This spring, all signs point to our Metairie real
estate market being a sizzling hot one. For anyone who will be selling a
property soon, it’s time to take stock of the factors that will influence how
attractive (and competitive) their offering will turn out to be,
Always near the top of the
list is, of course, location: location as geography
(how close it is to Metairie’s key shopping, parks and recreation areas) and
location as setting (how desirable
is the surrounding neighborhood).
And when it comes to
location, a stubborn fact of life is that selling a property in a rundown
neighborhood can be a real challenge. Sometimes, neglectful neighbors can be
the problem. According to the President of the Appraisal Institute, a property
with an overgrown yard or peeling paint can readily reduce a neighbor’s sale
price by 5%-10%. In run-down neighborhoods where foreclosures are common or
crime levels are high, selling a Metairie property
for what would be an otherwise reasonable price can be all but impossible. Even
so, there are some steps that can be taken.
Establish a preferred route…
Most marginal neighborhoods
are a mix of unsightly and good areas. To insure that potential buyers are
first aware of the positive elements in your neighborhood, be sure you and your
agent are on the same page for providing the most attractive route to reach your
property. Sooner or later any future buyer will certainly be exposed to the
less desirable blocks—but that first impression should be the best it can be.
…avoid overspending on improvements…
When selling a property in a bad
neighborhood, it’s always tempting to compensate by spending on renovations.
But perspective should come into play: there is likely to be an upward limit that
any house in a challenging neighborhood can sell for. By not overspending on
improvements, wise sellers maximize their flexibility when it comes to
negotiating price.
…even tidy up a neighboring property!
The thought of taking
responsibility for a neighboring property is hardly appealing. It’s not your
fault that they have let their yard become overgrown or allowed their front
fence to be peeling paint. But if you judge that a relatively simple amount of
effort will greatly improve a neighboring property’s appearance, consider telling
the neighbor that you will be selling a property this spring and wonder if you could give them a hand
with their yard. If you are tactful enough, some neighbors will even volunteer
to solve the problem themselves.
Selling a Metairie property in a less-than-stellar neighborhood is
undeniably a challenge. The key is to fix the things that you can while avoiding
overspending on improvements. Often selling a property in a run-down
neighborhood comes down to a question of price: determining that in advance can
make the best outcome most likely.
Thinking of buying or selling
soon? Call me today to put a plan in
motion!
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.
No comments:
Post a Comment