What is an incurable defect?
A major portion of a real estate agents job is determining values. When working with home sellers it is critical to arrive at the proper asking price. The correct asking price will stimulate interest and excitement. Even in today's current real estate market, homes are selling in multiple offer situations and for over asking price.
When working with buyers it is necessary to be able to ascertain what a home will likely sell for and the future resale potential of the home. Incurable defects can pose a problem when determining values. Such defects are:
*Busy street
*Poor floorplan, such as tandem bedrooms, poorly planned additions
*Lack of a level yard
*Proximity to high tension lines, commercial property, apartment buildings, etc.
In over twenty years of selling real estate, I have yet to have a client tell me that their dream home should be sited on a busy street or half a block from the freeway. Home buyers will accept a home with incurable defects -when the price is right. This is typically the same reason the present owner purchased the home.
Great points, Phyllis. Home improvement projects can dramatically change the look and feel of a home. An updated kitchen and some new paint on the walls can really make a house shine. But getting away from a noisy street or creating a spacious backyard on a small lot are factors that cannot be changed. This makes it all the more important for homes with these incurable defects to be move-in ready for perspective buyers so homeowners can maximize on selling price potential.
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