You Have Just Seconds.....
You Have Just Seconds to Catch a Buyers Attention.....
In the early 2000's our Multiple Listing Service offered 1 picture with listing information. Buyers needed to visit a home in person to make a buying decision. As time passed and the number of pictures available has increased, the amount of time a home seller has to grab a buyers attention online has been on the decline. When the Multiple Listing Service expanded to 24 pictures and beyond, those pictures had to show a compelling reason why a buyer should see your home, quickly. At the onset of Covid-19 home buyers had to more fully rely on Photos, Video, Drone and Matterport tours as a way to make a buying decision, or at a minimum, eliminate potential homes to consider.
Home buyers today put a high value on personal time. And with many being a 2 wage earner family, there is no room in their schedules for Fix, Repair or Update, let alone personalize. Reliance on virtual tools will continue to be important even as we transition to a post Covid home buying market. Todays home buyers are willing to pay a premium for a home in move-in condition and willing to act quickly as those homes come on the market. This makes it difficult for some home sellers who are either unable or unwilling to do repairs or updates before marketing their home. As part of our listing process, we counsel our seller clients on the latest trends, and ways their home can compete with new construction homes and HGTV remodels. Some sellers have recently relied on companies that will do the needed updates and accept payment when the property settles. This may be a good option for some, but you need to be careful.... You can over improve and end up not covering the cost of the updates. And you may loose control over how your home is priced. Whether you choose to outsource your updates, or hire your own contractors with personal funds, you need to know the true return on any investment you plan to make.
If you are in a situation where repairs or cosmetic updates are not possible, there are a few options that can help your home to attract the right buyer.
1. Consider having your home pre-inspected. Decide what repairs will be made, & disclose any major defects. Use this information to develop different pricing strategies.
2. Get estimates for work needed.This can help a buyer understand what they need to qualify for, if they use 203(k) financing. This also helps to control the negotiations.
3. Look for a cash buyer. Depending on what needs to be done, a cash buyer may be willing to overlook some of the obstacles for the location and value your home represents without having lender constraints.
4. Offer the house at a strong list price with a credit for any anticipated repairs or updates. If the buyer can get the cost associated with the repairs included in their mortgage this can be a winning strategy for both, if the lender will approve the credit.
5. Use visualization tools to help buyers "see" potential. A skilled professional can present options to a prospective buyer and help them find the professionals needed for the job.
For more information on preparing your home to sell and how to position your home to sell quickly, contact me. [email protected] or 610 500 4750