WASHINGTON – Oct. 5, 2016 – Are some homes too ugly to sell? It’s a topic The Washington Post recently brought up after a seller wrote in asking why four real estate professionals seemed to find big problems with their for-sale home.
While the seller claimed the home had been well-maintained and had a great location, the agents they tried to work with clearly saw some red flags with the home, and the seller seemed unable to address them in a way that would help sell the home in a decent amount of time.
As they advised, this home is “either a hard sell because you are unrealistic about the value of your home, or there are severe deficiencies in the way your home shows to make it unrealistic to sell it at the price you want.”
If you have a seller with similar issues, and you aren’t ready to give up just yet, here’s advice on how to help them see the reality of their situation:
Have them be objective. Advise your client to step back, literally, and look at the curb appeal of their home. Often owners have lived in their home for a long time, are used to seeng it as it exists, and often don’t see landscaping or maintenance issues that can be easily fixed – or see how the curb appeal comes across to buyers. This applies to the inside of the home as well, where clutter can be a common problem that hides a home’s appealing features.
Educate them about today’s buyers’ desires. The Washington Post was pretty blunt in explaining what buyers expect now: “Buyers these days want to move into a home and be done with it. They’re not looking to do too much work and frequently want old homes to look like new. We’re in the HGTV generation, and buyers expect homes will look like the ones they see on television or on Pinterest.” If this is true in your market, be as honest as possible about current buyer expectations and what your seller needs to do to amp up the listing to that level. You could also suggest an FHA 203(k) home loan that allows them to roll the cost of improvements into their mortgage.
Have them research comps. Your client may have an inflated view of their home because they haven’t looked at comparable properties in their neighborhood. Have them visit some open houses near their property to assess the competition. If you know their home is already a tough sell, come equipped with a comparative marketing analysis and research to explain why their home may be a tough sell – and have recommendations for ways you can work together to make the best of things and get the home sold.
Source: “When it’s time to face reality that your home may be too ugly to attract a buyer,” The Washington Post (Oct. 3, 2016)
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Source: Florida Realtors Feed