Why do some houses get offers on the first day on the market, while others sit for weeks or months? Why does one house sell for more than any house ever has in the neighborhood, while two doors down, they’ve had to drop their price multiple times?
You only get one shot to sell your home, which for most people, is your single greatest asset. The key to maximizing your return, while minimizing your investment is understanding what is important to buyers and give them as much of that as you can. What gets them in the door, and what gets them to write that offer—or what makes them walk away?
First, let’s acknowledge there are certain things you can change, and things you cannot. You can’t change the lot or location. You can’t change the layout without a significant renovation cost. And of course, price is always the equalizing factor. There is a right price for every house, in every condition, in every market. The short answer to the question of why a home hasn’t sold is always price. It’s priced too high for what it is. But there are many things you can do to improve the buyer’s perception—to maximize your return, with minimal investment.
The top five reasons buyers say “no” to a home—other than lot, location, layout, and price:
1. It’s Empty…
The hard surfaces of an empty house feel and sound cold—our footsteps and voices echo—it’s not warm or inviting. Research says only one in 10 people can actually visualize a space differently than it’s presented. The only thing most buyers can see is what is there—and that’s every ding in every wall, every scratch on the floor, every corner that isn’t spotless.
What you can do…
Stage it. Whether you use your furnishings or professionally stage, presenting a warm and inviting “home” versus a cold and empty “house” is paramount to maximizing your appeal to the most buyers. Staging pays for itself multiple times over. I am not a fan of virtual staging. Though it costs virtually nothing, it also leaves buyers disappointed the minute they walk in the door. They see a beautifully staged home online, then walk into a vast empty shell of their expectations.
2. It’s Cluttered…
Clutter is really distracting for buyers—they cautiously move through the rooms looking at someone else’s “stuff”. They can’t focus on the space or mentally move themselves into it. They feel they are intruding on someone’s space, not looking at what could be their sanctuary.
What you can do…
Remove at least half of what is currently in your house. Half of everything that is in your closets, in storage, on countertops and tables, half the furnishings. Your agent can give you a complete list of what stays and what goes—get a storage unit or a POD if you have to
3. It’s Dirty…
Even though most people don’t live in a spotless home all the time, buyers can’t see themselves moving into someone else’s dirt and debris. Even worse, if there are perceptible odors—pet, smoke, cooking, or the heavy perfume of those plug-in air fresheners. The minute you walk in, everyone looks at each other and says, “what IS that?”
What you can do…
The most important thing you can do in presenting your house to the market is to clean it within an inch of its life. There’s no substitute for a spotless house—it covers a multitude of sins and it’s something you can do yourself, or for a relatively minimal cost.
4. It’s Dark…
No one walks into a house and says, “there’s too much light in here!” But they absolutely will say, “it’s too dark in here. Let’s move on”.
What you can do…
Open, or completely remove, curtains and blinds, especially those not needed for privacy. It expands the visual space immensely. Ensure every single light is on for every showing. Don’t leave it up to the buyer’s agent to get there early and get those lights. Set the stage!
5. There’s Too Much Work…
It doesn’t take much for a buyer to get overwhelmed. Deciding to buy is a process in itself— getting pre-approved, packing everything they own, just the move itself can be daunting, let alone taking the time to tour every house in their price range. If a buyer sees that a house needs many small repairs, it needs updating, or feels neglected, it quickly adds up to “too much work”.
What you can do…
Your house doesn’t need to be completely “move in ready”, but it needs to be “move-in-able”. Don’t leave 30-year-old carpet in the house because the buyer will want to pick out their own—or tell yourself “it’s just paint” when it’s bold and old colors.
It will cost you significantly more in time on market, and the price you get, NOT to do it. Not only can most buyers not envision those easy updates, but many cannot afford to do them. After they come up with the downpayment, closing costs, a year of property taxes and insurance, if they do have $10,000 left in their account, they aren’t going to want to spend it on replacing ancient flooring.
Give the buyer a clean, uncluttered canvas with a neutral color pallet, so they can envision their life unfolding in this home, and you’ll get your house sold at the best price possible.
One of the most valuable services I offer clients is to give them various investment/return scenarios based on work done and houses sold. If you do nothing other than clean your home—Scenario A: selling “as is”, then this is the price you can expect. If you do some reasonable repairs and impactful cosmetic updates—Scenario B: then this is the price you can expect. And if you go a bit further in repairs, replacements, and updates, and you professionally stage—presented as Scenario C: then you can expect a return in this price range. The difference between these scenarios can be substantial, as high as $100,000 between selling “as is” and investing a fraction of that amount to secure this significantly higher price and return.
You can only sell this house one time—do your homework, partner with an agent who can present you with options and data to back it up, and you’ll get the highest price, in the shortest time, for the least investment possible, for your home.
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