By Lisa Groover
One of the first questions I ask my buyer clients when we are discussing their wish list is, “Can you see past the purple walls?”
Some buyers are able to walk into a house and visualize how they would make it their own. Whether it’s painting, refinishing the floors, adding new kitchen counters or taking down a wall, some can see the potential in an older, less updated home. This ability is a big plus when house hunting in a competitive or limited inventory market.
I have found that quite a few buyers prefer to look for newer homes or one that has been updated to fit their tastes. Either option works; however, I do remind them that there are a bunch of other buyers looking for the same type of home, so offers could be more competitive.
My goal, when working with a seller, is to help them see their home through a buyer’s eyes. With a limited number of houses on the market, the rising interest rates and the number of people looking, the move-in ready properties are moving quickly and usually at escalated prices.
I was having lunch with some friends recently and they were talking about one of my listings that had a neon yellow wall that the sellers refused to paint. Luckily, the rest of the house was gorgeous, so it was not a big issue, but almost everyone who toured the home commented on it.
For these reasons, it is more important than ever to consider taking a look at the properties that have been on the market for a while since there is something that is not quite working for those who have seen it.
I had a situation earlier this year where a seller called to ask me to come see their home. It had been on the market for 90 days without any serious interest. After touring the home and confirming that their current listing agreement had expired, we discussed what I would suggest to sell their home. The first thing on the list was paint, which is the least expensive way to brighten up a living space.
We changed out the old white mismatched appliances to stainless steel, replaced the tarnished brass door hardware with brushed nickel, updated the chandelier in the dining room and refinished the hardwood floors on the main level. We then staged the home, took professional photos and got the word out about the now-beautiful home.
In total, the seller spent approximately $15,000, for a return of over $100,000 above the price it was listed for without the updates!
Whether it is the seller making improvements prior to putting a house on the market or a buyer exploring the option of buying a home that needs a bit of work, the end result can be a win-win for every-one involved.
Another situation that seems to happen frequently: Buyers are downsizing from the house they have lived in for the past 30 years and they want to have a fresh new look. This is especially difficult when they are moving from a colonial filled with antiques to a contemporary condo.
Although I am definitely not an interior designer, I always suggest that they find a piece of art or a rug that they love and go from there. My inspiration was a very large hand-painted silk scarf that I had framed to use as a starting point. For those that know me, you are aware that I love color and contemporary art, so I had a blast finding additional pieces – including a purple leather sofa and large paintings from Torpedo Factory artists – to enhance the look.
For first-time buyers, or someone moving from a small apartment to a larger home, I have noticed that HGTV is a big inspiration for decorating their new place. Others love to stay with a more sustainable focus, and are able to find treasures at flea markets, thrift stores or their grandmother’s basement. I was in a condo this week where the sellers collected their artwork during their travels around the world.
Inspiration comes from anywhere, and it may just be the theme for your new home.
The writer is a licensed Realtor in Virginia with McEnearney Associates.
