Will Your Sale Survive this Top Five? The Top 5 Reasons Your Home Isn’t Selling
*Read below for a list of what the Millennial home buyer looks for most!
You’re frustrated. You have listed your home for sale more than two months ago. The price seemed fair and comparable to other homes for sale in your area yet, after a bit of refurbishing and a few open houses, no offers have come in. What are you doing wrong? You may be surprised to learn that you are making one of the top 5 mistakes which deter home buyers from making an offer on your home.
#5: Maintenance - Today buyers want updated bathrooms and kitchens. They want all stainless steel appliances. They don’t want to buy a home with a laundry list of repairs that have to be made. What should you do? Well, tackle the bigger, costlier repairs. When listing the home, and handing out brochures at an open house, make sure to inform buyers the refrigerator is brand new, or that you just installed a new HVAC system. DON’T FORGET ABOUT YOUR CURB! Many people looking to sell their home spend so much time on the physical house, they forget about the surrounding area such as your curb space. This is primarily what people see first when pulling up to your home so do not deprive the curb appeal.
#4: Pricing - Classic supply and demand conditions come into play in a seller’s market: There’s high demand, yet low supply. Therefore, you can usually expect to get more money for your home. But that doesn’t mean the sky’s the limit when it comes to your listing price. Make sure that you and your agent are certain of the value of your home in your market and price it right. Get an analysis of the local market with a professional agent, solid comparables, and specific market trend data.
#3: Photography - It’s said that you have seven seconds to make a first impression — and the same goes for your house: 90% of buyers start their search online and make a decision about whether to come see your house based on a quick skim of your listing photos. If there are few or no photos, or if the photos look bad because they weren’t professionally taken or because the house is cluttered, many buyers will move on to the next listing. What can you do? Get your home staged and photographed by pros (like the agents at Collins & Company) – it is not as expensive as you think!
#2: Realtor - Sure, you don’t want to pay the 6% commission on the sale of the home, or you think you can do the research and listing yourself. But, no matter how knowledgeable you are, or how much research you do, you don’t have the experience. Realtors not only have comparable software to help you properly list the home price, they also have resources. They can help you stage the home, create brochures, hold open houses, and more. You should probably just stop whatever it is you are doing right now and call the team at Collins & Company!
#1: Too Personal - Sure you love the macaroni art hanging on the fridge, and the family photos that line your staircase, but prospective buyers don’t. What changes should you make? First off, go with neutral tones when it comes to paint and furniture. Make everything as “normal” as possible. Editing is very important with paint and décor. You want the home to be welcoming but also to be viewed as a blank canvas where prospective buyers can visualize their own belongings and lives.
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The Top 10 Features Millennial Home Buyer Look for Most!
For the second year in a row, Millennia’s represent the biggest group of home buyers in America cornering more than 30% of the market. According to Forbes Magazine, “Millennial homeowners are saddled with obstacles no previous generation has had to face, like an average student loan debt per borrower that’s both monstrous and unprecedented. They’re also less romantic about the whole process than their predecessors — buying before marriage, owning for shorter periods of time, and flipping with gusto and success.” It is a big advantage for someone who is looking to sell their home, to understand the wants and needs of this generation. Here are the top 10 features that millennial home buyers look for most:
1. Updated kitchen & bath: Kitchens and bathrooms are also the most expensive parts of a home to update, and due to their limited budgets, young homeowners cannot afford to sink a lot of money into those areas. Features include Kitchen Islands, stainless steel appliances, granite counter tops, his-and-her-sinks, multi-optioned shower head, walk-in closet space etc.
2. Open floor plan: Today there really isn't much appeal to the formal dining room. The kitchen has become the hangout room along with the family room. An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for young buyers.
3. Separate laundry room (washer/dryer): Fifty-seven percent of home buyers say they wouldn’t buy a home without a laundry area and feel having the separate space to wash and fold clothes helps to keep the home clean and organized.
4. Home office: More than 13 million Americans work from home, and all signs point to that trend continuing, which makes a home office important for many buyers.
5. Location: Younger buyers tend to see location differently from their parents, who didn't face high gas prices and traffic. They look for properties that are in proximity to public transportation and that have a good walking score.
6. Low Maintenance: Most millennial buyers want to purchase a home that is move-in ready and easy to maintain. They want their weekends to themselves and don't really want to be cleaning gutters, repairing leaks, or caulking windows in their spare time.
7. Energy efficient: With energy costs on the rise and growing interest in protecting the environment, young buyers are conscious of buying homes that are green.
8. Technology: In some cases, a house's appeal can be increased or diminished because of the strength of a mobile carrier's signal or its Internet service provider options.
9. Low HOA costs: Although the asking price often fits their limited budgets, HOA dues and the possibility of large assessments can sink the purchase.
10. Online photos: Most millennial buyers are internet savvy and will often search for a home online before going anywhere else. A home must have professional photography that shows the home in its best light, or they will move on before ever stepping foot in the door
* To explore some more ways to avoid scaring off a home buyer, click the link below: http://www.bankrate.com/finance/real-estate/things-turn-off-homebuyers-2.aspx