When you begin your journey flipping homes, there are some things you need to know and other things you will want to avoid. We’ve put together some tips on how to sell a fix and flip house fast in New Jersey.
Flipping a home in New Jersey can be a great way to turn a profit, but it is never as easy as it appears on HGTV. We hope our tips and tricks will help you sell a fix and flip house fast!
First You Must Understand Your Location and Market
They say a home’s value is based on location above all else. 60% of the home’s value comes from where it is located on the map. Home prices may vary drastically as you move from neighborhood to neighborhood.
A house that might be a great value in one part of town, may sell for considerably less just a few miles away. Make sure you have done your homework and have a good understanding of home prices in YOUR neighborhood.
You will also want to have a grasp of the demographics in the area. Who is buying? Families, seniors? What are they looking for, and what can they afford?
Understanding these factors will help you price your fix and flip house appropriately and appeal to the right buyers. Additionally, consider the local amenities, school districts, and community features that can influence a buyer’s decision. By knowing your market inside and out, you can position your property effectively and sell it faster.
Don’t Over-Improve The Home
When making improvements to a home you plan on flipping, remember that less is more. There are no guarantees that you will recoup the costs spent to fix it up. Replace things that are not working or that appear very old, but leave it at that.
Do not sink money into a home adding excessive details and upgrades. If bathroom cabinets are old and ugly, replace them with a simple (and cost-effective) pedestal sink.
Always keep in mind, that no matter how many upgrades you make, a home will not sell for $500k, when the neighboring homes are going for $150k.
By keeping the improvements simple and in line with the neighborhood, you are more likely to attract buyers who appreciate the value you’ve added without overspending on unnecessary upgrades.
Price Your Home Before Anything Else
Before you sign the papers to buy the home, have the number in your head of what you will sell it for. Be careful not to overinflate this number. You should be pricing low in order to get a buyer and sell the home fast.
Be realistic and stick to your numbers. Do not think that by making a $40k renovation to the basement, you will be able to add $40k to your asking price.
Review all your numbers before getting started, and keep in mind, that repairs typically require more money than what you initially plan for, so give yourself some cushion.
By having a clear understanding of your target selling price, you can make renovation and upgrade decisions that align with your profit goals and market realities, helping you to sell your fixed and flip house faster and more profitably.
Only Drop Once
When you initially price your home, give yourself enough room to drop the price once. Plan to make a significant drop of $5-$10k if the house isn’t receiving much attention at your original asking price.
You will only want to drop the price once. Dropping the price more often can make the house appear as if something is wrong with it, or that you are desperate to sell.
Before starting any real estate investment project, it is important to educate yourself and work with professionals you can trust.
By strategically planning for a single price drop, you can maintain the perceived value of your property while still ensuring that you are able to attract potential buyers and sell your fixed and flip house quickly.
Conclusion
In conclusion, selling a fixed and flip house fast in New Jersey requires careful planning and strategy. First and foremost, understand your location and market to price your property appropriately and appeal to the right buyers. Don’t over-improve the home; focus on necessary upgrades that add value without overspending. Price your home before anything else, ensuring it aligns with market trends and your profit goals. Remember, you should only drop the price once to avoid signaling desperation to potential buyers.
At Beacon Realty Investments, we understand the challenges of fixing and flipping houses. That’s why we offer a hassle-free solution for sellers. We are a house-buying company that purchases properties as-is, so you won’t even need to flip the property yourself. If you have a property you’re looking to sell quickly, whether you’ve already flipped it or not, fill out our form. If it meets our criteria, we’ll provide a fair, no-obligation cash offer. Sell a fix and flip house fast with Beacon Realty Investments.