Imagine spending thousands on a property, investing way more than you can afford and putting hours of work into it, only to find that you are going to lose out when the time comes to sell. Things like this can be devastating, to say the least, but it happens way more than you realize.
Being a buyers market, you'll need to know the top things that will cause your house not to sell. Buyers can now afford to be picky, but don't let that stop you from moving on to the next great house.
Buyers Market and High Crime Levels
Most people say that they would not buy a property in an area that has a high crime rate. The problem with this is that no matter how hard you work, or how much money you have, you can’t change the crime rate in your area.
Since it's a buyers market, you can however try and take the right steps to reassure your buyers.
Little things like this can go a long way when trying to make your buyer feel safe in your property.
Arguments in the backyard can happen from time to time, but eventually, it may get to the point where it affects the value of your property. You may find that you argue with your neighbor over noise, a broken fence or even a messy front yard.
It’s important that you resolve as many arguments as possible, amicably. If this isn’t possible then you may be able to go to your local environmental health service or even the police.
If you do go through the courts your lawyer may be obliged to tell the buyer that there has been a problem, and this could have a drastic impact on any pending sale.
Buyers Market and Over-Improving Your Home
Not all improvements are actually “improvements”. Things, like putting fake grass down, and converting your garage into a bedroom, can deter some buyers.
If you turn a big bedroom into two smaller ones this can also put a lot of people off. Most of the time, people want open spaces, not cramped quarters.
The best way to get around this would be for you to keep it simple. Do what you want but try to keep personalization to a reasonable level.
Buyers Market and Repairs
Repairs can deter a lot of buyers from a property. Even if the repair isn’t expensive, it's just one more thing they have to do before move-in day.
It's a buyers market so they may just move onto the next house that doesn't need repairs which is something you do not want.
So, if you have an HVAC emergency hire a professional to fix it before the property is put up for sale. It won’t cost half as much as the value you will lose from your home if you don’t.
Leaks, poorly installed fireplaces, and even cracked tiles are also other problems your buyers will pick up on. Don't give them any excuses in this buyers market, fix them ASAP!