Imagine that you are selling your home, you love your home, a buyer comes along and also seems to love your home. However, they walk away from it without making an offer. How frustrating! Why does this happen? Most times, when a buyer falls in love with a property, they will put an offer on it (or we would hope they would!).
However, there are the occasional (okay, seldom) instances where buyers will walk away from a property, even if they like it.
Repair, or should I say, Disrepair
You've gotten so used to the little 'quirks' your home has, you don't see the need for repair. The light switch that doesn't always work, the knob that falls off the stove every time you go to use it, the dripping faucet that is now soothing, not annoying.
Here's what a buyer sees: that light switch that doesn't work must mean there's faulty electrical work throughout the house. The entire electrical panel must be replaced! The knob that falls off the stove must mean that we need a credit for a brand new stove. The dripping faucet must mean that the pipes are old and we will need a plumber to check every joint and seam in the entire house, and obviously replace all of them!
Here's the best advice I can give you: fix these minor issues before you put your home on the market. (Fix it professionally, a glue-gun & duct-tape does not make you a professional plumber, electrician or contractor.)
Pricing...or should I say, Overpricing
If a property is overpriced & a buyer can't see the value. No matter how wonderful a home is, a buyer will only pay so much for it. If in this sellers market, offers are not coming in within a reasonable time frame (within a few months at most), a property is likely priced too high.
Another part of the pricing strategy is to look at the neighborhood as a whole. Can the neighborhood can support the value of the home? Is it the most expensive property? Many buyers are scared to become the most expensive home in the neighborhood because they realize that any money they put into the home, they are unlikely to see when they go to sell.
Decor...or should I say, Under or Over-decorated
Many buyers may love a location, a neighborhood and a home's layout, but they can't see past the decor. Our best advice to our clients is to de-personalize your home as much as possible. Reduce your clutter. Paint in neutral colors. Remove any dated or worn furniture or belongings. Now, you and I both know that these are superficial things. As a realtor, it's our job to be able to see past these things. However, there are some buyers who can't do this. Raise your hand if you've ever watched any real estate home hunting TV show where the buyers reject a home solely based on paint colors. Yes, this is reality-TV & staged. However, it happens. In real life.
The Bottom Line
There are only so many variables that can be changed when selling a home. Based on the feedback given by previous showings agents, a seller can paint walls, rearrange/remove furniture, clean carpets or even give credits for certain repairs needed. Realtors can market the home in any way possible, including through their local MLS, networks, social media, print, open houses & any other ways possible. If all these methods are in practice and a seller still isn't seeing offers, look at the logical & changeable variables & make the changes. You'll likely see an offer much quicker when you make the repairs, declutter and clean your house and reduce that price.
Looking for more information?
Contact us today at LessingRealEstate@gmail.com