Deferred maintenance, old school appliances, worn out carpet, bathrooms from the 60's 70's 80's, outdated kitchens, big brass light fixtures.  These are just a small fraction of the updates and renovations that many homes need.  When trying to sell, these are big negatives.  This brings up the question of the week:

Should I update my house or drop the price?

The correct answer:  BOTH!

Competition is fierce in the home selling business.  Your house is competing against 3 major competitors:

1. Banks:  Banks are willing to price 30% below market value in order to move the "asset".
2. Short Sales:  Banks and Sellers team up to give a 1 - 2 punch of both a cared for property and a low price.
3. Your Neighbors:  The most competitive of them all.  Nice on the outside, but will absolutely negotiate to outsell you and your house with any semi-legitimate buyer.

How to win the home selling race:

Your home's attractiveness to home buyers comes down to 3 major points:  Location, Condition, Price.

1. Location:  You can't control this.
2. Condition:  You control this.  Today's buyers want perfect, model home condition.  They will never live like that, but that's what they want....a model home.  If you have updates that need to happen or curb appeal needs, you must get it done.
3. Price:  You control this.  Today's buyers want a deal on even the best houses that are in the best condition.  It's an extreme buyer's market so you must list the property at a price that is a real deal from the beginning.

Bonus Tip: Pick a real estate agent that knows how to market your home correctly:  Meet Brad.  Without proper marketing, home buyers will never know you have a model home priced as a deal.  It's the old "If a tree falls in the forest...".

Follow this advise and you will sell your house!