Top 6 Pitfalls to Avoid When Selling a Vacant House

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A Guide To Selling A Vacant House

Selling a house can be a challenging task, but when it comes to selling a vacant property, the process can become even more complex. As Tennessee cash home buyers, we’ve seen firsthand the unique obstacles that come with selling an empty house. There are a few reasons why selling a vacant house can be particularly difficult: they tend to sell for less, take longer to sell, and create a perception of urgency among buyers, which could lead to lower offers. 

Whether you’ve inherited a property, moved for a new job, or simply find yourself with an extra home on your hands, it’s crucial to understand the potential pitfalls that can arise when trying to sell a vacant house.

In this article, we’ll explore the top six mistakes to avoid when selling an empty property and provide practical tips to help you navigate this tricky situation. By the end, you’ll have a better grasp of how to tackle the challenges of selling a vacant house and increase your chances of a successful sale.

Understanding the Challenges of Selling a Vacant Property

Before we dive into the pitfalls, it’s important to recognize why selling vacant homes can be more difficult than selling occupied ones. Empty properties often struggle to create that warm, inviting atmosphere that buyers are looking for when house hunting. Without furniture and personal touches, it can be hard for potential buyers to envision themselves living in the space.

Moreover, vacant houses are more susceptible to problems like vandalism, theft, and trespassing. These issues can not only damage the property but also create additional headaches for you as the seller. That’s why it’s crucial to address these challenges head-on and take steps to protect your investment.

For those wondering how we buy houses, our process is designed to make selling a vacant property as smooth as possible. We understand the unique challenges you face and have tailored our approach to address them effectively.

Now, let’s explore the six pitfalls you should avoid when selling your vacant house.

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Pitfall 1: Not Preparing the Empty House for Sale

One of the biggest mistakes sellers make is failing to properly prepare their empty homes for the market. It’s easy to think that an empty house speaks for itself, but the reality is quite different. Studies have shown that empty houses sell for an average of $11,306 less and remain on the market for an additional 6 days compared to similar occupied homes.

Why does this happen? Well, prospective buyers often rely on furniture and decor as reference points to help them imagine empty properties as their future homes. Without these visual cues, it can be challenging for buyers to establish an emotional connection with the space or even understand how to use it effectively.

To avoid this pitfall, consider these strategies:

  1. Virtual staging: This cost-effective option allows you to digitally incorporate furniture and decor into photos of your property. It gives potential buyers a better idea of how the space can be used without the expense of physical staging.
  2. Make necessary repairs: Even small issues can be off-putting to buyers when amplified in a space. Take care of any visible problems, like chipped paint or loose doorknobs, to present your house in the best possible light.
  3. Focus on curb appeal: First impressions matter, especially for vacant properties. Ensure the lawn is mowed, the exterior is clean, and any outdoor spaces are well-maintained.
  4. Deep clean: Without furniture to hide behind, every speck of dust is visible. Invest in a professional cleaning service to make your empty house sparkle.
  5. Address odors: Vacant houses can develop musty smells. Use air fresheners or consider hiring a professional deodorizing service to ensure your property smells fresh and inviting.

Pitfall 2: Not Disclosing Necessary Information

When selling any property, honesty is always the best policy. When a tenant moves out of a rental property, landlords frequently face short vacancies that can be extended if maintenance or repairs are required before a new tenant moves in. This is especially true for vacant houses, where issues might not be immediately apparent. Failing to disclose necessary information about your property can lead to disputes with buyers and potentially derail a sale.

Here are some key points to remember:

  1. Be upfront about needed repairs: If you’re aware of any issues with the property, it’s better to disclose them upfront rather than have them discovered during a home inspection. This transparency can work in your favor, as it shows buyers you’re honest and may prevent last-minute negotiations or deal breakers.
  2. Prioritize regular maintenance: Even if you’re not living in the house, it’s crucial to keep up with routine maintenance. This can prevent small issues from becoming major problems and shows potential buyers that the property has been well-cared for.
  3. Consider getting an appraisal: A recent appraisal can give you credibility as a seller and may help reduce negotiation time. It also ensures you’re pricing your property fairly, which brings us to our next pitfall.
  4. Disclose any past issues: If you’ve had to deal with problems like water damage or mold, it’s important to disclose this information. Buyers often want to know how much water damage costs to repair, so being prepared with this information can help alleviate their concerns.
vacant-houses-attract-crime

Pitfall 3: Not Securing the Vacant House

Leaving an empty home vacant for too long without proper security measures can lead to a host of problems. Vacant properties can attract unwanted attention from trespassers, thieves, and vandals. Not only can this result in property damage, but it can also create liability issues for you as the homeowner.

To avoid this pitfall:

  1. Install a security system: This can deter potential criminals and give you peace of mind. If a full security system isn’t in your budget, even fake security system stickers can be a deterrent.
  2. Keep up appearances: Make the house look lived-in by having someone regularly mow the lawn, collect mail, and occasionally park a car in the driveway.
  3. Check on the property regularly: Frequent visits allow you to spot and address any issues quickly. This is especially important in colder months to prevent problems like frozen pipes.
  4. Consider a house sitter: If possible, having someone stay in the house occasionally can deter criminal activity and help maintain the property.
  5. Inform local authorities: Let the local police know that your property is vacant. They may be able to include it in their patrol routes.

