Is This Why Your Home Isn’t Selling?Posted on 04/08/17
When you make the decision to sell your home, you want a fast closing and good return on your investment. However, if you’re unaware of some of the most common mistakes sellers make, you could end up disappointed.
When your home has been on the market for more than 60 days, it can take an emotional and financial toll. If you’re asking any of the following questions, use our realtor’s insight to remedy the situation and start getting offers.
1. Are updated kitchens and bathrooms really that important when selling my home?
In a word, yes. You’ve heard it a dozen times, and you’ll hear it a dozen more from your real estate agent. If a property has an outdated kitchen or bathroom, it won’t move quickly. That is, it won’t move quickly without a drastic reduction in your asking price. If bathrooms are covered in bold, patterned wallpaper from decades past, or kitchen appliances “work just fine” but are dingy and aesthetically unappealing, those rooms are driving away offers. Homebuyers don’t want to pay top dollar for a property they have to renovate. Especially when the average kitchen renovation runs $10,000-$20,000, and the average bathroom renovation is $7,000-$10,000.
2. How do I sell a home if it’s currently rented?
When you want to sell a home that is currently leased you have a few options, all of which require transparency. First, be upfront with the tenants because they can make or break a sell. Homes sell better when they are furnished, so having renters can work to your advantage. On the other hand, the home has to be tidy and ready for showings. You can consider reducing the tenants’ monthly rent to encourage them to accommodate you during the selling process. Their continued payments reduce your overall loss. Or you can see if they are willing to end their lease early. If not, you have no choice but to wait until the lease expires. It’s better to wait to list your home until you have a plan worked out with your tenants. If you list it without clearly defining terms with the lessees, and they aren’t cooperative, your home will spend a longer period of time on the market and result in lower offers.
3. Is my home priced too high?
If you’re working with a realtor, he/she did a market assessment and researched comparable properties before producing a sale price for your home. If your home is listed more than 10% higher than your realtor’s recommendation, it may be blocking a sale. When your home has been on the market for more than two months (homes sell, on average, between 46-55 days) at a price higher than your agent suggested, consider reducing the asking price.
As always, a realtor’s favorite word is “sold.” Call Kerry Veach today and move from for sale to sold.