Flexibility is sometimes the key to getting your house to sell
Published Date 9/20/2019
You are just about to sign on the dotted line to sell your house, and all kinds of thoughts crowd your head. What if it sells during the first week and you have to find someplace to live before your new place is available? What if an inspection reveals something you have to pay for? What if you DON’T remove those large pieces of furniture your Realtor is telling you to store somewhere? What if, what if?
There is also a thought you may not want to entertain because it fills you with dread, however. What if your house doesn’t sell? Getting a house ready to list is a time-consuming process and can be costly as well. You’d like to think that if you’ve done everything you were asked to do you can relax for a while as it gets advertised, is kept open on weekends and starts getting showings. But if two or three weeks go by and you realize (1) not very many people have seen it despite your agent’s comprehensive marketing efforts (2) feedback is non-existent or even negative or (3) no one has even gotten close to making an offer, there is no need to panic. It’s just time to take a big breath and regroup.
Forbes writer Corey Burr recommends you first concentrate on listening intently to your broker or agent. An experienced one will have intimate knowledge of the neighborhood, what has recently sold, and what homes failed to sell and why. If the feedback from all that is telling you that the only homes that did well and closed escrow were those that had been updated or were in pristine condition, it’s a reason to pause and consider making improvements of your own. Cosmetic repairs throughout the house might be replacing the vanities in bathrooms, changing out light fixtures, replacing carpeting, or adding new paint. “If you have old cabinets that are showing some wear, you might consider putting a coat of lacquer on them to give them a fresh sheen,” says Burr, “If the bathroom fixtures are old, replace them with attractive contemporary fixtures. Wall-to-wall carpet that has seen better days can be a turn-off for prospective buyers. Most of the time, it doesn’t require a lot of time and money to make improvements that pay off in the end.”
Dark walls can be lightened, blinds can be removed to let in more light, and furniture can be removed to make some rooms look more spacious. If you are in doubt of how all this works, simply find a new home development somewhere nearby and walk through the model homes. Seeing how the decorator used and placed furniture, used a core of 3-4 colors throughout the house, and decorated with a few case goods here and there is a great lesson in design.
As for what buyers see when they drive up, stand across the street from your house and try to see it through their eyes. Do trees or bushes obscure the entry or picture windows? Are there bare spots on the lawn? Are the front door and shutters and the outside entry inviting? Plant flowers and buy some attractive plant holders for the front porch. Change the old entry fixture and consider replacing the address numbers. Think of how you spiff up your car if you wanted to sell it private party. You might get it detailed, get some dents popped out, and shine up the tires. It’s even more important that your house is not a “drive-by.”
When a listing is not getting interest, price is one of the first things an agent will discuss with you. Price “improvements” are common. “You won’t be alone,” says Burr. “According to a recent study, nearly 25% of sellers would be willing to lower the price if their house hasn’t sold in a month. Bringing the price down can often generate buyer interest and activity.”
Incentives are a creative way to attract buyers — things like placing money-related discounts in the listing information, such as willingness to pay for some closing costs not customarily covered, paying for state/county transfer taxes and lender and settlement fees. Removing a buyer expense can be the deciding factor that helps close the deal.
What used to be considered the worst-case scenario (your house not getting any bites) is no longer a huge obstacle, since rentals are now in demand — especially single-family homes. Instead of facing the idea of making two mortgage payments at a certain point, become a landlord, defray your costs and check with your CPA about write-offs. Once you’ve moved, you can either wait out the market or time it so that you have the ability, budget, and time to make some changes and place it back on the market.
Anxiety is not going to help here. Burr says, “If you’re having a hard time selling your home, you must be flexible, motivated and creative. Listen to your agent and be open to making changes that can help you close the deal.”
Source: Forbes, TBWS
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