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A lot of people have been asking me, “What’s the one big thing that’s happening in Syracuse real estate?"
The one big thing happening right now is that we have a big chasm between buyers and sellers. The average buyer is about 37 years old, while the average seller is about 67 years old. So what’s the big chasm?
The chasm is that the average seller bought a home, fixed it up, and made it theirs. They may have put new floors in or made other changes to make it theirs. That’s the way they want to sell their house; the hardwood floors might need to be refinished or the countertops might need updating, or the bathrooms might need renovating. They don’t want to do it for the buyer, but rather have the buyer update the home their way. That’s what they had to do, after all.
Buyers today are considered “entitled” because they want to have things done right for them. The 45 and under buyer really wants to have a house that’s already updated for them, because they don’t have the time, money, or effort to make the updates.
The average seller might not want to put in granite countertops for fear of choosing the wrong color, for example, but the buyer looks at this as a lack of effort to sell. The average buyer would rather pay more for the same house if it’s already updated.
We’re seeing that houses that have professional photos, staging, and updates are selling so much faster than those that aren’t. Buyers are disappointed in the inventory for this reason. What we’ve got to do is coach the sellers to do some of the updating, and coach the buyers to understand that, with the help of a contractor, there’s not much work to be done. Refinishing floors, installing granite countertops or replacing a bathroom vanity doesn’t cost tens of thousands of dollars like some think.
We can help sellers with updating and staging, and we can help buyers get set up with contractors or anyone that can help with a new home. If you have any questions, give me a call or shoot me an email and let’s talk soon!
