Updated vs Outdated

Real Estate

In today's market most sellers know that their home needs to be in move in ready condition in order to sell for top dollar.  Buyers will certainly buy a home that requires work, but they will pay much less than the work will typically cost them.  We've all heard this before, but what does it really mean?  Here is a firm example illustrating my point.
Going back and looking at 12 months of sold listings in Jacksonville, we determined that the average price per square foot for outdated homes was $63.  Outdated does not mean carpet and wallpaper from 1972.  Outdated means that today's buyer would want to make changes to give the home a more updated look--current paint colors, flooring, fixtures and appliances.
The average price per square foot for a home that did not need updating was $90.  That's a big difference.  A 1500 sq foot house that is updated can ultimately bring $27 more per square foot--  $94,500 before upgrades and $135,000 after upgrades.  That is approximately $40,500 more in the seller's pocket.  More than likely the seller will spend nowhere near that much on the upgrades.  I would certainly recommend talking with your Realtor before making the upgrades so you spend your money wisely.