House customers are more finicky today, and want their new home to have that modern, updated kitchen rather than getting that much lower of a price then doing it themselves, because they know that all they have to do is keep looking for a little while, maybe only a few weeks, and they WILL get it. Sometimes it seems a little silly. My neighbor was told that the perfectly good, immaculate white vinyl bathroom flooring would have to give way to genuine ceramic tile in order to sell. Maybe the real estate agent gets kick backs from the contractor?
It is a buyers market for sure. Having everything up to date will attract more low down payment buyers. That way everything is included in the loan. Most people aren't going plop down 20% and then have $20K laying around to fix things up..
I agree and I blame HGTV. It seems that every buyer on that channel, including 1st time buyers in the low end of the market, see laminate counter tops and vinyl flooring and say “no way, we NEED granite and ceramic. Oh, and the appliances have to be stainless steel too.”
It seems that the idea of buy what you can afford and get the high-end finishes down the road when you can is no longer even considered.