A real estate expert has recently confirmed the type of homes most difficult to sell. Not every property in the real estate market sells quickly. Demand may be impacted by elements like location, lighting, and structural characteristics. Finding a buyer for certain homes can take longer than 18 months. Being aware of these dangers and putting the appropriate tactics into practice can make all the difference.
The type of housing that is almost impossible to sell, according to a real estate expert
One element that affects a property’s sale is its location. There are typically fewer interested parties for properties located in high-crime regions or places with poor public transit. According to Alejandro Moretti, a member of the Real Estate Association of Buenos Aires, Argentina’s Board of Directors, properties in dangerous neighborhoods typically take longer to sell because purchasers place a higher priority on security. Changing the selling price or emphasizing the advantages of the location, such as its closeness to schools, malls, or green areas, are two possible solutions in these situations. Here are the factors that people should consider before buying a new property:
Insufficient natural light and restricted vistas
An important consideration when making a purchase is natural illumination. Apartments that are within and have no open vistas typically attract less attention. According to Moretti, the epidemic has caused purchasers’ priorities to shift, and they are now seeking light, outside apartments. Moreover, these properties’ owners can make improvements to make them more appealing, such as painting the walls in light colors, placing mirrors in key places, or adding warm artificial lighting.
Properties with structural difficulties
Another barrier to sale is apartments on the upper floors without direct elevator access. Stair climbing might be a burden for many buyers, even though they provide solitude and wonderful views. Internal ground-floor apartments are another example; they typically get little light and don’t have any appealing vistas. For elders or those looking for more security, these might be alluring choices. In these situations, it’s important to emphasize the property’s benefits, such as cheaper upkeep or the potential for upgrades to raise its value.
Properties not suitable for mortgage loans
Another obstacle is homes that are not eligible for mortgage financing. According to Alejandra Vecchio, co-founder and broker of Puebla Inmobiliaria, it is challenging to sell a house if the paperwork is disorganized or if there is significant structural damage. In these situations, it is best to target cash customers and modify the price to reflect the state of the market.
Strategies to consider based on the real estate expert advice
Despite the challenges, houses with restrictions can draw potential buyers on a limited budget. These properties could be viewed as a chance to enter the real estate market with a lower investment by buyers who value price over amenities. Effective techniques must be used to sell a distressed home. Among the suggestions are:
- Realistic appraisal: Take into account the supply and demand in the market.
- Advertising expenditure: To raise the property’s profile, promote it on social media and real estate portals.
- Home staging: Enhance the property’s appearance with ornamental and artistic additions.
- Negotiation flexibility: Offer payment options and be prepared to accept fair offers.
Reduced property prices may increase the margin for purchasers
According to Realtor.com’s latest Monthly Housing Report, the percentage of homes with price decreases rose to 16.8% from 14.6% in February, indicating that sellers are becoming more comfortable with the current state of the market. With a 4.2% year-over-year increase in newly listed homes, this February had the highest level of seller activity since 2021. According to Danielle Hale, chief economist at Realtor.com, sellers are starting to see positive market indicators despite high interest and mortgage rates as they become bored of waiting for big improvements.
In February, sellers posted homes for sale more quickly than they did the previous year, with a 4.2% increase in new properties year over year, while the median home sale price dropped to $412,000, below the previous year’s level. This year’s median sales price was lower than last year’s because there were more smaller homes for sale.
