Hard-to-Sell HomesPosted by Steve Minino on Friday, August 3rd, 2012 at 1:32pm.
No home owner wants to hear that their home is considered a hard-to-sell home; fewer still, will be be the first to admit that their home might fall into this category. The good news is that no home is really "unsalable" - it is just a matter of presenting the right offer at the right asking price.
What Is a Hard-to-Sell Home?
Hard-to-sell homes are generally homes with a feature, or combination of features, that most people find disagreeable. Usually these features that are unlikeable would cost a great deal to fix, require a lot of work, or are unfixable. Sometimes it is not a matter of what your home has, but rather what your home lacks.
Homes that are difficult to sell, may have old kitchens with out-of-date plumbing, fixtures, and appliances. Homes with small, oddly shaped rooms that result in a lot of wasted space are generally a deterrant to home buyers who are looking for open floor plans and large rooms. The house and/or the lot may be much larger or much smaller than most others in the same neighborhood.
Homes that are generally in poor condition because they have not been maintained can be hard homes to sell. Buyers quickly become discouraged if everywhere they look, they see more work to be done and things that need fixed.
What You Can Do if You Have a Hard-To-Sell Home
There are three key things that you should discuss with a realtor if your home is proving to be hard to sell.
Reduce the Price
Almost any house will eventually sell, if the price is reduced enough.
Incentives such as "seller-financing," "seller will pay closing costs," or "seller will assist with the downpayment," will often increase buyer interest.
Make Fixes & Upgrade
Installing new kitchen appliances and fixing obvious problems a house has will usually help a home sell faster. However, before spending money on fixes or upgrades, contact a realtor to make sure you are spending your money in the best way possible.
Steve Minino - Realtor, CRENHopkins Minino Home Team
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