When marketing a fixer upper, the most important thing to keep in mind is pricing appropriately. With so many resources out there for home buyers, many are able to help them make more realistic offers, meaning pricing a home too high is not in your best interest. Considering that so many home buyers base their online searches on price, listing higher than normal in the hopes of negotiating is not in your best interest.
Market Your Property the Right Way:
When selling a fixer upper, it is important to make sure potential home buyers are aware of what kind of home it is. Some tips include highlighting the improvements that have been made and when they were made, focus on features that make the home special such as an unusual home layout, or mentioning renovation loans.
Patience is Key:
When marketing a home that is going to need some work, many of the potential buyers with interest will be investors. If a quick sale is what you’re after, then this could be beneficial, but many offers from investors may be under what you are expecting. Waiting a week or so to field as many offers as possible will give you the best chance to get an offer that is more in line with what you were hoping for.
Be Prepared to Negotiate:
When it comes to homes that require some extra work, a good amount of buyers may be looking to buy for a lower price. If the purchasers are a family looking to move into the home, low-ball offers will be less frequent, but with so many investors and home flippers out there today, be prepared to field and accept offers lower than what you may have been hoping for. This means it’s important to set a hard floor on what price you will be willing to accept, and stand firm.
There are multiple ways to showcase a property that could use a bit of work, however being upfront is the most important aspect to keep in mind. Whether the home needs some simple work on it or has a structural/foundation problem, it is important to let potential buyers know exactly what they’re getting themselves into. Don’t let a deal fall apart due to a poor inspection or appraisal, make sure all cards are on the table before it even gets to that point.