I visited several properties today during Broker’s Opens. Some new. Some not so new…evenly split like my own inventory. When I chatted with the Realtors in the not so new listings we all agreed that the real estate climate had palpably changed this year. I won’t rehash the low inventory, multiple offer scenario I’ve posted about as of late. Instead today, I’ll talk about the toothbrush-ready preference most buyers have and the drawbacks to this unwavering requirement.
Let me elaborate on my cryptic commentary above. The new listings that are in mint condition and updated are flying off the market within days and causing multiple offers including full price offers. I just witnessed this with my Tangier listing. It’s not rocket science – its obvious that these listings would have this appeal, particularly in the sought after areas of Coral Gables and Coconut Grove. But more and more buyers are ONLY looking for “no work required homes” causing them to overlook terrific properties with tons of potential which require sprucing up or some further remodeling investment.
Often these same buyers prefer OVERPAYING for an updated house versus getting a great deal on a house that will have equity in no time with minor improvements. I counsel by clients accordingly but the inconvenience of construction and the lack immediate gratification often trumps my advice. Remodeling is not for everyone but I urge anxious buyers out there to take a second look at well located properties that have good bones – these homes can be updated to suit your needs, not the previous owners needs.
If you are looking to buy a long-time home, consider properties that are not toothbrush ready. Often you will be in a better position to negotiate and can update a bit at a time – making the home truly your own.