Sellers in Ann Arbor, MI typically prepare a home for sale by making needed repairs and painting. Occasionally more expensive updates such as new carpeting or kitchen counter tops are necessary, as well as fine tuning landscaping for maximum curb appeal. Not all sellers have the financial resources, physical ability or will to fix up their home in order to market it competitively with the rest of the updated homes in their area. In Ann Arbor, the real estate market is strong enough to include fixer-upper listings as part of a healthy selection of real estate inventory.
Pricing a Fixer-Upper
In order to get a quick sale at the best price for a fixer-upper, it is important to select a real estate professional who meets the needs and expectations of sellers of this type of property with honesty, understanding and respect. Real estate agents are vital in these situations in order to pool all resources to set the best price. The correct pricing of fixer-upper properties is even more important than the pricing of homes that are more marketable because there are fewer buyers and less financing options in this category. A comparative market analysis using nearby, comparable homes in better condition will then allow you to make realistic allowances in the asking price. When pricing a fixer-upper offsetting deficiencies is necessary in order to arrive at an effective asking price.
Market to the Right Buyers
There is a special group of home buyers who are interested in making a home their own. Fixer-upper buyers are not just looking for bargains, they know they are going to customize whatever home they buy and many other factors are more important than fancy amenities. Most fixer-upper buyers have a good understanding of structure and repair costs. In order to find these buyers your agent should prepare a marketing plan catered to buyers specifically willing to do some work in their new home in exchange for a price that reflects these needed changes.
Things to Remember:
- Price the home competitively: The target market for fixer-uppers includes knowledgeable buyers who understand the cost and work involved in renovating property. A home that is fairly priced will be seriously considered.
- Make the property as inviting as possible: Clean the interior and get rid of offending odors. Mow lawns, trim bushes and sweep the porch for curb appeal and pleasant entry.
- Be open and honest about defects: Prior to listing your home, get a home inspection in order to provide a detailed and honest approach to informing buyers.
Selling a home as a fixer-upper is the most feasible path for some property owners. Quick and clean sales as fixer-uppers will produce the best outcomes for sellers who are unwilling or unable to repair the homes themselves. If you are still unsure if these sales can garner a price you are happy with please don’t hesitate to contact us with questions or concerns. If you are still researching the the home sale process in general, check out our eBook: The Definitive Guide to Selling Your Home.