Ask Phyllis: a blog series of frequently asked real estate questions.
Listing a home that needs updating.
Dear Phyllis,
I had my home listed last year. The agent I hired asked me about the infrastructure of my house. After telling him my roof and air conditioning were old, he advised me not to make any repairs. He listed my home as is, and it was on the market for three months before expiring. We had lots of showings and several open houses. When I pressed my agent for feedback, he told me that buyers said my home needed too much work. I don’t understand why he would not have at least suggested a fresh coat of paint. I am planning to relist this Spring. How would you approach listing a home that needs updating?
JW
Dear JW,
I understand your frustration. There is no one-size-fits-all marketing plan for listing a home that needs updating. Each home and seller have a unique set of circumstances. Typically, before suggesting any work, I recommend a pre-inspection. I recently had a similar situation. In my instance, the inspector’s report indicated that the ducting and the ceilings likely contained asbestos. Because of the potential for asbestos, it wouldn’t make sense to paint the interior. The kitchen and bathrooms were original to the 1950s built home. Additionally, there was $9,000 worth of termite repairs and recommended treatment.
The seller and I reviewed the inspection report and decided to do the minimum. We had the home professionally cleaned and trimmed some plants to get a better view of the home and added mulch to the flower beds. Additionally, we removed the carpet to expose the hardwood floors, which were buffed by the house cleaners. We wanted to present the home’s potential without wasting thousands of dollars on cosmetic fixes, which would likely be ripped out anyway. In this instance, we listed this mid-century fixer and sold it for $50,000 over the asking price in eight days. There were four offers, and as we had a pre-inspection and termite report, the buyer waived their inspection contingency. Best of luck on your relist!
