Selling an old home is something many people do during their lifetime. Some want to upsize or downsize, while others need to relocate. Unfortunately, many people sell because they cannot pay their mortgages or have financial emergencies.
According to Statista, the sale of existing homes in the US shows surprising trends. Nearly 4 million of them were sold in 2023, a considerable decline from 6.12 million in 2021. A forecast projects the recovery of the housing market in 2025. This is good news for someone looking to sell an old home because it can be a challenging task.
Since these properties may lack the modern features of new builds, buyers may be hesitant to pick them. However, they often have unique character and history that can attract motivated buyers. At the same time, sellers can do their bit to make their properties attractive.
In this article, we will share a few proven real estate secrets to help you sell fast and get good deals.
Secret #1: Understand the Market
This isn’t a secret but common sense because you shouldn’t go blind when listing your home. Start by researching the local real estate market. According to JP Morgan, the housing market in the US is likely to stay largely frozen through 2025. You may expect some growth, but the pace will be subdued at 3% or less. Doesn’t seem like a great time to sell, right?
Consider another time if you can wait for the market to be stable again. On the other hand, compare your property to similar homes in your area if you want to go ahead. Check properties of similar age, style, and condition. Find details such as the selling prices, how long they stay on the market, and what features attract buyers.
Also, pay attention to buyer preferences in your neighborhood. Consider market trends, such as whether buyers seek move-in-ready homes or fixer-uppers. You can set realistic expectations and develop a tailored selling strategy by understanding these factors.
Secret #2: Start with Basic Repairs
Rocket Mortgage notes that buyers often pay 30% more for new homes compared to old homes. However, while old properties save upfront, they end up being more expensive due to repair requirements. Savvy buyers, therefore, dig deep and check the condition of the property before setting an offer.
As a seller, you must invest in some updates to appeal to today’s buyers. Start with a quick Google search for “painters near me” because a fresh coat of paint is a simple secret to getting a good offer. Get your place painted inside out with a neutral color to appeal to a buyer and cover stains and marks.
EA Pro Painters suggests hiring experts as they deliver quality services on time. Moreover, they use the right materials and techniques for good results. Apart from fresh painting, updated fixtures, and refinished floors can make a big difference. Also, fix glaring issues such as roof leaks, outdated plumbing, or faulty electrical systems.
However, remember to balance improvements with preserving the property’s unique character. Retain original moldings, fireplaces, and period details as these often make old homes stand out.
Secret #3: Highlight Your Home’s Strengths
Old homes often have stories to tell that many buyers are interested in. Use this to your advantage by showcasing their character and history. All you have to do is to create a list of strengths of your property.
Highlight features like crown moldings, original woodwork, stained glass, or unique tilework in your listing and during showings. Decorate with period-appropriate furnishings and artwork, but don’t go overboard. You want buyers to visualize the home’s potential while keeping spaces uncluttered and inviting.
Effective marketing is another secret you must not forget. When listing and staging your old house, include anecdotes about the home’s history, previous owners, or its role in the community. This will build an emotional connection with potential buyers and motivate them to share good offers.
Secret #4: Document Your Property’s Value
If there is one secret no one will tell you about selling real estate, it is the documentation these transactions involve. According to HomeLight, you may have to prepare as many as 180 sheets when selling a house. The number may vary according to the state, but expect something around this.
Missing out on the paperwork may slow down the selling process. Moreover, transparency and documentation are key to building buyer trust. Consider providing a pre-sale inspection report to show that your old home is in optimal condition. In any case, whoever wants to share an offer will get an inspection done.
Gather historical documents that demonstrate the home’s heritage, such as architectural plans, old photographs, or preservation certificates. Keep receipts and documentation for any recent repairs or renovations. Having these materials ready will streamline the sales process and reassure buyers.
Frequently Asked Questions
What are the biggest selling points in a house?
Location is perhaps the biggest selling point as people want a place in proximity to amenities, schools, and transportation. A well-maintained exterior and landscaping is another winner as it creates a strong first impression. Updated, functional spaces, open layouts, smart technology, and sustainability are other factors that impress buyers.
Do old homes get good offers?
Yes, old homes can receive excellent offers, provided they are marketed well and are in good shape. Sellers should highlight their unique features, character, and history. Buyers looking for charm, craftsmanship, and a sense of heritage are often ready to pay a premium for well-maintained older properties.
How to set a price for an old home?
While old homes tend to command lower prices than new ones, it does not mean that sellers should compromise. Setting prices smartly is a good start. Look at recent sales of similar old homes in your area. Factor in the home’s state of repair, size, and location. Work with a real estate agent experienced in older homes for a market analysis.
Getting great offers for an old home is not impossible. All you have to do is balance its historic charm with modern expectations. Follow these easy secrets to get the buyers flocking to your property and sharing the best offers. Most importantly, don’t overprice or settle for less because you deserve the best deal.
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