There are some things homeowners intuitively understand about having a vacant home on the market. They know as long as they own the residence in tandem with their new house they face double mortgage payments and double taxes. It’s the things they don’t know that can get scary in a hurry.
First, homeowners insurance premiums on empty houses can easily double. The insurer is in the business of assessing risk. They look at a vacant house and see a property that can readily fall prey to vandali
sm or other criminal acts. Additionally, the home’s systems will be unsupervised, so, a leak, for instance, that might be detected in hours if someone lives there could go days without being discovered.
Now, as if all that weren’t bad enough, a vacant home takes 30 percent to 50 percent longer to sell than an occupied dwelling, and vacant homes generally sell for 5 percent to 6 percent less. The price differential is largely due to the other side in the transaction leveraging one dominant factor – the seller’s desperation.
Obviously circumstances beyond a homeowner’s control can necessitate leaving a property unoccupied, but there are definite steps to be taken to counteract the negative ramifications of that situation.
If furniture and possessions cannot be left in the home, consider paying a company to stage the rooms. Minor flaws are glaringly obvious in empty spaces and potential buyers have an amazing lack of imagination.
Make sure the yard is well-maintained including pest control services. If a pool is present, it is imperative it be kept clean and in good working order. Nothing will turn a buyer off faster than a green, mossy, concrete swamp.
Consider contacting us to find you a well-qualified tenant to lease your Rogers Luxury home. You will receive a monthly rental income that can be applied to your mortgage and will keep you from entering into financial difficulty or in the extreme cases, keep your credit from having a short sale or foreclosure. We can find tenants for most homes within one week. We charge just 1/2 of one month’s rent to get you in touch with great tenants.
Anything you can do to make the home appear both lived in and well-maintained counteracts the effects of an extended time on the market with no one in residence. At negotiation, don’t betray a sense of desperation if possible. Of course you want the property to sell, but you also want to get the highest selling price possible. Vacant homes present unique problems for sellers and their agents, but with patience and attention, those problems can be successfully managed.
Are you relocating to Rogers, buying or leasing a home in Rogers or Bentonville (NWA)? James Call can help you if you’re shopping for homes for sale in Shadow Valley. Visit RogersMLS.com and browse ALL the homes for sale (and ALL the lease homes) listed in the MLS on 1 website … no registration required.
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