Midway Real Estate

How to Set the Right Selling Price for Your fixer upper property

If you’re a first time fixer upper investor, you are probably very excited about putting your newly rehabbed property on the market. If you’re tempted to just slap any price on it, in order to reap a profit, don’t. Instead, you have to do your homework and set the right price for your fixer upper home. In this brief article, we’ll provide you with tips to do this.

First of all, if you are utilizing a real estate agent, she can help you with determining the fair market value for your property. To do so, she will likely do comparatives of similar properties as well as set a price based on amenities that your fixer upper property might offer prospective buyers. Just make sure that you evaluate her reasoning and make your own informed decision based on information she provides as well as your costs, seller deadline, etc.

Second, if you will not utilize a real estate agent then you definitely must do your homework. To do so, you will definitely need to check the MLS listings to determine current market value for houses comparable to your fixer upper property. Pay special attention to recently closed properties as well as current properties too. When evaluating them, make sure that they are comparable in terms of age, amenities, size and acreage to determine the best price.

Third, evaluate the length of time that similar properties have been on the market. This will help you determine if you’re in a buyer or seller’s market. If you’re in a seller’s market, you will likely have many prospects vying for the property. If however you are in a buyer’s market, you may have to offer some incentives to catch the attention of buyers. Either way, keep this in mind when setting your price.

Last but not least, evaluate all the factors again and then carefully calculate your anticipated selling price. And, don’t forget to factor in actual repair costs, special amenities and features, as well as other pertinent factors. And, do not to get too emotionally attached when setting the price. Yes, you may have put in some time fixing u p the fixer upper property but you are in this to make a profit and you must think like a seller not a homeowner. Only then will you continue to reap the benefits of your fixer upper investing.

In conclusion, setting a price for a fixer upper home isn’t easy but it can reap huge benefits if you take your time and do it right. Just remember to conduct your research and not get emotionally attached when setting your price and you will do fine.

Have fun and may those fixer upper profits flow!

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