Coldwell Banker has just introduced a new program that lends money to people selling their home so they can make improvements prior to listing, which helps Sellers make more money when they sell!
Average sale price has gone up considerably in Marin County in the last seven years. And while salaries have increased and employment remains strong, they did not move up as much as home values. As a result, buyers that used to purchase with some money set aside to make improvements have moved up their purchase price, and are using up more of their available cash when they buy. That means many don’t have a lot of cash for improvements after move in.
As a result, it has become more difficult to sell homes that need improvements. Buyers in Marin tend to look at the top end of their range, and often just don’t have the funds to put $10,000 into a new sewer lateral after they move in. Many simply do not have it, so they can’t even consider it.
Homes that don’t require a lot of repair work sell more quickly – they get more interested buyers, and they are the ones typically that tend to get more offers. So we strongly encourage sellers, if they have the funds, to make necessary repairs if possible prior to putting it on MLS. The return on investment is usually excellent, and worth it. Unfortunately, many Sellers are also strapped for cash, and can’t make the fixes that will help them get more money for their home prior to putting it on the market.
Coldwell Banker to the rescue! We have just introduced a new program for our clients called RealVitalize. Essentially, we lend you money to make home improvements and repairs to prep your home for sale. Coldwell Banker will cover upfront costs up the amount of the listing side commission for repairs, even staging. We then get paid back from the proceeds of the sale. No fees, interest charges, or markups. It is a terrific opportunity for sellers as the investment in prep and repairs delivers an outstanding return on investment. We are already starting to use the program with a couple of new listings.
Interested in learning more, or talking about selling your home? Call Bob at 415-378-1414, or email at [email protected]