A Tucson couple in their early 30s felt victorious in 2022 when they “won” a bidding war for what felt like the privilege of buying a small ranch house with three bedrooms. They especially delighted in the mountain views from the bay window in their living room.
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But the marriage didn’t last, and the couple was ordered by a divorce court to put their property on the market. Forty days ago, they complied with the court’s order, listing their place with a longtime real estate agent in their area. Yet despite taking a steep discount off their initial asking price, the property has yet to attract a single offer, and showings are rare.
Glenn Kelman, the CEO of Redfin, a national real estate brokerage, doesn’t know the couple in this true story. But he appreciates the challenge they face to sell their house in the current market.
“The market is changing. Right now, home prices are softening,” says Kelman, noting that due to economic uncertainty and the potential for more turmoil, many consumers are canceling or deferring their plans to buy a car or a house.
The Tucson couple has accepted the reality that the end of their marriage means selling their property at an inopportune time. But they’re looking forward to concluding the sale and are willing to do what it takes to find a buyer.
“We just want to move on for a fresh start. Our listing agent gives us ‘tough love’ advice, including a list of fixes which we should do to the house. She says our listing has become stale and we have to face that fact,” the husband says.
In neighborhoods with weakening markets, including some in the Tucson area, home sellers are cautioned regarding the need for cosmetic updates to attract interest in an unsold property, particularly if the place is showing its age. The Tucson couple’s house was built in 1968 and has had few improvements since then.
Eric Tyson, a personal finance specialist and co-author of “House Selling for Dummies,” says the aging of much of America’s housing stock is a turnoff to many would-be buyers.
“Most buyers simply aren’t attracted to houses built two or three decades ago. You have to update to compensate for this lack of appeal,” Tyson says.
He cautions that people selling a house with an unappealing exterior should be doubly careful not to price it too high.
“No matter the market, people aren’t going to overpay for an ugly house,” Tyson says.
Here are a few pointers for current sellers:
-- Seek to picture your property with an objective eye.
“It’s a rare seller who would ever admit their property looks bad from the street. They’re so used to it that they lack objectivity,” says Sharon Ellsworth, a real estate broker and owner of a Re/Max Realty office in Tucson.
Those seeking a candid assessment of their home’s exterior appearance may wish to survey relatives, who are more likely than friends to deliver an honest opinion.
Also take seriously the pricing recommendations of real estate pros, particularly if two or more agents you poll recommend roughly the same list price.
-- Review your marketing materials to emphasize the positive.
Creating effective marketing materials can help draw people to a property they might otherwise be unwilling to visit due to its lack of curb appeal.
“Pick out the two or three strengths of the house and be sure your agent highlights these in your marketing,” Tyson says.
What are some strong points that often influence buyers?
“Maybe you have a great floor plan, wonderful natural light, a desirable location or excellent schools. Try to remember the factors that drew you to the house when you bought it,” Tyson says.
-- Engage an excellent photographer.
Your agent may be quite skillful with digital photography. Yet if your home shows poorly from the street, Tyson says you could benefit from the skills of a professional photographer.
Your listing agent may ask you to cover the photographer’s fees. Yet Tyson says the money could be well spent if it brings in prospects who might otherwise shun the place.
-- Ask your listing agent to hold a “broker’s open house.”
Most people are familiar with public open houses. But Tyson says a more effective sales tool is the “broker’s open,” limited to real estate agents from the surrounding area.
“If agents come through the house and like it, they’re more likely to show it to their clients,” Tyson says.
-- Ponder the possibility of a new front door for your home.
It’s rare for listing agents to recommend major upgrades to the exterior of a home. Costly changes to the property’s facade are usually unwarranted.
But one upgrade that can prove worthwhile is a new front door. The cost for a high-end door with installation can run a couple of thousand dollars. But the investment could be worth it.
“The front door is the focal point of the house. If it’s attractive, people will focus on this,” Ellsworth says.
If you don’t want to spend the time or money to replace your front door, consider less costly steps such as repainting the door or adding new polished brass hardware. -- Look into improved landscaping.
Not all sellers have time to make surface enhancements to their home, especially if they’re making an urgent move, perhaps due to a job transfer. But those with sufficient time and cash generally more than recoup their expenses.
“Money spent on landscaping is especially good if your house has minimal curb appeal,” Ellsworth says.
(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)