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For all of the bad things that happened in 2021, one of the best for homeowners was a sharp increase in home prices. In fact, according to an article in the Deseret News, 2021 was the year of the "shocking" home price. And with the real estate market not showing any signs of cooling, you might be thinking about selling – and hopefully getting top dollar for your home.
Selling quickly and at a good price might seem like a slam dunk right now, but there are hurdles to any home sale. In fact, a few things can make your property harder to sell and might even reduce the selling price.
Unfavorable neighborhood
If your once-desirable neighborhood has become anything but, you'll have a harder time selling your home – or getting top dollar for it.
According to Trulia, a few factors impact the value of a neighborhood, including lifestyle match, pride in ownership, low crime rates, great schools, an abundance of outdoor activities, access to medical facilities, public transportation and nearby shopping and restaurants. If your neighborhood is no longer the place to be, you might need to reduce your selling price to compensate.
Unique style
They might grace the covers of home and architectural magazines, but highly unique homes generally don't fly off the real estate shelves. If your home could be considered quirky or highly unique, you'll probably need to concede a bit of your profits – or spend more time with your home on the market.
According to Forbes, you can overcome the inherent hurdles of selling a unique home by staging it in order to show buyers alternate possibilities of how they might use the space. Forbes also recommends disclosing quirky features upfront or completely embracing them and using the feature to draw buyers' interest.
Major projects
If people didn't like the idea of a fixer-upper, well, Joanna Gaines would be in search of a new day job. While extensive renovations might seem exciting in theory, they can be pretty stressful – if not downright burdensome – in real life.
If your home comes with some major projects attached, it might be harder to sell quickly and for a good price. Keep in mind that aesthetic projects – like a fully functioning but non-updated kitchen or bathroom – and a major repair are two different ballgames.
Repairs that must be completed by the buyer like a new roof, mold or water damage mitigation or plumbing issues are going to be a burden for homebuyers.
According to the 2021 NAR Profile of Home Buyers and Sellers, homebuyers are looking to avoid renovations and problems with plumbing and electricity. So if your home is a certified project, you'll probably be eating some of those profits for lunch.
Landscaping eyesores
Sure, you know you shouldn't judge a book by its cover. But the sad truth is that everyone does. In fact, according to Bankrate, curb appeal is important to 71% of homebuyers when choosing a new home.
So if your exterior aesthetics could use some work – think peeling paint, overgrown landscaping and dilapidated fencing – you'll probably either need to make some quick improvements or settle for lower – or slower – offers.
A stiff price
With the real estate market as hot as ever, it can be tempting to shoot for the moon when you're selling your home. But listing your property at an exorbitant price can be counterintuitive for actually getting top dollar for your home.
In an article for The Balance, writer Elizabeth Weintraub reports many buyers avoid making offers on overpriced homes – often overlooking them entirely. Even if you're mentally making room for negotiations, your buyer doesn't know that, and you might be missing an entire audience of homebuyers whose budget falls below your asking price.
Swimming pools
Sure, there are always going to be homebuyers who see a pool as a luxurious feature, but there's also a large camp of shoppers that won't want the liability or maintenance of a swimming pool.
An article in Kiplinger explains there are a number of drawbacks to buying a home with a pool, from exorbitant repair costs to safety risks to increased energy bills and added home insurance premiums. So if you're considering installing a pool as a perk before selling your home, it's probably a good idea to leave your backyard be.
No home is perfect, but you can make the most of your home sale by spending less in agent commissions. With Homie, you'll pay a flat listing fee – and still get all the service and expertise of using a traditional agent. For more information, talk to a Homie agent today.
