Today’s housing market makes it tougher to get the price for a home and sellers can’t wait while their homes are on the market. They may have a new job in a different location, may have already bought their next house or need to move to their new location so the kids can start at their new schools.
If sellers already have a new home, they may have taken all their furniture and left the property empty. The U.S. Census Bureau reveals that more than 2.2 million for-sale houses in the U.S. were vacant in 2008. That number has risen over the last few years as more homes have fallen into foreclosure or short-sale status.
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It comes down to perception for buyers, who understand that vacant homes can suffer from a wide variety of ills due to neglect and deferred maintenance. Vacant houses pose unique showcasing challenges because buyers can’t see beyond the empty home. They’re looking to buy a “home,” not a “house.” Without furniture, wall art, rugs, lighting and décor, there are few emotional connections. With no furnishings, a buyer will be on the lookout for imperfections such as floor scratches, nail pops, chipped grout and other imperfections.
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The easiest fix for a vacant home is to bring in a home stager. They can give the property a comfortable, lived-in look. Potential buyers can better visualize how they integrate into the home.
When a buyer perceives flaws and can’t visualize a home’s potential, there will be fewer offers, greater price reductions, more days on the market, higher carrying costs and less profit.
A vacant home can also hurt your negotiating power. If buyers know that you are already out and most likely paying another mortgage, they figure you are more motivated and will likely present a low-ball offer. Staging will allow you to create a proper vision for the property and achieve a quicker, more profitable outcome.
Louis Stephan's Prudential Real Estate Newsletter #58.
Luis Stephan is the Broker Owner of Prudential Ursula M. Stephan REALTORS located at 400 Boston Post Road, Sudbury, MA 01776
