Real Estate Sellers - Competing With Foreclosures And New Construction

Real Estate Sellers - Competing With Foreclosures And New Construction

It is quite often that buyers will find the right house with the wrong yard...and vice versa...the right yard, wrong house. A real estate buyer searches for just the right fit, often starting with resale properties in established neighborhoods and ending up with new construction. What does an established neighborhood mean to you? To me, it's the older neighborhoods with wonderful outside elements that help to make a house have the feel of a home. The land, the yard, the Azalea's and Rhododendrons that burst into bloom each Spring. What does an old neighborhood mean to you? Large lots? Grand Southern Magnolias and stately Oak trees?When you drive up to a house like that, it feels like home...you wish it were home! In the Charlotte NC real estate market, you'll quickly learn that the beauty of our older neighborhoods start at the ground level and work their way skywards. The lots are larger, nicely set back from the street with a front porch and a front yard...large trees offering a canopy over the fenced backyard. Natural privacy is found by ample spacing between you and your neighbors home. These homes should sell quickly, right? Well, not necessarily. Buyers drive through the older neighborhood......."It's just GORGEOUS!" they exclaim. Ahh...then they make an appointment to view a few of the homes. The carpet is a fashionable olive green. The Kitchen has harvest gold appliances, lots of heavy floral wallpaper in the Dining Room and Bedrooms...very clean but very dated. The residential property disclosure sheet states that there are hardwood floors under the carpet. Well, unfortunately, without viewing those hardwood floors, the buyers are uncomfortable in making any further inquiries. They are homes that have fantastic potential! Given a few basic cosmetic upgrades, these homes could move off of the market quickly. Instead, they are gathering dust. Why is that, you ask. It's because the buyers became discouraged and began rethinking their options. Old vs. New. The buyers originally thought they wanted an older home in an older neighborhood. They were sure of it!. The older home's neighborhood was gorgeous, but so many of the homes needed some form of cosmetic updating.The older homes were not dilapidated homes; they were lacking today's sleek appliances, sunken tubs and walk in closets. They were not move in ready. And, unfortunately for the resale market, these older homes have actually pushed the buyers into the new home market. We are in a society where too often both parents work outside the home. With little time and little know how, (and little extra cash) they choose the home that is easiest for them to move into. They decide to take another look into purchasing a new home complete with the barren soil and twice baked yard of new construction. So, the buyers wander back over to the new home development where the model homes are professionally decorated and showcased ever so perfectly. The neighborhood entrances are beautifully designed and welcoming. The new development also offers great amenities which include a community pool, tennis courts and playground. Everything is new and neatly staged to sell. The buyers begin to overlook the flaws evident in the small lots, tight garages and narrow streets. They are relocating and they have to buy. Their options come down to one of two things: Fix the old house up...(only if they can steal it with a low ball price). Landscape the new home...(which they may or may not do). If you are a seller, it will pay for you to have your home fixed up and move in ready for the buyers. Your competition is steeped in foreclosures and new construction. It is a tough market for sellers. Shine it up. The home will smell better. Box it up and store those excess items. The home will be easier to keep clean. Update items that you can update. It will sell faster. Kind of clean will not work. Nor does lots of wallpaper, crazy colors and damaged blinds. Make a list and check it twice! If you have to sell, it's much easier to get in shape without the interference of showings. It will also benefit you with the ability to sell in a timely manner at fair market price. Tags : Charlotte NC Real Estate, house, home, neighborhood, buyers, foreclosures, new home development, new