Overcoming Functional Obsolescence

“#35 Sam and Sally Seller’s” custom-built home undoubtedly had a custom feel with inviting curb appeal, yet it also possessed some functional obsolescence items. It had a small kitchen with an electric cooktop, a small backyard with no pool and it was a two-story.

When buyers are shopping, they are looking at houses that are all in the same price range they notice finishes. As a result, when they see a house with high-end finishes that has supporting comps, they will write an offer. Since “Sam and Sally’s” house had comps that were over her home’s value, we knew they would recoup every penny invested into the home so our design team got to work. Our lead designer selected what finishes to replace to give the home pop to stand out to buyers and distract from the functional obsolescence items. We added wood floors, replaced door hardware and lighting, and repainted rooms. Additionally, roof repairs were also made. The total amount invested was $12k to increase the house value by $40k.

We listed the house for $750k and it quickly sold for $725k, which was above the range we suggested. The sellers got lucky because they didn’t have to reduce the price in order to sell. They got 5% off asking because it was listed above the range at $750k. Interestingly, if they had listed it at $735k, they would have received a $735k offer.

*To respect the identity of our clients, we have nicknamed our clients “Sam Seller” and “Sally Seller”.

 

 

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