*Why do some homes linger on the market for months — or years — while others are snapped up in a matter of days?
While much of it has to do with price and local inventory, a whole host of factors can conspire to make a home sit and stagnate on the multiple listing services without showings or offers.
Think of these examples as cautionary tales for sellers, with a bit of advice sprinkled in from agents who have seen it all before.
“The longer a house sits on the market, the more it gets stigmatized, “What’s wrong with that house?” and “Why hasn’t it sold?”
If you don’t want your home to be the listing that won’t budge, read on for eight listing no-nos and four tips to help you sell lickety-split.
A ‘what the heck are they thinking?’ price tag
Price is usually the overriding factor in any home that doesn’t sell. Whatever its problem, it can usually be rectified by adjusting the price.
“It’s always price for condition or price for location, “That’s one of the main reasons homes sit.”
Why are some homes priced so far above the pack? While many nostalgic sellers have unrealistic ideas about what their home can fetch, others simply can’t afford to take less because they are underwater on their loan.
“You know you have hit the right price when you have interest and offers from multiple parties,”
2. Tacky or dated decor
Everybody’s taste is different, so less is more when it comes to decor at sale time. Loud patterns and bold colors can be big distractions.
In one of my recent listings, wallpaper played a starring role in every room, as did colorful and dated window treatments and furniture.
Even the foyer was baby blue with pink trim. The gaudy decoration obscured what was a gem of an energy-efficient house, complete with 37 acres of land. The home had been on and off the market since 2010; its price dropped from $879,900 to $549,000 before selling recently — good thing, because the buyer had to invest quite a bit of money to remove all that wallpaper.
Other buyer turnoffs include time-capsule interior treatments such as mirrored walls, cheap wood paneling and 1970s kitchens.
3. Poor condition
If a home looks as if it’s going to cost half as much to repair or renovate as it does to purchase, it’s going to take a long time to move. Indeed, today’s buyer is a lot more reluctant to take on a “project,” especially if there are houses around it that don’t need as much work.
Ditto for homes that have strong pet or mold smells. So fix it, or prepare to lop a large amount off the price.
4. Bad location
A wonderful house can’t always overcome a bad location. Homes that are close to a power plant, waste-treatment facility or busy freeway will often sit, unless the seller is willing to take a major hit on the price.
When a freeway moves into a backyard, it forces a seller to slash their home’s price. “We had to disclose that they were putting one of those turnpike barrier walls 10 feet into the property,” “They sold for $100,000 less than the neighbors across the street.”
Moreover, when a neighborhood has disintegrated, pushing values down and crime up, it’s hard to find a buyer who wants to purchase there, and owners are forced to rent out the home, possibly under the federal government’s Section 8 housing program. Once renters are in, it’s also more difficult to show a property to potential buyers because tenants don’t want to be disturbed — or uprooted.
For more information, contact us at The Mazza Team
*If your home is listed currently with another broker, please disregard this ad, it is not our intention to solicit another broker’s listing.
By Melinda Fulmer of MSN Real Estate