Stage and Repair or not to?

I was recently told by a relator in my area, that there is a shortage of homes in the area I live in (which is highly desired).  and that in February the banks are going to start dumping their properties in this area.   I am currently in the process fixing and getting the home ready to sell.ie. necessary repairs, paint, new carpet.  He also state that I should just get it on the market as is because the buyers are looking at forclosed homes that have holes in the walls, bad flooring, etc.and that I would have to compete with lower prices homes.  I personally feel that I am almost done with the touchups. I would like not to have unfinished projects when I put the home on the market.  The value of the homes in this area have dropped radically as well.  Nov I could have gotten 200-210 for my home I will be lucky to get 175 for it.  Is there any crictical areas that I should address?

Frustrated and desparate home owner

First of all take a deep breath. RELAX. You are doing everything right. It doesn't matter how many homes are on the market. A home that is in good repair, with new carpet, fresh paint , great curb appeal and one that is properly staged will command a higher price and sell faster than anything that is "dumped" on the market. You don't say where you are but here in Dallas, banks are hiring stagers to get foreclosed homes ready before they put them on the market. They don't just release a ton of homes at once. Bankers are in business to make money. 

If you are worried, get more than one opinion from one Realtor. Get SEVERAL opinions from SEVERAL Realtors. Then, call up some banks with properties they need to release and ask for a preview. Do some research. They don't have to know you are not a serious buyer. 

The bottom line is the purchase of a home is largely emotional. People fall in love with houses. They visualize raising their children, throwing parties, celebrating Christmas. One of the things I always hear, besides "Where will the flat screen go?" Is "Oh we can put the Christmas tree there!"  People are not out searching for ONLY the lowest price. They are searching for the least hassle! No one wants to deal with home repairs and no one wants to have to install carpet and repaint. Buyers today want to walk into a house that is move-in ready. So, you have NO competition really. 

Follow your instincts and interview several Realtors until you find one that has the same outlook! Let us know what happens!

Please don't be frustrated, you are instinctively doing the right thing and by repairing and staging your home your property will stand out from the competition and get noticed.  You also have the opportunity to make more money and sell faster when a home is staged and turn key.  90% of the buying public can not visualize a vacant home so staging gets you noticed and helps define the rooms.   The 2009 home gain survey of over 2000 realtors named decluttering and cleaning as the number one home improvement sellers can make and staging is number 2 and staging can deliver over a  500%  return on investment.  Remember when you are selling, your home becomes a product, it's merchandise and it needs to be marketed.  People still buy based on location, price and presentation.   If the necessary repairs are a small investment of a few thousand dollars, you should be able to price competitively even though home values have dropped and get it sold quickly if there is demand in your area.  Do not feel threatend by the number of foreclosures in your area, there are still a lot of buyers who want a nice home that is reasonaly priced.  And staged homes sell 50% quicker than unstaged homes.  To get more information on the top 10 home improvements realtors recommend for sellers and the cost and return on investment go to www.homegain.com and look up the 2009 survey.     Best of luck and I see a sale in your future.   Sue Geurs, The Property Promoters   

I think you have the right strategy for selling your home quickly and beating out the foreclosed competition.  Take the time necessary to repair, paint, declutter and stage before you put it on the market.  Don't let a realtor scare you into selling your home before it is in "move-in" condition.  Unfortunately, some realtors will use scare tactics to get a seller's listing.  It's a proven statistic that staged homes sell quicker and for more money than non-staged home.

Did you know that the most number of buyers will view your home within the first couple of weeks when it's newly listed?  Serious buyers are always looking for "just listed" homes.   So.. you want your home to be in top condition for these serious buyers and quickly generate offers.   If there are going to be many new foreclosures coming to your area (and they're in bad shape), your home will look even more appealing to buyers.    HANG IN!

Noelle,

I'd like to add that those buyers looking at the lower priced foreclosed homes will be different buyers than those who should be interested in your home.  Those will only make your turnkey home more attractive. 

Since it is difficult to provide advice without a good visual, I will suggest a good realtor and/or stager.  These professionals should be able to help you determine which repairs and updates should be done prior to listing.  Make sure you have a realtor who supports you, not scares you.  And by bringing on a separate stager, you have the benefit of someone who specializes in just what you're doing, preparing the home for sale.  The realtor's area of expertise is in marketing and negotiating, probably not design.

If you're not familiar with staging, you can get services ranging from brief consultations to full service work.  My advice is to find someone local that you can work with.

Good luck,

Sheridan