Older Homes Sellers - You Have "Senior" Price

 

As much as I’m all about taking real estate research and utilizing it to your advantage, I also see situations which stretch the facts more than they should. In my opinion, the below linked article is an example, attempting to place blame on a seller and mostly due to the age of the seller. The author claims that some senior citizens are getting less for selling their homes. Reasons given include neglected maintenance and listening to investors instead of having them listed traditionally. The intent is to keep sellers from “listing independently” instead of on the MLS, which could be able to fetch a higher selling price.

I have been working with agents and brokers since 1988 and have written or rewritten thousands of unique property ads for many different formats. That is more than enough time to realize that properties do not “sell themselves”. Marketing properties is about painting the picture with the buyer in it. One thing my team and I cannot do by ourselves is thoroughly educate potential buyers.

The below linked (and others) article appears to frame older sellers for not listing their homes traditionally and supposedly losing money. Meanwhile, the “investors” use of data, to their advantage, also makes a good case. One of the methods investors use to discount their purchase price is by telling the potential seller they will purchase “as is”. Many seniors, who are the subject of the aforementioned article, are not easily able to afford spending thousands of dollars on repairs and replacements just to sell the house.

They see not having to spend $8,000 on a new roof (for example) as money saved, and being able to sell more quickly by not having to wait. They may have already spoken with an agent about traditionally listing who told them they would need to upgrade that roof. What the seller wants to accomplish is selling the home.

Blaming the sellers does not solve the problem. Frankly, it doesn’t give them any reasons to list on the MLS if it means having to spend money to get the sale. The agents, brokers, and real estate associations need to be educating seniors on “keeping up” their homes YEARS before the time comes to sell. The problem isn’t going to be solved without taking all of the steps necessary to prevent it from happening. Having a long-term plan can make you “first in” on the opportunity for your next successful transaction.

 

https://nationalmortgageprofessional.com/news/older-owners-sell-less-market-sales-take-some-blame