One of the greatest challenges, when it’s time to sell your home, is the preparation of the home for sale. Today’s buyers will pay more for a home that is turnkey ready, but what if your home needs some work? Gone are the days where buyers preferred a carpet allowance to replace that unsightly carpet after the sale with the color and quality of their choosing. If your home needs any work prior to move-in, buyers will expect deep discounts in their purchase price, well below the actual cost to do the work.
When home buyers shop online, buyers and sellers can miss out
This shift can be attributed in large part to the practice of online shopping for homes. Online shoppers eliminate prospective homes quickly, most often without understanding the ‘whole package’ that a home offers them. For example, if you have a home with powerful views located in a fantastic neighborhood and bold red carpeting throughout the living areas, it is likely all that the online shopper will see is the bright red carpet.
Immediately, your home is branded the ‘red shag carpet house,’ the ‘dated home’ or the ‘fixer-upper,’ and with a quick swipe, the buyer eliminates your home as an option. Had this same buyer driven to your home and viewed it personally, they would have experienced the extraordinary neighborhood; they would have been awestruck by the dramatic views from the living areas; and having taken stock of the home as a whole, the buyer would have seen that actually, it is beautiful and contemporary—with red carpeting. The neighborhood or views surrounding a specific home are fixed, while features like carpet are replaceable. Unfortunately, home buyers can miss out on the right house (and home sellers can miss out on the right buyer) because of these small, adjustable details.
The importance of understanding your prospective buyers
When you’re prepping your home for sale, it’s critical to consider who your next buyer will be. Two-thirds of home buyers are married and by a great majority, they are part of two-income families. According to the National Association of Realtors, home buyers (of 2016-2017) had a median income of $88,500.
Today’s buyers are busy people. Fewer and fewer buyers have the desire or the ability to work on home remodels and renovations themselves, but they still want their home to be an attractive gathering space for casual entertaining and precious family time. Preparing your home for sale with the largest demographic of buyers in mind will increase its appeal to a broader audience, creating greater demand and eliciting a higher sales price.
Preparing your home for sale early pays off
Preparing your home for sale should begin well before putting the home on the market. It starts with maintaining the home throughout your ownership of it. Why? Life happens. If your finances take a bad turn, it is critical that your home is in good condition to sell. By caring for the home along the way, you protect your ability to optimize a refinancing opportunity or sale, at any time.
Too often, I meet with people who are interested in selling now, when, unfortunately, due to deferred maintenance of the house and property, they will need to spend long hours and thousands of dollars to get the best return on their investment. This requires the owner to dip into their available cash, decreasing their coffers at a time when more liquidity is what they are seeking, not less.
Homeowners will save money in the long run by maintaining their home continually. For example, by repairing a bent rain gutter, the homeowner may prevent significant dry rot that could occur due to misdirected rainwater. Additionally, if a roof cleaner observes loosened flashing on the roofline at the chimney and the homeowner immediately acts to repair the problem, significant structural damage can be avoided. These incremental repairs along with periodic updates will pay dividends when it is time to sell. When you are considering a remodel or renovation, reach out to your Realtor and confirm that your maintenance choices will facilitate higher demand and a higher price for your home.
Do you need a trusted Realtor?
As a Principal Broker at Windermere Real Estate of Lane County, I offer expertise to home buyers and sellers in the Eugene area. To learn all the steps to selling smart, email me or give me a call. I’ll be happy to help you prepare your home for the best return on your investment.