There are many reasons why some houses don’t sell quickly, but after they’ve been on the housing market for awhile, it’s possible that their owners will be ready to listen to smaller offers. If you’re looking for a good buy, one of these homes might be something to explore.
The House is overpriced.
Some houses are priced by what the seller wants, not necessarily by what the market is willing to pay. Most buyers do their research or go with an agent who can tell them if the asking price is reasonable. If the price is to high, the house can stay on the market for much longer than desired.
Terrible Photo is a Turn Off
You might be surprised at how many buyers refuse to view a home simply because of the bad photos in the MLS or ads. It isn’t always easy to get good photos and if the person taking the picture doesn’t use photo equipment well, then the photo can turn out horribly! Rather than base your decision on a picture, read the printed information and focus on the features. You may find just what you’re looking for, and when visiting, find out the house is much better looking than its picture.
Dirty Houses
Although you might be turned off by the thought of a dirty house, there is often something wonderful lurking behind the grime. Some sellers don’t care enough to clean a house, and they list it “as is”. Often agents hesitate to show these houses because of turned off buyers and that can mean it stays on the market a long time. If you’re willing to add a little TLC or contribute elbow grease, you might find the perfect home at a great price!
No Curb Appeal
Most buyers like to drive by and look. A house that is for sale but hasn’t been well kept, or is filled with weeds and unmowed grass, is often a turn off. Instead of thinking of everything wrong, try picturing the house as it could be, with a little work on your part or by hiring a clean up crew. By being willing to shell out a few bucks or working yourself, you can often get a nice home that just needs some touching up, and you just might save yourself more than a few bucks in the price of the home.
If It Worked For the Sellers…
Most buyers want a house that is already in move-in condition. However your idea of move-in condition might be different than the sellers. If the shag carpet worked for them, why can’t it work for you? At least for a little while… You might find a wonderful home simply by being willing to do some renovation or cosmetic updates. This can often be done after you’ve moved in and can improve the look of your home tremendously, but also save you money on the price of the home because others wouldn’t risk the bother.
Some changes to consider:
* If there is no fireplace, add a gas fireplace. You can have one added or buy one that rests against the wall.
* A few changes to the master bathroom can make it a relaxing retreat – change the tub or put in an extra window.
* Lighting fixtures can be changed or updated.
* Add siding or brick to a house that’s made of wood.
* Turn a screened porch into a sunroom by adding some walls.
Be sure to read disclosure statements carefully and always hire a home inspector to properly look at the property you’re considering buying. Some houses will need real repairs and those can become a lot more expensive than cosmetic ones. You already know your budget and can decide on your comfort level of doing-it-yourself. Be sure to stay aware of the costs involved vs. the market value of the home once the repairs are completed. If you ever decide to sell, you want to be as sure as you possibly can that you will be able to recover your investment.
Contact your agent!
Real estate agents can search for properties based on the number of days they’ve been on the market. You might ask to see information on properties that have been for sale for at least six months, or longer. Visit some of these houses and think about the what-ifs- how would the house look if you made certain changes. You might surprise yourself with ideas about the potential of what appears to be a “no” home.
But before you hire a real estate agent, make sure you get pre-approved for a VA Home Loan. Call toll free +1 888-573-4496 to speak with a specialist.
