High-expectation markets punish dated homes hardest
This is the counterintuitive part of selling in Brookfield. In a soft market, a dated house is discounted roughly by what the update costs. In a strong market where every comp sold renovated, buyers discount well beyond the renovation cost, because they are pricing in the hassle of doing the work themselves.
So a 1974 colonial with an original kitchen, dated baths and forty-year-old finishes can trade at a surprisingly large gap below its updated neighbors. The seller is told to renovate, which means funding a major project on a house they are leaving.
We renovate for a living, so we are not charging a hassle premium for work we were going to do anyway. On exactly these properties, the gap between our number and a realistic discounted retail sale is narrower than sellers expect.
