Homebuyers shun ‘fixer-uppers’
NEW YORK – May 3, 2011 – About 87 percent of first-time homebuyers prefer a move-in ready property, according to a Coldwell Banker survey, which has real estate agents encouraging sellers to spruce up their homes before putting them on the market.
“It seems buyers will pay a premium, engage in a bidding war and even overpay just to avoid buying a ‘project’ house,” explains Beth Freed of Ridgewood, N.J.-based Terrie O’Connor Realtors.Sellers who take the time to make cosmetic repairs, eliminate clutter, and address maintenance and safety issues will sell their homes faster and for more money. Removing excess furniture, clearing the floors and depersonalizing the space will make rooms look larger and help buyers imagine themselves living there.Agents might even help sellers declutter and stage, noting that those who refuse to do so will have to reduce their price expectations.
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