SELL THAT FIXER FAST~TRUCKEE, CALIFORNIA REAL ESTATE

Bonnie Jessee, Realtor 530 412 3984

Buyers typically want to purchase a home that is in move-in condition.  And because of that, sellers often invest a great deal effort into prepping their home to place on the open market to gain the largest profit from the sale. However, is it worthwhile to fix a property up before selling if it is in a poor condition?

It can be worth your time and effort to fix up a slightly needy property in an excellent location that has potential and can be improved considerably with minor “cosmetic” improvements. The reason why it makes sense to go through the effort is that most buyers do not possess the imagination therefore they cannot envision what a house might look like with minor repairs or new paint or carpets. They basically don’t see past the surface!

For example, last year I sold a fixer in Truckee to an out of town buyer. Neighbors went came out their homes the moment the for sale sign went up to view the home.  The neighbors all had the same idea – buy, fix and market! The neighbors themselves could not see past the improvements that would bring the pricing up to level with the surrounding area and no neighbors made an offer.   The property stayed on the market for just a few months before that savvy buyer appeared, checked out the location/views and ‘bones’ of the home and purchase the property. . The transformation was stunning.  Subsequent to his renovation, he re-listed the property for sale and made a tidy profit!  He had the vision; however, those buyers might be few and far between. The property sold over the asking price.

TIPS FOR THE SELLER:  There’s a tip to be gleaned from this experience that’s relevant to all sellers. Don’t let a prospective buyer look at your home until it has been prepared for sale, unless your intention is to sell as a fixer.  Give the buyers the opportunity to note this fact and you will attract the appropriate buyers.  In other words, market it as a fixer.

We have found sellers might resist the notion of calling their property for sale a fixer-upper. However, it can make good marketing sense. A portion of the market is looking for fixer properties that can be improved to increase value. Even though you might get lucky and sell that fixer house for more than you thought was possible, don’t lose sight of the fact that you’re marketing to a smaller group of buyers.

To attract a fixer buyer, make sure you provide for extensive marketing exposure. It is always a good idea to have inspections done ~ prior to listing the property for sale. Reports should be readily available to buyers to review.   If the potential buyer is fully aware of the problems associated with the ‘fixer’ property prior to the sale, it will not become an issue that may cause the sale not to occur.

So the decision is yours, as a seller, to spend the time, money and effort to repair and correct to gain top dollar for your property or promote the property as a fixer.  The decision should be made based upon several factors:

1. LOCATION       

2. AGE OF BUILDING         

3. LOCAL REAL ESTATE TRENDS     

4. PROFESSIONAL ADVICE FROM YOUR LOCAL REALTOR

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