Three things you should do to successfully sell a fixer-upper.
The selling process is already difficult enough, but when you add noticeable problems with the property into the equation, it can make the home sale even more complicated. Inventory is now increasing, and buyers have more options to choose from. Your home, which needs repairs, won’t likely be their first choice, and those who are interested in purchasing may make an offer that’s less than what you wanted to sell it for.
Selling a house with major issues takes a lot of work, and there’s never enough time to do it. The longer the home stays with you, the more expensive the costs of repairs and maintenance will be. If you don’t act soon, that property could end up becoming a liability. Fortunately, there are ways to reach the closing table and make a profit. To sell a fixer-upper, here are three things you should do:
1. Get a home inspection. You know the property is in bad shape, but you’re not exactly sure to what extent. This is where a professional can help. A home inspector will locate the problems and give you a complete rundown of them. Once you’ve identified what has to be fixed, you can evaluate whether you can afford the repairs and replacements, or if you’ll just sell as-is. Also, remember that disclosing the issues of your home to would-be buyers is required by the law. You want to be as transparent as possible to avoid any legal repercussions later.
"The worse the home’s condition is, the bigger the pool of investment buyers will be."
2. Consider who your buyer is. Let's say we haven't done any updates for 20 years. If your house is dated, that's okay, but we need to consider who the buyer is. Is this a young couple that's just getting started and is ready to come in and put some elbow grease into the house? Could it be an investor that is looking to come in and renovate it, maybe turn it into a rental or flip the house and sell it to someone else? The worse the home’s condition is, the bigger the pool of investment buyers will be. Typically, they will pay with cash and will buy the home as-is. Bargain hunters, on the other hand, are in search of their dream homes. They are willing to put in the elbow grease needed to make a property livable and will overlook a few flaws as long as they love the location.
3. Price your home correctly. Pricing is 85% of the selling process. No matter what the market is, you've got to be priced right. In today's market, that couldn't be truer. We want to take the opportunity to sit down with you and help you price your house appropriately in this market so that you can outperform the other listings out there.
It’s possible to sell a home that requires work. If you follow these tips, you will confidently get to closing. For more tips on how to successfully sell a fixer-upper, call or email me. I’m happy to be your real estate consultant!
