Expert: Sue Bernstein - 4/21/2009

Question
I have inherited a home in the SF Bay Area (I live on the East Coast).  The house is in a fairly good market (avg Days on Market for Comps in less than 30 and about half less than 10).  Updated comps are going for about $1.3 million.  However, this house has not had any updating in about 30 years.  It's functional but dated (but not hideous).  Since I'm interested in selling fairly quickly, would you recommend doing updates (new kitchen, baths, closet systems) or accept a lower price (say $1.15M) and let the buyer make it their own?  Thanks in advance.

Answer
Dear Henry,

My experience is that houses sell faster AS IS and if priced aggressively (low) will bring a higher price.  It is questionable if you will get the money back that you put in to update.  With that said I would recommend you have several local agents see the house and give their impression and recommended list prices selling both ways.  Make it very clear to them that you want a price that will bring a fast sale.

Hope this helps.

Sue Bernstein