Your Home Will Sell In Any Market!
We have been through some truly spectacular financial shifts over the last 6 years. Though real estate home values have followed these economic ups and downs throughout history, one constant throughout the years has been the salability of residential homes! Can you imagine homes selling with buyers paying 19.5% for a 30-year mortgage? I was a participant in the home selling business in 1981 when that was the rate and yes, we still sold homes to first and second time buyers in considerable numbers. The desire to own a home verses rental has been and always will be the preferred choice for those seeking housing.
It is a myth when you hear, “I can’t sell my home”. Homes do sell in any market in any condition! It is just a matter of price and marketing. It is true that some properties will not sell but that is due to faulty pricing and preparation for the market.
There is a range of pricing for any home. Location is the basis point for the actual low to high range of pricing for any home, and condition is the determining factor as to where the final sales price will settle within that range. When a home is properly priced in any market the seller of that property will attend a closing in a reasonable time. A Realtor or appraiser will suggest a listing price by using other homes currently listed and recent sales to determine where your home would fit into the range of pricing based on the condition at the time it is offered to the public for sale. Only the homes that are not priced properly will fail to sell…again, only the homes not priced properly will fail to sell in any market.
You have control over where your home will fit in its particular price range by determining how you will offer your home to a perspective buyer.
- Selling as is - Many sellers choose to sell their home as is, with no preparation or downsizing. I’ve sold many homes in need of great structural repair and the interior showing poorly. These properties generally will sell to a ‘cash’ buyer, meaning no lender or mortgage would be needed. These buyers generally purchase for investment and would either rent the home, or do a “flip” where they would rehabilitate the home and sell for a profit. These sales would generally be 40%-60% below the top of the range for that home. The time on the market, if priced properly, is usually 10-30 days.
- Sell in good condition but possibly dated - The majority of my clients would like to sell their homes in good condition but somewhat dated. Dated condition means that the flooring and carpeting may be older, colors on the wall may be somewhat neutral, meaning cream or beige, with paint needed and kitchen and baths not updated. These homes will also sell in any market in a reasonable time. The key is to price based on this condition and to make sure the home has been “thinned out” meaning no clutter. Also, I would suggest that major defects are repaired such as basement, roof, furnace, plumbing and electrical systems. A Senior Real Estate Specialist is trained to guide you through this process of pricing and preparation.
- Staging the home - If you want the top dollar, the peak of the range for your home, staging is a great way to achieve this result. Professional interior designers will suggest cosmetic improvements so that your home will appeal to today’s buyer. They will even bring in furniture and accent pieces to enhance the look of your home. This process works best when you move to your new home first, taking your furniture and personal property with you. Then many of my clients will hire a professional downsizing company that will orchestrate the downsizing. They will bring in the dumpster for items to be thrown out, send items to charity organizations, and then hold an estate sale for the remaining items. Once the property is vacant the stager does their magic and transforms your home into the diamond in the rough that awaits a buyer who has been through average to below average homes. This buyer will make a great offer, as so many purchasers today do not want to do anything more than plug in their computer and get to work! They will pay a premium price for a home in move-in condition, a price that will more than pay for any investment made to upgrade it.
So you see, the myth “I can’t sell my home” only applies to those who choose to avoid today’s market realities and those who choose not to listen to the professionals who offer proper advice as to pricing and preparation. A properly priced home based on its condition and location will sell in any market!