House in need of repair for sale?
Selling a fixer-upper?
we’re getting started right now!
Hi, I’m Kim Ward, real estate broker in beautiful sunny San Diego, and today I am talking about selling a fixer-upper.
This house is part of a probate, and it is in extreme disrepair. So, how do we sell it? This is how… First, of all I get a signpost up a week, or so before I’m gonna put the house on the market, and I have a coming soon sign that I put up there. I also put in flyers so that the neighbors can start pulling them. The flyers have a domain name specific to the property. They can then go to this website and get all kinds of information about the home.
The week of the open house I place an open house sign writer. Since this is a fixer I want to have an open house during the time that investors will come by and see the home. So, I’m holding the open house on Thursday between four o’clock and six o’clock. I already had one of the neighbors come over and tell me that he’s actually scheduling a party around the open house. He is going to have his friends and neighbors come and have cheese and wine and they’re going to attend my open house.
fixer-uppers like this one have a unique situation, Whether it’s for buyers looking for a deal, Whether it’s an investor, or someone who can take on updating a home in a fabulous neighborhood. If you need to sell a fixer-upper quickly this is how you do it! These are my five tips!
Tip 1, set the price right. Pricing below market will get more people in the front door, and more people in the front door means more interest. What we’re trying to do is get multiple offers, and that way we can negotiate from the number that we put the house on the market up. This particular home, I know it’s gonna be hard for you to believe, $900,000 is the list price. I already, from my coming soon sign, have received an offer for $1,000,000 for this home here in Crown Point of San Diego.
Tip two, be realistic about the condition. Even investors are going to have a home inspection, so they’re gonna find out truly what’s wrong with the property. So, you have to be realistic about your condition, and disclose anything that you happen to know about the property.
Tip three, highlight the positives. So, what I did to prepare this house from market was to have it cleaned. It was really dirty, I’ve got some photos of before and after, the bathtub was a nightmare and the cleaning people took care of that. So, highlighting the positives of this house… This property is two blocks from Mission Bay, and a mile and a half from the ocean. That’s the positives about this. Also, another positive that I’m pointing out about this home is a home right up the street, about 350 feet from here, was purchased for 1.2 million dollars and was rebuilt into a 2,800 square foot home with a deck that they could see the bay and the ocean from. It recently sold for 2.1 million dollars!
Tip four, market to traditional buyers and to investors, the non traditional buyers. It’ll be interesting to see how things turn out on this home, because there’s people that want to live in this area, and I imagine that a buyer, a traditional buyer might be interested. So we’ve priced this property to get the interest of traditional buyers who want to live in the home, and non-traditional buyers the investors.
Tip five, find an experienced real estate agents. Someone who has a proven record that they can get these distressed properties sold for the highest price, and best terms quickly!
So that’s my top 5 of how to sell a Fixer home. If you have questions or comments please Contact me at 619.741.0111 or Info@HorizonRealEstate.net Looking forward to speaking with you soon!