Selling a vacant home?
The nature of my job as a real estate agent takes me into literally hundreds of homes every year. I participate in office tours, open houses, visit model homes, tour homes with buyers, work with sellers, preview properties and even visit FSBOs to add to my list of available inventory.
This is a critical part of my job - knowing the local market inside and out. I get to see homes in all price ranges and conditions - from good to better and from bad to worse. What I am seeing lately is a number of vacant homes on the market in Coeur d'Alene for various reasons. There are some good reasons why sellers and real estate agents don't like to leave a home vacant while it is on the market. For starters, it's a target for vandalism. Just yesterday I read about a Realtor walking in on thief while showing a home. The thief was removing all the copper plumbing pipe in the basement. Another agent reported showing a vacant house and the peephole fixture on the front door had been stolen, leaving a hole in the front door.
Aside from theft and vandalism, a vacant house sends a signal to prospective buyers that the owner may be carrying two mortgages and is desperate for a lowball offer and quick sale. This is never the best negotiating position for you as a seller to be in!
What can you do? Selling a vacant home presents certain challenges but it doesn't need to be difficult to sell and doesn't need to imply that the seller is desperate. Here are some strategies to employ that will breathe some life into your vacant home - to hasten the sale and protect it during the process.
Remember first impressions. Its appeal from the street is critical in making a positive impact with potential buyers. Don't underestimate how important this is!
Consider hiring a professional home staging company. They will have a menu of services and can supply furniture, artwork and other decor to accentuate the positive features of your home.
Give the house a lived-in look. Put lamps on timers and enlist a neighbor to park a car in the driveway and check the house regularly for junk mail.
Hire someone to keep the grass and flowerbeds trimmed and the leaves raked. In the winter make sure to have someone shovel snow from the driveway and walks so it won't be obvious every time it snows that no one is living there.
If you've taken the furniture with you, have the house deep cleaned and freshly painted. Furniture, rugs and decor hide or minimize imperfections. Once removed, every blemish becomes accentuated. Faded paint and wallpaper become more noticeable and nicks and scratches stand out. Repaint bright, bold colored rooms to a neutral. What was an eye-popping room when fully finished may appear stark and small when empty.
Make sure the thermostat is set to a comfortable temperature year round. You don't want a potential buyer to be uncomfortable and rush through your home because it is too sweltering hot, or freezing cold.
Arrange with a maid service to keep the home free of dust, cobwebs and dead bugs. You don't want your home to look abandoned and tired. (Translation: I give up, I'm desperate.) If possible, leave behind the window coverings and a few strategic pieces of furniture. Empty rooms tend to look smaller than a furnished room. A chair with a small table and a lamp will offer a sense of scale and help potential buyers gauge whether their furniture will fit the space.
Consider employing a house sitter, or home manager. Having someone living on site discourages vandalism and may even reduce insurance costs. (Talk to your insurance agent to review your homeowner's insurance policy to find out what the coverage is for your vacant home.)
Find a real estate professional with experience selling vacant homes. If you're in the Coeur d'Alene or Kootenai County Idaho real estate market please call me if I can be of assistance. I have successfully marketed and sold dozens of vacant homes. I can tell you from personal experience that they require significant more attention and willingness for hands on management than the typical listing with homeowners on site keeping the house secure and in order. Properly presented, your vacant home can successfully compete with any other property on the market.
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