Listings have certainly bounced back from a year ago in many markets—large and small—around the country and yet a sales rebound has been hard to pinpoint. Sky-high prices and rising interest rates certainly haven’t helped, but John Burns Research & Consulting has also identified another pain point for the industry: poor quality listings.
According to a survey of 1,400 resale agents nationally conducted in April, 99 percent said they have recently seen resale home listings that need repairs or updating. Nationally, an average of 37 percent of current and expected listings require repairs and updates, and 27 percent of surveyed agents indicate that most listings need improvements.
Two-thirds of real estate agents reported that homes needed repairs or updates in at least four different areas. Outdated kitchens and bathrooms are the top three needed improvements that agents identified.
Of course, when buyers are already coming in strapped for cash due to high prices, taking on the extra expense of a renovation becomes a deterrent from purchase.
When asked why sellers aren’t making repairs and updates before listing, 47 percent of agents indicated that sellers cannot afford the cost. Another 32 percent of agents say that sellers are not making updates to let buyers choose the style and/or materials they prefer.
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