Homeowners positively must be realistic when it comes to selling their home. Everyone wants top dollar. No one wishes to accept anything less than what the home is worth. Why would anyone sell a house for pennies on the proverbial dollar? The difficulty a segment of homeowners may have about selling a property may be rooted in unrealistic expectations about what people would be willing to pay.
Simply affixing a preferred price on a property probably won’t yield the chosen result. The process must start with a reasonable assessment of the value of the home in relation to what buyers seek. Consider that the proper starting point for the sale.
Dire Damages and Risks
Certain problems in a home are so dramatic and serious believing a home can be sold without addressing such issues could be borderline delusional. A home that has suffered termite damage or comes with a leaky, partially collapsed roof won’t exactly stimulate interest in top-dollar buyers. Agents who memorize a real estate prep guide and pass their license test with flying colors may be the best in the business. Even they can do very little when someone is trying to sell a home that outright fails inspection.
What financial institution would approve an over-valued mortgage on a home in that bad of shape? Not too many, but investors may be interested in purchasing a distressed property. Those investors are looking for huge deals. In addition to lowballing the sale price, they may even cut down on the sale price by subtracting the fees for repair work.
Maybe the right approach would be to request a home inspection and think diligently on repairing really horrible problems with plumbing, electricity, the roof, and more. The repairs could very well be deemed an investment.
The Aesthetic Issues
Not every problem with a home is even all that serious. An old, outdated kitchen might be in nice condition and works quite well. The aged kitchen, however, won’t exactly be too impressive to someone looking to buy. The same would be true of an old bathroom or beat up carpets.
Totally renovating or fixing the deficiencies in the property remains an option. So would selling it in the current condition. The outdated nature of a home may not harm the sale, but the buyer is sure to pay appropriately. Selling an outdated home at a price that should be affixed to a totally brand-new home probably won’t move the property quickly if at all.
Figuring Out the Value
Working with an honest and experienced real estate agent helps the process of putting a realistic price on the home. The realtor could even make suggestions about repairs. The seller can ponder on whether making repairs is feasible or if the property should be sold at a price matching its condition.
Understanding the defects associated with a property assist with putting the right price on it. The price must be what people are willing to pay. Otherwise, the chances of the property selling quickly — if at all — diminish.