Los Angeles Home Buyers Want a Move-In Ready House
Home buyers in the current Los Angeles, Long Beach or Pasadena real estate market want a house that is move in ready.
Home buyers don’t want an allowance to repair the roof, replace the carpet or repaint. Allowances are for teenagers. They want a well priced home, in a decent location, that they can move right in to without spending another dime.
Here’s what happens when you offer a $5,000 allowance for repairing the roof that should have been replaced 5 years ago:
- The buyer thinks “What else didn’t they repair that they should have?”
- The buyer thinks “What structure got damaged by the leaky roof?”
- The buyer thinks “Is it really going to cost only $5,000 to repair the roof?”
- The buyer thinks “How much time will it take me to get bids, hire a roofing company & get the work done?”
- The buyer thinks “What happens if (fill in the disaster: it rains, the contractor absconds with the deposit, a worker falls off the roof)?”
- The buyer thinks “The seller must be desperate since the house isn’t in good shape.”
Here’s what happens next:
The buyer accepts your offer of $5,000 to repair the roof, and then also knocks off another 10% because they think the house is not in good condition or you are desperate…
The buyer rejects your house and moves on to the house down the street that is move in ready.
By not repairing your home before you put it on the market, you are asking home buyers to assume risk and additional expenses. Many home buyers are already investing every penny they can get their hands on in order to purchase a home. They are unable or unwilling to purchase a home that will require repairs before they can move in. Additionally, the condition of your home may effect the appraisal causing the buyer’s lender to refuse the loan.
Want to get a Los Angeles home sold? Price it right, hire the best full service Realtor you can find, hire a professional home stager and make sure it is in move-in ready condition.
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