Is Your Home “Sellable”?

You’re ready to sell your home, but how do you know if potential buyers will love it or not?

In real estate we call it the “sale-ability” factor of a home.  This comes into play when you compare your home to others that have sold recently in your neighborhood and how you should price your own home.

Before you list your home, we will consider some key factors when determining the listing price to ensure that you home is priced right to bring in buyers. 

The condition and location of your home have the biggest impact on the price and expected time frame for selling.

No one wants the home they’re selling to sit for weeks or months. It becomes a tainted home and this perception can snowball and scare away buyers who wonder, “What’s wrong with it?”

To avoid this scenario, we will carefully (and honestly) examine your home together to see if it’s sellable in today’s market. And if not, decide what you’ll need to do to make it more attractive to buyers.

Keep these key factors below in mind as you appraise your own home.  Some you can control and change, some you can’t.

Condition

• A home that is not well-maintained or has outdated features is usually not appealing to many buyers today. They would rather pay for a more move-in-ready type of home. Look around your neighborhood and compare your home to others that have sold recently. If most had updated kitchens and bathrooms and features yours does not, then your home is not on the same playing field when it comes to price. You’ll need to decide if you’re willing to sell “as is” and the price will reflect that.
• See if your home has any unique features that are a plus and can push the price up when compared to others or at least level the playing field. If yours has a finished basement and most don’t, then that’s a positive for your home. Do you have a large patio for outside entertaining? Did you install new windows throughout? Is your home located on a large lot? All these are positives when it comes to comparing your home with others.
• Some conditions go way beyond outdated features and lack of care, some homes may have severe water damage that need to be disclosed to buyers. Same if you face other more serious problems with termites, mold, and foundation/structural problems. You will need to disclose these conditions, consider fixing them, or drop the price to reflect any repairs needed.
• Homes with awkward layouts, especially in kitchens, tend to turn buyers away. How about your backyard? Have you landscaped or added a few simple trees? Homeowners who’ve lived in a home for a while tend to get used to certain “negative” features that even they didn’t like when they first moved in. So look at your home with fresh eyes and accept the reality of its features or layout.

Location

• Most sellers know that location, location, location can be a selling point. Certain neighborhoods are hot and, on the flip side, certain neighborhoods are just not as desirable. What’s yours right now? I can give you an idea of the current housing market of your particular neighborhood, and where it could be headed in the next few years.
• You can’t change the location of your home so it’s a bigger challenge if you live near certain things that are just not attractive to buyers. Are you too close to a school or a fire station? Do you live on a busy street or busy corner lot? Is your home near power lines? What about a commercial district that is more industrial than hip?  Your price will need to reflect these negatives to get the buyers to view it.
• Look for some positives to your location that can be a big plus for your home and can offset any negatives it may have with buyers.

Do you live in a cul-de-sac or have an amazing view? What about a well-regarded school district? A park or running/bike trail nearby?

• Are any new developments or new buildings going up around the area? If so, we will consider any impact, both positive and negative, it could have on your home. When will the construction end? Will there be more traffic? Will new stores and better amenities come into the neighborhood?

Timing

• The timing of your home’s listing can affect both the price and length of time it takes to sell. Usually springtime is at the height of the selling season with lots of very interested buyers. However, that also means your home will face more competition from other listings. This is when you need to truly know how your home stands up to the competition around it.
• Although there is less competition from other listings around the holidays and in the winter, most buyers take a break from their home-buying search at this time. Typically, homes that are listed from Thanksgiving to New Year’s often sit longer and sell for less.  Usually the same house relisted during the spring market sells more quickly and for a higher price.

Here’s the great news! You don’t have to figure all this out on your own, I can help you know whether your home is sellable and if not, provide you with a plan of how to make it so.  Be in touch with me a few months or more before you want to move so we can make sure your home is ready to go when you are!