Millions of homes are sold in the U.S. every year. In 2018, existing home sales reached 5.34 million units, according to the National Association of Realtors (NAR). While this may seem like a lot, the NAR reported that this number is the lowest since 2015.
While many factors affect the trends in the housing market, one of the biggest reasons a sale doesn’t push through is because the listed property is difficult to sell. But what makes a property undesirable to home buyers?
1. The Property Needs TLC
For some homeowners that are about to sell their property, doing improvements on a house that they’re not going to enjoy for much longer doesn’t sound too appealing. But home improvements are one of the best ways to prepare your home for the market.
Kitchen remodels, insulation, and adding a fresh coat of paint are some of the most popular home improvements you can do. These will not only make your property look better, but they’ll also add value to your home.
You might also want to check your home’s foundation for cracks. Homes with foundation issues lose 10 to 15 percent of their value, so it’s better to contact concrete foundation repair contractors before putting your house up for sale.
2. The Curb Isn’t Appealing
What your home looks like on the outside is just as important as the inside. This is called curb appeal and it’s mostly achieved with good landscaping. If your lawn isn’t mowed or has patches of brown grass, buyers will immediately see that you aren’t giving your property the care it requires. What’s more, peeling paint, a sagging porch, or an unattractive front door also decrease your property’s curb appeal.
A well-landscaped home, on the other hand, makes a property much more desirable in buyers’ eyes. According to the NAR, standard lawn care, landscape maintenance, overall landscape update, and tree care top the outdoor projects that appeal to buyers and add to a home’s resale value, at the same time.
3. The Stage Isn’t Set
When you’re selling a property, you only sell that: the property. The furniture inside does not necessarily come with the home. Because of this, some might think that how the home is decorated and styled doesn’t affect a potential buyer’s decision – but, in reality, it does. Staged homes sell faster and for more money. In fact, staged homes sell 87 percent faster than non-staged ones and for 17 percent more.
Staged homes make potential buyers picture their own things in there. When a home is vacant or the furniture is arranged haphazardly, the home may not be appealing to buyers.
4. The Price Isn’t Right
If the problem is not the condition of your home, it’s most probably the price. Yes, it can be tricky to put a price to your home, even with the concept of supply and demand or the upgrades you did. Still, it doesn’t mean that the sky’s the limit when assigning your home’s value. This is actually one of the biggest mistakes a property owner can make.
If your home is listed at a price that’s higher than its market value, you might miss out on a good number of prospective buyers. Avoid this mistake by consulting a real estate agent and ascertain the value of your home in the market.
With the right adjustments, whether on the appearance of your residential property or to its price, you can successfully sell your house and even profit quite nicely from it.