it was ready probably cost him $20,000 – $25,000. Great for my buyers! I’m just glad I don’t represent this seller!

I walked away from an opportunity to list a 4 –unit apartment complex, deeply in need of updates. Why would I potentially “leave money on the table”? Because the seller of the apartment was, and still is, trying to compete in price with newer, more up to date 8 – 12 unit apartments that from an investment position, make sense vs. his very run down “could be” building.

One truth seems to ring true whenever I find myself sitting at the kitchen table with a potential seller, who is sharing his or her vision about what they were “going to do” with their home or investment.  These people had a vision for the home, and life’s circumstances prevented them from being able to complete that vision. Often, I can see it pains that person, or couple, to sell. They love their home, or this investment is supposed to take care of their retirement. We understand.  But as I’ve mentioned before, you need someone who will be objective. You need someone who will tell you the truth. That’s where we come in.

Trust me, it gives me no pleasure to tell someone they need to downwardly adjust their expectations of their home’s value when major, buyer favored items, are missing.  Decks that didn’t get built, appliances that didn’t get installed, fences that didn’t get repaired, gardens that didn’t get planted, and a fresh coat of paint that didn’t get applied. It all adds up.  Potential buyers just have too many options to get wrapped up in your vision. Buyers have their own lives to think about, including their own vision, and it will not help your sale to assume they will share yours.

Your best bet is to put your home in as clean, staged, inspected and corrected condition as your circumstances will allow.  Edit the personal items. Take down the magnets and baby pictures off the ‘fridge. Clean….deep clean. Have the home fresh and in showing shape each and every day. 

Take advantage of our Serious Sellers Marketing Program to make sure you are staged, inspected, and priced accordingly. It’s only $650! If you spent $650 and it brought you several thousand more, doesn’t that make sense? Follow through with this program and your home will sell!