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If listing a home in a seller's market, should the seller bother with updating kitchen & bathrooms? As long as everything works - but is noticeably dated (circa 1980s).
The seller could spend thousands on kitchen & bath remodeling before listing it for sale. May not recoup all of that money back on the sale. Plus, the buyers of a home might even prefer to do their own updating to their tastes.
In a seller's market, should the seller who has an outdated kitchen & bath bother to update it?
So long as everything is functional, then no.
As well, if you do update, you run the risk of alienating segments of your buying market that may not like the style in which you updated those rooms.
As long as the seller is ok with not obtaining top dollar for what the house "could be". People will discount it for cosmetics even in a hot seller's market.
Selling fast isn't the same as selling for more money.
Maybe. If the 'sellers market' is mostly refinished, move in ready homes it may make the difference between taking 30 days to sell and getting bid up above asking with competing offers. Depends on what is selling in your area. Currently, late 70's-early 90's style is more difficult to sell in my market. FWIW, an "ugly 70's house" last updated in the early 90's sat on the market for months and eventually sold for $562K after multiple price reductions. This despite being under 1 month of available inventory for the neighborhood. A flipper bought it and gutted out all of 80's/90's junk and turned it around for $810K! Remodeled, it only lasted 3 days on the market with multiple offers going $35K above asking.
So if there's a deficit of updated homes in your area, it may be worth remodeling. Otherwise probably not.
Maybe. If the 'sellers market' is mostly refinished, move in ready homes it may make the difference between taking 30 days to sell and getting bid up above asking with competing offers. Depends on what is selling in your area. Currently, late 70's-early 90's style is more difficult to sell in my market. FWIW, an "ugly 70's house" last updated in the early 90's sat on the market for months and eventually sold for $562K after multiple price reductions. This despite being under 1 month of available inventory for the neighborhood. A flipper bought it and gutted out all of 80's/90's junk and turned it around for $810K! Remodeled, it only lasted 3 days on the market with multiple offers going $35K above asking.
So if there's a deficit of updated homes in your area, it may be worth remodeling. Otherwise probably not.
Well, that makes sense.
I've heard that business about not remodeling because buyers might not like your style and it is better to knock $30K off the price than put $30K into a kitchen.
I've always wondered if that was true.
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