Slow sales season, price home to sell
Summer sales activity often slows to a crawl as family vacations and out of town guests take priority on everyone’s calendar.
If your property doesn’t seem to be getting any action, it could be the seasonal pause we see this time of year, or it could be one of the top three reasons a property doesn’t sell: Price, condition, or location.
Price is usually the No. 1 reason a property isn’t sold after 30 days on the market. Anew listing generates the most activity in the first two weeks as buyers want to catch a great home when it first hits the hot sheets.
If you had lots of initial lookers but no offers, you may be overpriced.
List price must make sense based on size, recent comparable sales, and interior and exterior improvements. Don’t expect to get the same price as your neighbor who just spent over $100K in recent upgrades if your home hasn’t been touched in over a decade or two.
Buyers won’t pay top dollar for a property they need to renovate, especially expensive kitchen and bath remodels. Even a minor price reduction of 2-3 percent will generate renewed interest and activity.
Inventories are increasing and homebuyers have more properties to see and compare than in recent years. Take a look online at competing properties and see how your home measures up.
Make a budget for improvements that will appeal to today’s homebuyers who prefer a clean, modern look. Interior paint, new flooring, light fixtures or new appliances will give the most bang for your buck.
Talk to your Realtor about bringing a stager in to help with clutter or changing out some furnishings to create a model home appeal. Don’t forget about outdoor areas, especially important this time of year when homebuyers look for spaces to relax or fire up the back yard barbeque on a summer evening.
Tough locations like a busy street, close to the freeway or adjacent property eyesores may limit the pool of buyers willing to put up with neighborhood nuisances. Aggressive pricing is often the solution to incurable location deficiencies, although I have seen a trend that condition often trumps location for many of today’s homebuyers.
If your location is less than ideal, overcome homebuyer objections by knocking their socks off with property upgrades.
Adriana Donofrio deasypennerpodley Glendora (626) 926-9700 adonofrio@dppre.com
