With home prices taking a nosedive and homeowners being forced to cut prices, home remodeling is not priority for a majority of potential home sellers. But convention wisdom of complete price sensitivity when it comes to houses in a downmarket often turns out to be false.

I asked a homeowner who was considering to put her home up for sale, about what potential fears she has about her house sitting on the market. According to her, competition from the seemingly endless inventory was her primary source of worry, not the price tag! It is important for the house to be competitively priced, sure. But low prices are not enough, she argues, as potential buyers continue to predict further falls and holds off purchases.

It is only when a potential buyer really likes a home can he break out of this wait a while syndrome. My personal experience bears this out, I saw a house in Chino Hills a couple of months back – it had everything, designer kitchen countertops, bathroom vanities in the master bath, great open floor plan, a fabulous backyard, almost everything anyone can wish for in a home remodeling project.

In spite of getting floored by the countertops and the stainless steel appliances, I dithered. Against the wishes of my home high command (read my spouse) and the decision makers (read my kids) I waited. I told myself prices will go down during the summer. I made lengthy calculations about ROI – how to invest the miniscule down payment I can afford now and convert it to a 20 per cent down on a reduced price after six months. I was so sure that the house will remain on the market.

But it was not to be. 2 days after my lengthy explanation to the family, the house got sold! I asked the prospective buyer what made him pull the trigger in such a downmarket. “I liked the house”, he said simply. That’s when I realized that home remodeling pays itself many times over. It can be the difference between a statistic on unsold inventory pile to a successful sale.

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