Is your home for sale, but all the offers you’ve been getting are way below your listing price? That no matter how much you (and your real estate agent) have turned boulders to provide concessions, your buyers are still far from the verge of agreeing to your listing price? Well, that can be explained by numerous reasons.
But clearly, your buyers have seen something that you overlooked. If you’ve spoken to a dozen of interested buyers and everyone backed out, the pitfall they see might be something difficult to address — like something that’s really expensive to repair.
In this article, we help you try to understand what’s causing your buyers’ adverse responses. Here are the common reasons why your property value is not increasing as you think it is:
Deferred Maintenance
Termite damage, wood rot, frayed electrical wires, leaky plumbing, a damaged HVAC system, and similar problems all have downhill effects. The more you delay fixing a problem, the more difficult and expensive it can be to fix. For example, mold can significantly multiply in as fast as 24 hours. Once mold spores attach to a damp and warm ceiling or wall in your house, you’ll be able to see their growth changes day by day.
Since a mold infestation is risky to handle without the proper protective equipment, everyone is highly advised to contact a Mold Remediation Specialist — which can cost a lot. If you’re not sure whether there is a mold infestation in your home, you can do a comprehensive visual inspection yourself. Mold comes in different colors, depending on the species. If you notice any dampness and discoloration in your furniture, wall, ceiling, floor, etc., these can be breeding grounds for mold.
DIY Home Improvements
It’s not necessarily wrong to tackle home improvement projects as a homeowner, but it’s important to make sure that all the changes made are up to code. Otherwise, those “improvements” could end up lowering the value of your home.
A common question here is how would your buyer have known that the improvements were made yourself? Well, let’s recall that part of the seller’s obligations (you) is to disclose all the changes you’ve made to the property (history) when a buyer asks for them. Receipts and activity reports are some of the documents involved in this request, and an eagle-eyed buyer may be able to spot professionally done versus DIY home fixes.
Carpets
As much as carpets provide comfort and aesthetic appeal, they do bring some disadvantages. To enumerate some cons, carpets are:
- Dust accumulators
- Stain and odor adsorbers
- Mites, pest, and mold attractants
- Hard to clean thoroughly
Moreover, if your home is in a county where it’s warmer even during the winter and has carpets all over your house, this may be why your buyers reject your property.
Neighborhood Foreclosures
Yes, foreclosed homes in your neighborhood can affect your property value. Remember that your home’s value is assessed based on several factors, including the price and situation of your neighborhood comps and how many they are. The more homes that become foreclosed in your community, the lesser there will be to compare your property to.
Unfortunately, there’s nothing you can do about other homes foreclosing. But this can be a probable reason why your buyers so lesser value in your home.
Noise Pollution
For buyers who want a home that’s away from the sound of the hustle & bustle, a noisy neighborhood can be a deal-breaker. Noise pollution can increase due to population growth, highway extensions, or other noisy nearby developments. So, if your home is situated near a highway, a construction site, or any area that produces loud noises on a daily basis, this can affect your property value. Although the accessibility provided by highways may make up for the noise – all you need to do is know how to package that to your advantage.
Your Location Relative to Economic Developments
People have different preferences. If your buyers are mostly investor buyers and your home is located on the outskirts of town, the location may not be fascinating for them because it means that it will be challenging to find a tenant, visitors, or buyer for it in the future. This is one of the reasons why property values in rural areas are relatively lower than those in urban areas. Your home’s distance from public services will also affect its value as well. Public services include transportation, county office, grocery, hospitals, schools, etc.
Your Location Relative to Environmental Hazards
Pollution, waste, faults, & erosion are just some of the hazards that may keep buyers away from your home. If you don’t think your home is near these hazardous areas or you’re unaware whether or not your home is near any of these sites, it would be best to check with the Georgia Department of Natural Resources.
If you’re tired of selling on the MLS or tired receiving different offers that only end up getting withdrawn, talk to us at Spire. We are a reputable home buying company in Georgia who buys houses for cash in their current condition. No matter where your house is located or how it looks, we’ll buy it as is and give you an offer in as fast as 24 hours.
Give us a call at (678) 318 – 1801.