{"id":16623,"date":"2020-10-20T15:15:00","date_gmt":"2020-10-20T22:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16623"},"modified":"2020-10-01T08:36:58","modified_gmt":"2020-10-01T15:36:58","slug":"ingredients-for-an-unsellable-house","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/10\/ingredients-for-an-unsellable-house\/","title":{"rendered":"Ingredients for An Unsellable House"},"content":{"rendered":"<p style=\"text-align: justify;\">Owning a home teaches people a lot about homeownership, but it doesn&#8217;t necessarily make people real estate experts &#8212; although some people might (mistakenly) think they are. That&#8217;s good news for real estate investors, who can often swoop in and make a lowball offer on homes sitting on the market unsold. Often, these are good homes that are just not being marketed correctly. If you can spot a house that appears to be overpriced compared with the competition, you might want to sit back and wait for seller frustration &#8212; or desperation &#8212; to take hold.<\/p>\n<p style=\"text-align: justify;\">Here are six ingredients in the recipe for an unsellable house.<\/p>\n<p style=\"text-align: justify;\"><strong>1. Too-high price<\/strong><\/p>\n<p style=\"text-align: justify;\">If comparable recently sold homes fetched a price significantly lower than a seller is listing their home for, that high-priced home probably won&#8217;t sell for the inflated price. If it does, it might take awhile. Why would someone pay more when they can get a similar product for less elsewhere? Unless some buyer comes along who must have that particular home or it&#8217;s suddenly a seller&#8217;s market after being a buyer&#8217;s market for some time, skewing the comps, this might be a property ripe for a solid, but low, offer from you.<\/p>\n<p style=\"text-align: justify;\"><strong>2. Bad online presence<\/strong><\/p>\n<p style=\"text-align: justify;\">There&#8217;s usually lots of competition online for homes for sale. Photos taken by the homeowner, unless they happen to be a real estate photographer, probably won&#8217;t look appealing, particularly when viewed next to all the professionally photographed and videoed homes. If a home has bad photos or hardly any at all, buyers might not click on that listing.<\/p>\n<p style=\"text-align: justify;\">The same goes if there is a poorly written or generic description. That reeks of neglect, which sends a message the home might be neglected as well.<\/p>\n<p style=\"text-align: justify;\">Regarding specifications, here&#8217;s a secret : Real estate agents sometimes enter the wrong specs on the listing. If a real estate investor is looking for a deal and notices the square footage looks way off in the listing or the homeowners association (HOA) dues are too high compared with similar area listings, there&#8217;s a chance the specs have been entered incorrectly. That mistake could make a house sit unsold until someone notices the error and fixes it. By that time, prime viewing and selling time has likely passed.<\/p>\n<p style=\"text-align: justify;\"><strong>3. A terrible odor<\/strong><\/p>\n<p style=\"text-align: justify;\">A bad smell could signal several things, none of which would be appealing to buyers: animal odors, mold and mildew that emits a musty smell throughout the home, or the unmistakable reek of cigarette smoke.<\/p>\n<p style=\"text-align: justify;\">If you enter the home to inspect it and wrinkle your nose, wondering, &#8220;What&#8217;s that smell?&#8221; chances are you aren&#8217;t impressed. In fact, you&#8217;re probably having serious doubts about staying in the house much longer, let alone buying it. And if you notice this, you can bet other potential buyers have as well.<\/p>\n<p style=\"text-align: justify;\"><strong>4. Too much clutter<\/strong><\/p>\n<p style=\"text-align: justify;\">If you, as an investor, see a listing with photos that show clutter or you enter a home that&#8217;s cluttered, get excited. Unless it&#8217;s already priced below market value, the house will be harder to sell. Buyers often cannot look past clutter. Or if the clutter is bad enough, potential buyers can&#8217;t even conduct a proper inspection.<\/p>\n<p style=\"text-align: justify;\">If the sellers can&#8217;t take the time to declutter, buyers wonder what else they haven&#8217;t done. But if you can look past the clutter, wait and offer a low price.<\/p>\n<p style=\"text-align: justify;\"><strong>5. Outdated appliances<\/strong><\/p>\n<p style=\"text-align: justify;\">Many buyers are looking at the high end of their price band, meaning they need a home that&#8217;s move-in ready because they don&#8217;t have the funds to do anything extra. If the appliances are ready for a museum, potential buyers might pass.<\/p>\n<p style=\"text-align: justify;\">But as an investor, you probably know where to get the best investment property appliances. And if you&#8217;re buying this house as a rental property, the appliances you put in might be tax-deductible.<\/p>\n<p style=\"text-align: justify;\"><strong>6. A dark home<\/strong><\/p>\n<p style=\"text-align: justify;\">Today&#8217;s buyers prefer lots of natural light. If the house has heavy draperies on windows, dark paint on the walls, and outdated, red-toned cherry cabinets, it might not sell quickly. But you as an investor can easily lighten and brighten such a home by opting for simple shutters or blinds and painting a nice clean Sherwin-Williams (NYSE: SHW) Shoji White, for example. If you choose white cabinets as well, consider wood or color elements in the kitchen for some character.<\/p>\n<p style=\"text-align: justify;\"><strong>The bottom line<\/strong><br \/>\nIf any of the above ingredients have been used in this recipe, the owner might have cooked themselves an unsellable house. When you, as a real estate investor, see a property like this, you might want to make a lowball offer. After having the house sit for too long, frustrated owners just might be ready to accept your price.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.msn.com\/en-us\/money\/realestate\/this-is-the-recipe-for-an-unsellable-house\/ar-BB19rLmj\" target=\"_blank\" rel=\"noopener noreferrer\">This is The Recipe for an Unsellable House<\/a> by Motley Fool | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Owning a home teaches people a lot about homeownership, but it doesn&#8217;t necessarily make people real estate experts &#8212; although some people might (mistakenly) think they are. That&#8217;s good news &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/ingredients-for-an-unsellable-house\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16623","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ingredients for An Unsellable House &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.roryc.ca\/blog\/2020\/10\/ingredients-for-an-unsellable-house\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ingredients for An Unsellable House &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Owning a home teaches people a lot about homeownership, but it doesn&#8217;t necessarily make people real estate experts &#8212; although some people might (mistakenly) think they are. 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