For years we’ve been experiencing a frenzied market that has mostly favored sellers so many homeowners think that every property sells above the list price. Of course the media propagates this notion by mostly reporting properties that fetched astronomical prices which makes for good fodder at neighbourhood gatherings. After all there’s nothing interesting about a property that sells below the list price.
Ever since the big rain storm of July 2013 resulting in thousands of flooded basements, buyers have developed a heightened awareness of wet basements because the cost to remedy this problem is high. If you have a wet basement and are intending to sell your house it would be wise to do the following:
- First and foremost you should disclose it to the buyer. This is probably the single biggest litigation issue when it comes to real estate – sellers who don’t disclose wet basements.
- Provide a home inspection by a qualified home inspector during the marketing of your house. The home inspector can placate the buyer by noting that this is not uncommon in older homes.
- Get a quote from a trusted water proofer and include it with the home inspection during the marketing of your house.
- Lastly, if you can afford it, remedy the problem before putting the house on the market because it will attract more potential buyers.
Many people think that a garage will get them more money when they sell. But if you own a first time buyer house, a garage that takes up the whole backyard will take away value. First time buyers move out of their condo because they are pining for a garden so they may pass on your house altogether. What can you do if you own such a home to make it more attractive to a buyer?
- Use the concrete backyard as a patio and place lots of outdoor furniture and flowering pots exuding an inviting feel.
- Suggest your agent market the benefits of having a basketball court or a safe area for your toddler to ride a bike and promote nearby parks and the low cost of maintaining the backyard.
If your house has one or a combination of these flaws, you may want to be conservative about its sale price especially if you’re counting on a dollar amount to move on. You see not all houses sell above the list price just because the market is frenzied. As a matter of fact some don’t sell at all unless it’s for a discounted price.