OK, so it might be a Sellers Market, but Buyers are being very selective and not settling "just to get into the market". There was a time when Sellers could sell a home with a deficiency or two and the Buyer would purchase knowing that a repair would cost several hundred or thousands to repair. I have seen a trend where buyers either walk away from a home if they "feel" the seller is unreasonable or try to negotiate a compromise. Rarely, is a buyer willing to take on 100% of certain repairs.
Here are the Top 5 Features that are Deal Breakers in 2020
No 1. Structural Issues
The No. 1 deal breaker among a potential Buyer is structural issues. This is not a surprise as many structural issues arecostly and, most likely, extensive in scope. Many buyers in South Florida don't have the money nor time to invest in a large renovation project. Another consideration for buyers is the displacement of their family from their new home. The best Buyer for a home with structural issues is normally a contractor who specializes in flipping home.
No 2. Inoperable Air Conditioning Issues
In South Florida, a working AC unit is part of our every day life. A new unit, handler and condenser, can be quite price and if duct work or other system components are required, the cost can only go up. Many Buyers look to the age of the unit and the serviceability of the unit when considering a home purchase. As a new homeowner, a new AC can be an unwelcome expense and, at times, many new owners do not have the extra money. Nearly, half the of U.S. buyers want to purchase a home with minimal repairs. A Home Warranty may be an option for the Seller to provide to the Buyer to eliminate any concerns.
No 3. Needs a New Roof
All homes come with a roof. In South Florida, the condition of the roof is especially important for safety, asset protection and reducing homeowner insurance premiums. The age of the home or development is an indicator for the life expectancy of a roof. Generally, a tile roof has approx 20-30 years and a composition roof has a life of approx 20-50 years depending upon the roof product. A buyer will compare the age of the roof of the immediate community to the home for sae. If other homes have new roofs, then the Buyer may ask for a credit or a reduction in home price.
No 4. Not Enough Bedrooms
Floridians enjoy the interior of their home as much as outdoor lifestyle. Having the right amount of bedrooms is paramount in the decision of the buyer. Many buyers have parents or other family members who visit for months and they want the extra bedroom. It an be very costly to add an bedroom or to reconfigure an existing floorpan. This is one of the features that either meets the needs of the buyer or not.
No 5. No Garage
So many people don't use their garage to park a car. True and over 50% of US households don't use their garage for as the home was built. I'm sure you are not surprised either. However, a lack of a garage ranks hight as it is utilized as a way to store items, park the bicycles, put away the Holiday decorations, store tools and perhaps, park a motorcycle or other recreational vehicle.
If you are thinking of selling your home, this is a great time of the year to to check your Air Conditioning unit, call out a roofing company and take care of any issues that may cause Buyer concerns. In the end, you will walk away with more money in your pocket and the buyer will walk away with a home that is not in need of any additional repairs.
Call your Realtor and schedule a consultation. I know that meeting with a customer and creating a "punch list" of items that will bring them the best return and appeal to the most buyers.