We all know that the housing market has changed. It isn’t all that easy to sell a home today. Some analysts are saying that people who don’t currently own don’t really want to buy one, they would rather rent, and that this may not change for a long time. In fact, the housing collapse has scared so many people that some of the people who do own homes just want to sell them and become renters.
That makes it really difficult to sell a home. Of course, it isn’t impossible, but if you are planning to sell your home soon, you want to know the number one thing that buyers are looking for in a home today. It could make the difference between selling your home and having it sit on the market for years.
So here it is.
Buyers want a home that is in good condition.
When we bought our home four years ago, we were looking for a fixer upper. We saw it as a way to save some money and be able to afford living in a nice area with a good school system and low taxes. Today, though, buyers are driving a harder bargain. They don’t want to have a house that will require additional investment of money and time.
One of the reasons for this is that more buyers have a more limited amount of cash that they could use to fix up a home. Lenders are no longer lending additional money above the cost of the home, and nor are buyers willing to take on larger mortgage payments for the cash. The result is that buyers want to be able to just move in and not have to worry about hidden expenses in a home or having to make improvements.
Case in point is a lovely home in my neighborhood on three landscaped acres that has been sitting idle for many months. It has had a couple of price reductions. The big thing I hear from potential buyers is that it looks like the siding might have to be replace.
If you are selling a home and can afford to do so, fixing up the home or contracting with a agency that offers a home warranty is a good way to go. A little investment on your part now may sell your home more quickly and save you money on price reductions.