When you are selling a home, many buyers are looking for a perfect home that they can move right in without having to make many updates. While a few homes are perfect, most are not. Even homes that are perfect for the current owner may not be perfect for anyone else. What we are really talking about isn’t homes that need minor changes but homes with flaws that will almost certainly need to be corrected by the new owner. If you are trying to sell a less than perfect home, how do you appeal to buyers that are looking for that kind of property?
- Price is key. You can’t price your home in comparison to other homes that are move-in ready. Take into account the major items that need to be updated and repaired and adjust your price to compensate for that work. This won’t be a dollar for dollar comparison because everyone will choose to make different updates but average pricing for necessary repairs should be applied to the value of the property.
- Consider having a home inspection completed prior to listing the home and share that inspection with prospective buyers. This will allow prospective buyers to know if there are any major issues with the home aside from any cosmetic updates they choose to make.
- Make sure you are upfront with your real estate agent so they know what you are willing to do and not do when it comes time to negotiate an offer or repair request. While you will still be making the decisions, knowing where you stand up front can help them better represent you and keep you informed if they think your approach is unrealistic.
- Don’t reject an offer based on the buyer’s first offer without making a counter offer. Some buyers are just fishing for a deal but can be realistic when it comes time to negotiate.
- Try to separate your emotions from the sale. As hard as this can be, base your price and negotiations on recent comparable sales and not on your special memories of the house.
If the property you are selling was a great home for you, know that it will be that for someone else too. Approaching the sale of the property realistically is the greatest chance for someone else to turn your house into their home.
The Chris Wylie Team is your ultimate real estate resource for Houston, The Woodlands, Spring, Cypress, Katy, Tomball and the surrounding areas. Visit our website for for detailed information regarding today’s real estate market.
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