Selling home: update or reduce price?

Question

We are trying to sell our home. We've had a good amount of showings and it has been listed under 2 months so we aren't greatly concerned with the price. However we are considering some small updates to the kitchen rather than dropping the price (ie painting the cabinets, changing a light fixture).

Which would you do? We realize reducing the price is an easier option but with the activity feel maybe just freshening things up might help. The cabinets are in good shape but they are oak. We are thinking to paint them cream or white. Thanks for the advice.

Answer 1

I am old fashioned when it comes to things like this - changing cabinets will likely turn off as many buyers as it excites. Price is the ultimate determining factor. Let the buyer redecorate



Consider offering a bonus to the selling agent a specific amount usually works better than a percent increase



Also consider incentives for the buyer Depending on the price a grand or two to the purchaser can make the difference in your house selling rather then another similar one



Shop similar homes and see if yours appeals the same or better.



Use non-verbal selling techniques - keep a pack of rolls and frozen cookie dough and have a tray in the oven when people view your home. The smell of bread baking or home-make cookies are strong "home" images that most people respond to.



These little things can make your home stand out from others

Answer 2

Sorry for the reality check but I assure you that if your home isn't selling and it has been 2 months, it means there's a problem with the price! You can spruce things up by painting as much as you want but most buyers nowadays can see past paint which means it boils down to price!



Dropping the price isn't the easier option - it's the correct option. It isn't easier because it's obviously what you guys don't want to do but the fact you've had a "good amount of showings" with no offers and it's been 2 months means the price isn't working. Even if you don't drop the price, any person who is seriously interested will already throw in a lower offer just because it's been on the market for 2 months.



Spare yourself the time painting and just drop the price. Buyers aren't going to make an offer because you painted your cabinets and changed a light fixture.

Answer 3

I don't think it make sense to do anything cosmetic at this point.



One idea that has worked for my friend... offer a pre-paid visa card of $2,000 for decorating, etc.



Most buyers would find having that cash available to them very handy after moving in.

It is an incentive that has worked very well for a friend of mine.