tmare said:
Pretty unbelievable. I'm sure the agent must have at least tried to get the seller to have the walls painted before listing, right? Anyone know the agent?
You'd think so wouldn't you? But after having a conversation with an agent hosting an open house in RSM last weekend... I wonder.
I commented on the fact that the house appeared to have builder grade everything; from worn carpet, to tile counters, to ugly brass light fixtures, etc. I also mentioned that when we sold our house a year or so ago we upgraded, updated, and turned it into an HGTV worthy showplace before listing.
The REA's reply was that since sellers are not likely to recoup the cost of fixing up in this market; as long as a house is clean, she has a hard time suggesting they spend much $$$ doing so.
Ummm OK, the house we were in at the time was purchased in 1995 for $350,000 and the asking price was over a million dollars! Even the NAR doesn't claim that RE values TRIPLE in slightly over ten years just because.
I think the owners could have spent a substantial sum fixing up and still considered that money re-couped if they got anywhere near their asking price.
I assume what the REA really meant was they wouldn't re-coup the cost of upgrading/updating if they compare current selling prices to what they could have gotten at the height of the frenzy. I hope her attitude doesn't become prevalent... I fear it might.
BTW, we bought "the wallpaper house" once. I would have to get a HUGE discount off current market values and still think long and hard before I'd ever do that again.