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Pitfall 4: Not Staging the Vacant House

Staging a vacant house is crucial to attract potential buyers and make the property more appealing. Empty rooms can make it difficult for prospective buyers to visualize the space and imagine themselves living there. A well-staged vacant house can help buyers see the potential of the property and make it more relatable.

Staging can also help to highlight the best features of the vacant property and downplay any flaws. According to the National Association of Realtors, staged homes sell 73% faster and for 10% more than unstaged homes. A vacant house that is not staged can give the impression that it is abandoned or neglected, which can deter potential buyers.

Here are some effective staging strategies:

  1. Virtual Staging: This cost-effective option allows you to digitally add furniture and decor to photos of your property. It helps prospective buyers visualize how the space can be used without the expense of physical staging.
  2. Physical Staging: If your budget allows, consider hiring a professional stager to furnish key rooms. This can create a sense of warmth and make the house feel more inviting.
  3. Highlight Key Features: Use staging to draw attention to the best aspects of your property, such as a spacious living room or a modern kitchen. This can help prospective buyers focus on the positives.
  4. Neutral Decor: Choose neutral colors and simple decor to appeal to a broad audience. This makes it easier for potential buyers to imagine their belongings in the space.
  5. Target Audience: Consider the preferences of your target market when staging. For example, if you’re in a family-friendly neighborhood, stage a room as a child’s bedroom to appeal to families.

A real estate professional can provide valuable advice on how to stage a vacant house effectively and make it more attractive to potential buyers. By staging a vacant house, sellers can increase the chances of selling the property quickly and for a good price.

Not Selling to a Reliable Cash Homebuyer

Pitfall 5: Not Selling to a Reliable Cash Homebuyer

One often overlooked option when selling a vacant house is working with a reputable cash homebuyer. This approach can help you avoid many of the pitfalls associated with selling an empty property through traditional methods. Occupied houses, on the other hand, tend to sell faster and for higher prices because they appear more inviting and livable.

Cash homebuyers, like us, specialize in purchasing houses in as-is condition. This means you don’t have to worry about making repairs, staging the property, or dealing with the uncertainties of the traditional real estate market. We can often close quickly, reducing the time your property sits vacant and vulnerable.

Moreover, selling to a cash homebuyer eliminates the need for realtor commissions, which can save you thousands of dollars. If you’re in a unique selling situation and need to sell quickly, this option can be particularly beneficial.

For example, if you need to sell a moldy house, a cash homebuyer can be an excellent solution. We understand the challenges associated with such properties and can offer a fair price without requiring you to invest in costly remediation.

Pitfall 6: Overpricing the Vacant House

Finally, one of the most common mistakes sellers make with vacant properties is overpricing. It’s natural to want to get the highest possible price for your house, but setting an unrealistic price can actually hurt your chances of selling.

Remember, vacant homes often sell for less than occupied ones. This is partly due to the challenges we’ve already discussed, like the difficulty buyers have in envisioning the space as a home. Additionally, savvy buyers may assume that because the house is empty, you’re motivated to sell quickly and might be willing to accept a lower offer.

To avoid this pitfall:

  1. Research the market: Look at comparable properties in your area to get a realistic idea of what your house might sell for.
  2. Consider a pre-listing appraisal: This can give you an objective assessment of your property’s value.
  3. Be prepared to adjust: If your house isn’t attracting interest, be willing to lower the price. A house that sits on the market for too long can become stigmatized, making it even harder to sell.
  4. Factor in carrying costs: Remember, every month your house sits unsold, you’re likely paying for utilities, insurance, and possibly a mortgage. These costs should factor into your pricing strategy.
  5. Consider your circumstances: If you’re in a situation where you need to sell quickly, such as during a divorce, be realistic about your pricing. Many people wonder how long it takes to sell a house during a divorce, and the answer often depends on how competitively the property is priced.

Conclusion

Selling a vacant house presents unique challenges, but by avoiding these top 6 pitfalls, you can increase your chances of a successful sale. Remember to prepare your empty house properly, be transparent about its condition, secure the property, consider working with a reliable cash homebuyer, and price your house realistically.

If you’re feeling overwhelmed by the prospect of selling your vacant house, know that you’re not alone. Many homeowners find themselves in similar situations, wondering how to sell a house FSBO or how to handle unique circumstances like how to sell a house with fire damage.

At our company, we understand these challenges and are here to help. We specialize in buying houses in any condition, offering a straightforward and hassle-free selling process. Whether you’re dealing with a property that needs extensive repairs or you simply want to avoid the complexities of selling through traditional methods, we’re here to provide a solution.

Don’t let your vacant house become a burden. To learn more about our process and how we can help, visit our About Us page for information on our company’s history and values. If you’re ready to take the next step, Contact Us today. We’re here to provide a solution tailored to your unique situation, ensuring you can move forward with confidence and peace of mind.

Remember, selling a vacant house doesn’t have to be a stressful ordeal. With the right approach and professional help, you can navigate this process successfully and achieve a satisfactory outcome. Whether you work with a cash homebuyer like us or pursue other selling methods, being aware of these common pitfalls will help you make informed decisions and increase your chances of a successful sale.

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