Every house has its strengths and drawbacks. When you’re ready to put your house on the market, make sure you understand your buyer demographic and market conditions. These factors will determine the best way to sell a house with a drawback.
When you are getting ready to sell your house, you may have done the typical prep work like cleaning the exterior to ensure the best curb appeal. You may have hired a handyman to catch up on any minor repairs or deferred maintenance. But, another critical area to consider is who your target buyer is and what features they may expect in a home in your price range and neighborhood.
This was the case with one of my clients who owned a townhome. The house was meticulously cared for and ready to list, with one exception. The home had only 2 bedrooms. Most of the other comparable townhomes had 3 bedrooms. The target demographic would likely need 3 bedrooms, and this could present a challenge. After discussing this challenge with the homeowner, they decided to move forward to see if the home would move. Showings were dismal at best, so we brainstormed and came up with 2-3 options for them to consider.
- Change the layout to a 3 bedroom. The homeowner already had floor plans from the builder for that layout.
- Reduce the price to compensate for the drawback.
- Offer a credit to the buyer for the layout change. I did not think this was a great option for several reasons. First, buyers often don’t have great imaginations to visualize a big change like this. Second, the house would still be listed in the Multiple Listing Service as a 2 bedroom, and likely not even appear in the searches for prospects looking for a 3 bedroom.
So, after careful consideration, she went with option 1. She knew a contractor who was able to get the job done at a reasonable price and relatively quickly. It turned out to be a great decision. The number of bedrooms was changed in the MLS and showings increased immediately. The house sold within weeks.
Weighing all the options, evaluating your target buyer, and taking a solutions-oriented, pro-active approach, when challenges arise is what we do best! Contact The Donnelly Group today to get the expertise you need to buy or sell a home!
Don’t forget to check out our latest guide: 10 Ways To Sell Your Home Quickly