Real estate agents know that outdated, unrenovated listings sit on the market and attract low-ball offers—eventually being scooped up by flippers, investors, or wholesalers for far less than the sellers wished for. That’s because today’s buyers are primarily looking for move-in ready homes. In fact, 71% of buyers are afraid of buying a home that needs work. Not to mention that across age groups, 98% of buyers begin their home search process by viewing properties online. In other words, every property needs to be Instagram-worthy in order to attract the broadest possible audience.
The increasing emphasis on move-in ready properties is one of the reasons flippers and investors are thriving. The number of homes purchased by investors in 2018 was the highest ever, with investors buying more than 11% of homes.
While sellers usually understand that they could sell their house for more, they often opt out of renovating for one of three reasons: they don’t have the money to pay for renovations, they want to get to market quickly and are worried renovating will take too much time, or they don’t want to deal with the stress of renovating.