Can’t sell? Here’s one suggestion | US Virgin Islands Real Estate Blog

US Virgin Islands Real Estate Blog

Can’t sell? Here’s one suggestion

By Barbara Birt

The old adage in real estate has long been that investments in updating kitchens and bathrooms will be covered at the closing table, and then some. But, a recent New York Times article from the real estate section argues that times have changed. These days, more and more sellers are being encouraged to invest in updates that don’t really justify an increased list price and which won’t see a return at the closing table, but which will at least bring them offers. Buyers have a lot to choose from, and many don’t have the confidence or inclination to do renovations themselves. They want the full deal – homes with both the kitchen and bathrooms modernized. I had buyers turn their nose up at a beautiful home I had listed in a very prestigious part of St. Thomas. Their only complaint – a dated kitchen. Bathrooms were spectacular, but that just wasn’t enough, and they weren’t enticed by the notion of putting their own mark on a new kitchen. They wanted jazz and convenience, and they wanted it at a great price. So…if you’re a seller, consider renovating, or make sure your list price reflects the buying power of prospective homeowners who are willing to look and look until they get the deal they want.

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