I will be selling my home soon and it is a fixer-upper located in Western New Jersey.
The current asking prices in my town for half a duplex is $169k and up, townhomes $179 and up, single family homes are around $220k and up.
My home has 4BR and 2 Full Baths - - real estate listings comparable are starting at $249k.
I know the market is slowing. I am looking for a quick 'as is' sale and figure on setting my price at $135k 'take it or leave it'. If I can't get $135k then it will sit vacant while I move in with my mother (she can no longer be left alone).
Do you think I will have any luck selling knowing that people can pay more and have a perfect move-in condition place? Or am I priced low enough that people will see the benefits of a fixer-upper that may not be move-in condition but in the long run will cost far less than the move-in condition place?
Thoughts?
2007-09-11 08:12:07 · 10 answers · asked by nova_queen_28 7 in Business & Finance ➔ Renting & Real Estate
I think the house needs about $30k to $40k worth of work and I just don't have that amount of money to put into the house, a loan is not an option either (I took an equity loan to pay off some bills).
In addition, the house is far from my mother and driving back n forth to just mow the lawn is getting crazy (there are no neighborhood kids willing to mow a lawn these days).
I guess I am also willing to lose some $$$s to save on my time and aggravation.
2007-09-11 08:28:26 · update #1
You should be able to sell it quickly to a first time homebuyer wanting to fix it and live there. I will say that the days of flippers quickly snatching up fixer uppers is gone because the market can not sustain that any more since property values are decreasing in many cities. But it sounds like you're being reasonable, I'd still consult a realtor, but I think you'll be fine.
2007-09-11 08:21:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
As a retired Real Estate INVESTOR, here is an idea, ball park figures, for your consideration. 1. Get an "Arms Length" appraisal( independent appraiser).
2. Get a minimum of 3 bids, from people who are in the business of fixing up houses, of what the costs will be to fix the property up.(could be one of them might want to buy your place).
3. Take the appraised price, subtract the cost of "rehabbing",, then multiply times POINT 8 AND for YOUR information, times .POINT 7 . (80% and 70%).
4. Advertise the home as a "fixxer upper", with the numbers (use the 80%), (and use the 70% figure ONLY IF YOU HAVE TOO !!!!
5. A sales technique which has served me VERY WELL, in the 48 homes I BOUGHT AND SOLD, show the house to 2 or more couples / potential buyers AT THE SAME TIME !!!
There is nothing quite as exhilerating as having 2, 3 or 4 "PREAPPROVED" BUYERS BIDDING AGAINST EACH OTHER, FOR THAT HOME AT THE SAME TIME !!!!!
I LOVE IT !!!! I LOVE IT !!!! I LOVE IT !!!!
6. You will need some sort of professional to help you. IF - IF you want a Realtor / AGENT, THE COMMISSION IS NEGOSIABLE !!! Less than 3 percent is prefered!!!!
I hope this helps.
toro gringo
2007-09-11 09:52:41 · answer #2 · answered by NONAME 2 · 0⤊ 0⤋
In my opinion a fixer-upper is the smart way for a buyer today, assuming they have at least some skills in making repairs. They get a house at a bargain price and over time can increase the value using mostly their own labor. The market for homes will not stay low for long, it never does.
2007-09-11 08:22:26 · answer #3 · answered by gene e 1 · 0⤊ 0⤋
I don't know about there I know in Missouri where i live with all the flip this house shows on it's become the craze to find houses to flip. I'm hosting open houses for an auction company who is selling fixer uppers and people are clammering to see them I COULDN'T believe all the people that showed up!You should see these houses believe me it's getting popular.
2007-09-11 08:20:15 · answer #4 · answered by crzyluci2000 2 · 0⤊ 0⤋
People who buy fixer-uppers, are looking for the lowest price they can get.
UNLESS it is a person looking to fix up and flip. But they are not going to pay the neighborhood selling price either.
2007-09-11 08:19:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well, sounds like you need to find some positives to put emphasis on... location, neighborhood, yard/landscaping, proximity to schools, stores, entertainment facilities, etc... Do some research as to the cost for updating and repairing your home so you can talk knowledgeably about it to prospective buyers so they can get the idea that you're not trying to "take" them. Honesty about what needs repairing will help to win their confidence, but you need to have confidence in the positive aspects of your property. Good luck to ya!
2016-05-17 07:27:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
depends on who is looking, state in the ad that it is a fixer upper in a 249K neighborhood, in which you are willing to
sell for 135K
2007-09-11 08:19:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I think you might be priced too low,, if comps are at 249K, and you're at 135K..unless over 100K is required to "fix it up".
2007-09-11 08:18:38 · answer #8 · answered by Anonymous · 0⤊ 0⤋
why leave so much money on the table? why don't you fix it up yourself and just undercut the market a little?
2007-09-11 08:21:27 · answer #9 · answered by John M 7 · 0⤊ 0⤋
your house will be sold in no time
2007-09-11 08:17:00 · answer #10 · answered by beebee 4 · 0⤊ 0⤋