When you are selling your home, many buyers may be looking for a perfect home that they can move right in without having to make many updates. While a few homes are close to 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. If your home looks out of date but is structurally sound, having an inspection may help buyers feel more comfortable making an offer knowing there aren’t major systems in immediate need of repair.
- 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 initial offer without making a counter. Some buyers are just fishing for a deal but can be realistic during negotiations.
- 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 fondness for the house.
If the property you are selling was a great home for you, know that it can be 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 Janis Penick Team
RE/MAX Bastrop Area
Serving Bastrop, Cedar Creek and Smithville
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