I have put together a few solutions selling a home you may think may be a problem. There are many reasons why some homes take longer to sell or sell at all, or at a reduced price! Below are a few ideas that may help..
Older Home Without The Modern Features of Newer Homes
Older character homes
While 20% of buyers prefer an older home because of location or lot size, many older homes need more than what 80% want: small bedrooms, no walk-in closet, no primary ensuite or one-car garages. These factors can cause buyers to pass on a listing without even visiting it. Sometimes, newer homes with contractor-grade materials are harder to sell than character homes with unique features.
Solution?
What features of the home are not up to today’s standards? Sometimes, a home seller can do a reno, market correctly to the right buyer, or adjust prices.
Obvious Issues Like Visible No-Nos, Broken Fixtures, Etc.
Paint and fix-ups for a house
Many buyers prefer to avoid potential homes that look like they will need work. Small maintenance tasks add up, like flaking paint, a dead lawn, or worn-out carpets. Larger, more noticeable issues, like awkward property features or dated plumbing and electrical work, can make selling extremely difficult.
Solution
Do not bury your head in the sand. Be realistic, and go and look at other homes for sale in your desired price range to see what you are competing with. Or work with a competent Realtor who will not be afraid to tell you the truth!
Hiding your head in the sand does not help sell a home!
Price
Overpricing a property will turn away good buyers and create a listing that sits on the market, and then buyers will ask, ‘What is wrong with the property?’ A condo with high monthly fees, an upcoming assessment, or the effects of the current interest rates, for some homes on the market, the monthly cost of the mortgage and taxes, etc., affect what a buyer can buy.
eighing a house price, condition and the money
Solution
Price right the first time, and if necessary, for a condo, offer a few concessions to cover the condo fees, etc.
The Real Estate Market
London Ontario Real Estate Market
All homes will sell; it now comes down to price, condition, creditworthiness, buyers’ comfort zone, or fear-mongering from third parties.
Solution
I tell every client I work with I have no control over the market, but I have control over understanding the market and taking the appropriate, consistent action to get the result of the home selling.
Poor Communication
Lack of communication is a significant problem. You or your Realtor should not act like you are in the witness protection program!
What?
Solution
Be open, be upfront, get your concerns answered, and at minimum, weekly feedback is imperative from your Realtor and you, too, and if the same challenge keeps popping up, remedy it!
Poor Marketing
If you are not getting showings, marketing is the problem. However, if the place is overpriced or the home’s condition or location is poor, no marketing will help, and your outcome will be didly-squat! Cell phone pictures will not do you any favours; a professional photo shoot with video and floor plans will, nine out of ten times, outshine your competition!
Poor Marketing
Solution
Accurate information, little to no embellishment, and marketing to the right buyer persona are key. The question to always ask is:” What type of buyer is my home the right fit for, why and where do they search for homes, and how?”
Curb Appeal
The Front Door, 10 seconds to make a good first impression when selling a home in London, Ontario
You have ten seconds or less to make a good first impression! I cannot tell you how many homes I have shown with clients who, within the first minute, lost all interest in the home.
Solution
I have added two links below to give you a few ideas
I hope the above helps you think hard and long before putting your home on the market. That old real estate tag “Location, location, location” should be replaced with the three P’s: “Price, Product and Promotion”!