The condition of a home is one of the most critical drivers of its sale price. According to BMO’s “Psychology of House Hunting” report, 71% of home buyers are afraid of buying a home that needs work. The majority of current buyers are looking for “move-in ready” homes in hopes of avoiding the stress and expense of fixing up a property after purchase. As a result, homes that are outdated or in need of repair tend to sit on the market, attract low-ball offers from flippers, and eventually sell for well under fair market value.
Nevertheless, many homeowners don’t renovate their homes before listing because they assume it will take too long, be too overwhelming, or cost too much. They dread the process of finding reliable contractors, selecting materials, and coming up with the cash to pay for it all. Many decide to list their homes without updating, and then hope for the best.
Unfortunately, opting out of pre-sale renovations drastically reduces their potential proceeds. In 2018 alone, real estate investors made more than $14 billion in gross profits by buying, renovating, and selling outdated homes—profits that could have been earned by homeowners, had they chosen to renovate before listing.
By partnering with Curbio, agents help their clients renovate their homes before listing without the upfront costs, stress, and time commitment involved in a traditional home renovation project.