Selling a house that needs repairs can be an expensive and time-consuming process, especially in a competitive real estate market like Eugene. However, there are several strategies you can use to make the process easier and ensure that you get the best possible price for your property. In this post, we’ll explore five strategies to help you sell and market a house that needs repairs in Eugene.
1. Be Realistic About the Property’s Value
One of the biggest challenges when selling a house that needs repairs is determining its value. A lot of sellers will look to real estate websites such as Zillow and see an estimate that they try and go off of. It’s incredibly important to know that that number is often the value of the home fully updated and in turn key condition. It is very much what it is, an estimate. Also, you may have a sentimental attachment to the property or hope to recoup the money you’ve invested in repairs, but for the buyer this is a business transaction and it is important to keep that perspective when selling. At the end of the day it is necessary to be realistic about what the property is worth in its current condition. Look at comparable properties in the area that have sold recently and take into account the cost of repairs needed to make your property competitive. If a home nearby sold for top dollar take a moment to look at the pictures and see what updates were done for them to list at that amount. This will give you a good idea of what you can expect to sell the property for and help you set a realistic asking price. Keep in mind that houses that need work don’t always photograph well or appeal to a large pool of potential buyers.
2. Highlight the Property’s Potential
While the property may need repairs, it’s important to remember that it still has potential. If you choose to sell your house with a Eugene agent, be sure to highlight the positive aspects of the property, such as its location, size, and unique features, and discuss how the repairs needed can turn it into a dream home for the right buyer. By focusing on the potential of the property, you can attract buyers who are willing to invest in the repairs needed to make it their own. Keep in mind though, that even with there being potential that a home that needs repairs will limit your buyer’s pool and affect your asking price.
3. Consider Making Repairs Yourself
If you have the time and resources, consider making some of the repairs yourself before putting the property on the market. This can help increase the value of the property and make it more attractive to potential buyers. However, be sure to focus on repairs that will provide the most value, such as fixing leaky pipes or repairing a damaged roof, rather than cosmetic repairs that may not have as much impact. Although paint and landscaping can make a huge difference in the presentation of a home, the cost can easily jump into the thousands of dollars depending on how much there is to do. There are certain repairs, such as structural items that if not tackled prior to listing could actually make it impossible for a buyer to obtain the necessary loan to purchase the property. Making repairs will require time and money, especially when projects begin to snowball. We sometimes refer to it as pulling the thread because as you dig into one project another one must completed as well to tie things together. If you are in a position that requires you to sell quickly it may simply be out of the question to start repairs on your house.
4. Be Transparent About the Property’s Condition
When selling a house that needs repairs, it’s important to be transparent about the property’s condition. Disclose any known issues with the property, such as a leaky basement or faulty electrical wiring, and be upfront about the cost of repairs needed. This can help build trust with potential buyers and prevent any unpleasant surprises during the sales process. Anything that is disclosed upfront can also assist in the speed of the sale because buyers will know what to expect and if concessions need to take place those negotiations can begin immediately.
5. Work with a Professional Home Buying Company
Finally, consider working with a professional home-buying company that specializes in buying properties in need of repairs. These companies can make an offer on your property as-is without requiring you to make any repairs or upgrades. This can be a great option if you need to sell the property quickly or don’t have the resources to make repairs yourself. Just be sure to choose a reputable company that has experience buying properties in Eugene such as Property Bridge.
Selling a house that needs repairs in Eugene can be a challenging task, but with these five strategies, you can make the process easier and more profitable. Be realistic about your property, and consider working with a direct buyer to eliminate stress, cost, and wasted time. By working with Property Bridge, you can ensure a successful sale of your Eugene property no matter what condition it’s in. Reach out to us today to receive a free, no obligation offer on your home or property! Sell your Eugene house fast. (541) 833-0304