While most home sellers know they have to get rid of clutter, stage a home and perform renovations that appeal to potential buyers, the hard work and money spent doesn’t always pay off. Real estate experts point out 5 things that can delay your home sale that aren’t within your control. Even though it’s a seller’s market, there are several trends that prevent the average home owner from achieving their goals.
Renters aren’t ready to buy
If you own a start home in the lower and middle price range, your best potential buyer are renters or first-time buyers. However, a recent National Association of Realtors survey showed only 52 percent of renters feel it’s a great time to buy a house compared to 62 percent 12 months ago. With such low confidence, it’s more difficult to sell. Because more potential buyers are the move-up variety, it takes considerable more money to renovate to appeal to higher-end buyers.
Your Realtor is too busy
Because it’s a hot real estate market, your real estate agent will likely spend less time marketing your home. Some agents don’t have time to return phone calls because of the increased demand for help. Once you sign a contract with a real estate agent, you often get locked in for a period of time. Before working with an agent, consider alternative ways to sell your home.
You made a few renovation mistakes
According to an article by rismedia.com, it’s more difficult to sell a home that is too personalized. If you painted a mural, put in built-in shelves or invested in flooring that is no longer in style, it’s difficult to sell.
Your home needs too many repairs
Oftentimes baby boomers inherit homes in need of repairs. Experts point out even the best home renovation projects do not provide a total return on investment. If you have to fix the plumbing, electrical wiring or roof, it’s even less possible to recoup your money. If you do get a buyer, the closing will likely wait on the costly repairs.
Your home is in an undesirable neighborhood
It’s impossible to change a home’s location. It’s frustrating when you inherit a home in a high crime area or bought when the neighborhood was in higher demand. If you own a home in an undesirable neighborhood, it delays the sale as you wait for potential buyers. Although up-and-coming neighborhoods are great for buyers, they are not good for sellers if the neighborhood hasn’t caught on yet.
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