A great comparison of before and after photos on this simple remodel:

Sellers don’t want to spend the money or go to the hassle of remodeling unless they have assurance that it will be worth it.  With the market steering further away from fixers, a thorough remodel at least helps a seller being overly-penalized.  If buyers have to do the remodel themselves, they will add their pain and suffering to their expected repair bill, and want to deduct 150% to 200% of actual costs to compensate.