Here are five types of flawed properties that should be listed now.
In this red-hot seller’s market, buyers are overlooking the drawbacks of most properties. They’re bidding up almost every property that hits the market, regardless of their flaws. They’re waiving inspections and appraisals, and it’s time you took advantage of it. I bring this up because no market lasts forever; markets shift, and typically, they do so quickly.
The first subset of properties to be adversely affected by a shift is flawed properties. Soon, there may not be much of a market for them at all. Those Montgomery County neighborhoods that fared the best during the downturn we saw from 2007 to 2010 only lost 7% to 8% of their value. On the other hand, some of the hardest-hit neighborhoods in the county lost 40% to 50% of their value. If you’re holding on to a flawed property, you’ll not only be the first to lose out, but you’ll also bear the heaviest loss.
If any of the following five statements accurately describe your property, you should strongly consider selling:
1. Your property is located in a neighborhood with weak property values. Has your neighborhood just made it back to 2007 values? If so, there’s probably something about your neighborhood that’s inhibiting growth. The best thing to do is take the money now while you still can and invest it in a neighborhood that’s better equipped to survive any kind of downturn.
“If your home has a few quirky features reminiscent of a fad from a bygone decade, now’s the time to sell.”
2. Your property is a condo with delinquencies. If the condo association board is not running the condo well or they’re not collecting enough dues and therefore have more than 15% delinquency, financing will be a major issue when the market shifts. You want to get ahead of that issue.
3. Yours is a larger property with high-tension wires inside or nearby it. That’s a feature that’s certainly difficult to market to homebuyers when they have more leverage.
4. Your property has an antiquated layout. For example, if you have to pass through one bedroom to get to another or there’s some other quirky feature reminiscent of a fad from a bygone decade, now’s the time to sell. Buyers today are looking past the oddities and dated aspects of properties. Buyers tomorrow won’t be so kind.
5. Your property uses oil heat. You can overcome this issue by either choosing to update the system or taking advantage of today’s seller’s market. Regardless, trying to sell your oil-heated home in a balanced or buyer’s market will be immensely difficult.
If you’re now curious as to what it would look like to take full advantage of our current market, please reach out to me today. I’d love to learn more about your specific selling needs and come up with a customized plan to help you sell fast for top dollar. I look forward to hearing from you soon.