The Tale of Two Home Listings - Part 2

Two homes in the same subdivision. Both were:

Dated from a style perspective,

Structurally sound, but a bit run down,

Both sold at a distressed price due to the condition they were in.

The buyers of the first home completely renovated it: roof, HVAC, floors, doors, fresh paint, updated bathrooms and kitchens. They did an incredible job. It looked like a new home. It went back on the market and sold for over $200,000 more than what they bought it for.

The buyers of the second home did relatively little to update it. They did replace the roof and some of the windows, but the HVAC was near the end of its useful life, and from a style perspective it actually got worse - they painted some of the rooms some very dark colors - and the home already had many of the rooms with dark colors.

They listed it for over $200,000 more, and it has been on the market for almost 3 months now.

The lesson - pricing matters. It’s a seller's market, but sellers can’t just name their price. Buyers don’t want to overpay.