Most First Time Buyers Want Move In Ready!

With all of the distressed properties for sale (nearly 80% in some price ranges and neighborhoods) here in the Sacramento area, it is sometimes a challenge to find properties that are move-in ready.According to a recent poll, only 7% of home buyers were looking for a fixer.

“First-time buyers are skeptical of buying homes that need improvement,” says Eric Mangan, a spokesman for ForSaleByOwner.com. “Sellers certainly don’t need to remodel the kitchen, but they want to make sure that their homes showcase very well.”

Non-distressed sellers, or equity sales, as they have come to be known, can definitely ask a premium in this market, if the property is well maintained, impeccably clean  and staged like a model-home.

I have had sellers who didn’t want to spend the money or take the time to do the small fix-ups, who wanted to sell “as-is”, but still wanted to price their home higher than the distressed properties in the area.

My advice to them has been; if you want to price at a premium, the condition, curb-appeal and staging must be perfect. Even then, a buyer will only pay so much for these; your premium probably can’t be more than 3 to 5 percent, in most cases.

You must also be conscious of the appraised value, cleanliness and curb appeal are hard to adjust for on an appraisal basis.  When the only comparable sales available to an appraiser are those of distressed properties, the premium of a non-distressed sale is very hard to put a price to.

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