5 Things Historic Homeowners Should Know When Selling Their Homes

As we begin to transition out of a sellers market into a buyers market, folks should consider what that means for pricing their historic homes in a cooling market. In a cooling market, we often see homes sitting on the market longer but that doesn't necessarily mean a historic home can’t still be in demand. 

In real estate, we often talk about homes in terms of inventory. Just like dresses on a shopping rack, some houses are best suited to fit the general public and there are those houses that are suited for a very specific individual with specific taste. Your historic home most likely falls in the latter category. 

So when deciding to sell your historic home, it's important to price it in a way that still values its charm and personality while being realistic about current market demands. Here are 5 tips to help you sell your historic home in our current market. 

1. Consult with a realtor. 

Working with a realtor to sell your historic home is beneficial throughout the home selling process. You and your realtor should discuss everything from market research to pricing to making modifications.

To determine the right price for your home, your realtor should do market research and provide information on what other historic homes are selling in your area. Realtors have the ability to provide accurate data that may not be available to the general public. Factors like square footage, the condition of the home, and surface rights are all aspects that determine and can change the value of a home. 

2. Think like a designer and ask questions.

When I’m looking at a historic home I ask myself how the structure of the home will affect its value once placed on the market. Ask yourself: 

• What work has been done to the home?
• What preservation efforts have been put in place? For example, has it had any work done in the past 40 years?
• Is there any deferred maintenance that needs to be taken care of?
• Have there been modifications that have ruined or taken away from the home's historic charm or uniqueness?

Your realtor should be able to help answer these questions and tell you where your home stands in the market based on the answers.  

3. Be realistic about your price.

Ask your realtor for a comparative market analysis. A market analysis will give you an estimate of the value of your home by evaluating similar properties that have recently sold in your area. Listing your home within the current market price is your best bet for selling your historic home. However, if not being able to sell your historic home at your asking price or at a higher price than market rates is a deal breaker, consider taking a pause from the selling process altogether. You can reconsider selling again when the market supports your ideal price point.

4. Talk to a design professional.

If you’re looking to make modifications to your historic home before selling it, it's vital to recruit a design professional that has experience working with historic homes. Maintaining and honoring the home's architecture is key to preserving its value and making sure it’s still that perfect “dress” for the right buyer. Involving a design professional during the modification process can prevent a historic home's unique touches from disappearing at the hands of designers who don’t understand the intricacies of historic homes or through a quick DIY plan that doesn't consider what’s best for the preservation of the home. 

There are buyers who specifically search for historic homes and by working closely with a designer with experience working with historic homes, you can protect and maintain your historic home's original features that appeal to historic buyers and also appeal to specific buyers that are willing to pay for a beautifully preserved home. 

5. Connect with local preservation agencies.

If you aren't already, communicating with preservation organizations is beneficial in placing you in the right network of activists and advocates for local preservation efforts and provides you with the resources needed to preserve your historic home. For example, Preservation Idaho is a non-profit organization that works to preserve Idaho’s historic places through collaboration, education, and advocacy. The complete package, they are historic home and architecture pros and offer a plethora of resources and educational material available to historic property owners or advocates. They also offer opportunities to walk through historic homes through their Heritage Homes Tour program or their Walk About Historic Boise Tour. 

Selling a historic home? Let’s talk about it! Give me a call at (208) 999-2358 and I’d be happy to chat with you.