Blue ribbon property refers to a property that is in fantastic condition to the point of looking brand new. Property with a blue ribbon does not refer to completely new construction. It specifically refers to homes that have been cleaned and maintained sufficiently to be as appealing as a new home.
Other terms similar in meaning include “mint condition” or “turnkey ready,” both of which suggest a home’s near-new condition.
Buyers may be drawn to blue ribbon homes because they don’t require many (if any) repairs or upgrades. Because they appear new, these properties may even sell at or above asking price (depending on market conditions). In a particularly competitive market, homes in blue-ribbon condition can give sellers an advantage over “comps” – homes of similar size and age in the area.
What is the state of blue tape in real estate?
In real estate, blue ribbon condition refers to homes that are in such good condition that they appear brand new.
Buyers may be more inclined to purchase a home in blue-ribbon condition if it requires no cosmetic changes, and therefore may be able to take possession with a shorter closing period. Although blue ribbon homes are not considered new construction, they may be easier to find in newer neighborhoods. Alternatively, homes sold by the original owner may be more likely to be in blue-ribbon condition.
Where does the term come from?
Blue ribbons are a common symbol of quality. Many local fairs or other competitions award blue ribbons to award winners in various categories, from livestock competitions to pie baking contests or sports and arts events. Traditionally, a blue ribbon would represent the award for highest achievement or quality.
So in real estate, “blue ribbon” equals a property in top condition, except for being new construction.
What other terms correspond to the blue ribbon condition?
A home that is in blue ribbon condition may also be referred to as being in perfect condition, indicating that it has minimal imperfections or problems, although it is not necessarily unused.
Some people may also refer to blue ribbon homes as being in “turnkey condition” or “turnkey ready”. This terminology refers to the fact that the new owners do not have to do anything to make the home ready to live in. All they have to do is turn the key in the front door.
“Move-in condition” or “move-in ready” is another phrase synonymous with blue-ribbon condition.
How do you get a home in blue ribbon?
To get a home in the blue ribbon, you may need to ensure that it is up to date in style or design, have fresh paint and carpets and ensure that no repairs are outstanding. The latest in fixtures and features such as appliances, central heating and air systems or water heaters could earn a home blue-ribbon status.
Before listing a home in this condition, take photos: They will best represent the home if the rooms are uncluttered and styled effectively. A good staging company can help with this, highlighting the positive features and making your home look more inviting. Homeowners may also need to perform a thorough cleaning of the home or hire professional cleaners to achieve the turnkey or blue ribbon level of quality.
Dedicated sellers may even have a home inspector view the home to identify potential problems. This will allow them to repair these issues before potential buyers view the home, allowing sellers to present the home in its best possible condition to the market.