Sell a Fix and Flip House Fast in Philadelphia
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 Philly. Flipping a home in Philadelphia 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 in Philadelphia!
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 its location on the map. Home prices may vary drastically as you move from neighborhood to neighborhood.
A house that might be of great value in one part of town may sell much less than 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 grasp the demographics in the area. Who is buying a home? Families, seniors? What are they looking for, and what can they afford?
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 on house repairs. Replace things that are not working or appear very old but leave them at that.
Do not sink money into a home, adding excessive details and home updates. If bathroom cabinets are old and ugly, replace them with a simple (and cost-effective) pedestal sink.
No matter how many upgrades you make, a home will not sell for $500k when the neighboring houses are going for $150k.
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. It would help if you were pricing low to get a buyer and sell house 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 your real estate comps before getting started, and keep in mind that repairs typically require more money than what you initially plan for, so give yourself some cushion.
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 property.
Before starting any real estate investment project, it is essential to educate yourself and work with professionals offering real estate services that you can trust. {How to Sell a Fix and Flip House Fast in Philadelphia}
It’s essential to utilize professionals such as a real estate agent & general contractor to guide you through the project. Realtors have the advantage of adequately running real estate comps through MLS, and agents also know the signs that may lead to an increase or decrease in home values in particular areas! The point of employing a general contractor is to ensure the rehab process is done right while staying within budget. General contractors would subcontract the work and oversee that the tasks are completed. Real estate investing can offer many rewards, but at the same time, it can be hazardous!
To learn more about selling a fix and flip home fast, fill out this form, or give our office a call today! [215-359-6090]
