Should You Update Your Home Before You Put It On The Market?
October 19th, 2009 categories: Coconut Grove Real Estate, Selling Real Estate in Coconut Grove
If you attended my real estate talk last night you now know that prices have fallen significantly in Coconut Grove in the past year. The average Single Family “Sale Price Per Square Foot” in October of 2008 was $343.00 and the average is now $260.00.
In years past, the decision whether to update your home before putting it on the market was easy because it was pretty much guaranteed that the improvements (kitchen, bath, floors, etc.) would increase the value of your home and you would recoup the money.
Since Coconut Grove homeowners have already experienced such a large drop in value over the past year, many people are not so keen on the idea of putting MORE money into their house before they place it on the market.
I tell my clients that they need to think about it this way….you are not putting more money into your house in order to make a profit. Instead, you are putting more money into your home in order to make it stand out and get it sold!!
There are 178 houses on the market in Coconut Grove right now and very few are in move in condition. So unless you are willing to price your home under market value, updating your home is another way to get your house sold quickly in this market.
Need more motivation? The average house that has sold this year has sat on the market for 9 months. One thing that you can do to get it sold faster is to make it turnkey ready!
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If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
