Who Knew? Nicer Homes Sell Faster!
I just read an article that made me laugh and I had to share it.
Apparently a home that is fixed up will have a better chance of selling and sell faster than homes that are not remodeled. A study was conducted to find out this INCREDIBLE news. It gets better!
Rehabbed foreclosures sell faster as well. So all you homeowners facing foreclosure and all you banks with tons of REOs on the books, call the contractors it’s time to rehab those homes!
“A study conducted by Field Asset Services, a property preservation and maintenance specialist that focuses on foreclosed and repo properties, revealed that a foreclosures sale will have a higher chance at success if the property on offer has been remodeled. The company’s annual study of foreclosures and REO properties also revealed that the days on market (DOM) for rehabilitated properties are shorter than those that were sold ‘as is’.
According to the study, the DOM of bank, government, and VA foreclosures that have been rehabilitated before being put up for sale is reduced by around 68% compared to homes for sale that were not repaired or remodeled. Field Asset conducted a similar study last year which revealed that DOM is reduced by 54.6% for rehabilitated dwellings.”
“Foreclosures Sale More Successful for Remodeled Homes, Study Says,” Real Estate News, myrealtynews.com/real-estate/foreclosure/foreclosures-sale-more-successful-for-remodeled-homes-study-says/ January 20, 2011 (accessed January 20, 2011).
I’m amazed that money was spent on this study, but at least it was private industry and not government funds. So lesson learned: buyers like nice homes. I will use that!