Tips for Selling A House In Poor Condition
Philadelphia’s real estate market tends to be a competitive one for sellers. While there are often lots of interested buyers, there are also usually many properties for sale. If you’re facing the need to sell a home that’s in poor condition, you face some stiff competition. Here are some tips to help you with selling a house in poor condition in Philadelphia.
1. Know the Current State of the Philadelphia Market
Before you can accurately price your home based on its condition, you need a feel for the conditions in the market as a whole. You can use online services to get a general idea of how your local market is, looking at homes for sale and recent sales in neighborhoods near yours, to start your research. You can also work with a real estate agent to get comparative listing information that may be more accurate than the information you can find online. Many agents will pull these comps even if you have not officially hired them, so ask a few for this valuable information.
2. Scout the Competition
You may think that your home is in poor condition, but you need to know if it is truly in poor condition based on current market conditions. After searching the other homes that are currently for sale in your area, you may find that yours is in better condition than you thought. On the flip side, you may find that it is in far worse shape than you thought as well. Knowing the condition of the competition will help you as you determine a pricing strategy.
3. Consider the Home’s Assets
Before pricing the home, consider any assets that it may have. Even if the home is in terrible condition, a great location or a unique asset can help drive up its potential price. Be realistic, but know the things that are beneficial for your home. These may draw potential buyers in and help increase the potential price for your home.
4. Know Your Potential Buyers
When you’re selling a home in poor condition, you are typically not selling to an average homeowner. There are three basic people who consider homes in poor condition. These are:
- Remodelers – These people are interested in buying a home in a good area, have the money to invest in a property, but cannot seem to make an offer in time before the home is purchased by someone else. Remodelers use the additional money they have for the home purchase to tackle the remodeling job.
- House flippers – House flippers buy homes that need work at low prices, then improve them and sell them for a profit. These are looking for bargain priced properties that need work they can do on their own.
- Bargain hunters – Bargain hunters are those who do not have the money to buy in the neighborhood they want, but are willing to put in the money and effort to renovate a home in poor condition in order to get in to the location that appeals to them most.
By understanding these three potential buyers, you will be able to prep the home for sale so that it will sell more quickly.
5. Spruce up What You Can
While you aren’t going to tackle a major renovation, there are small things you can do to make your home more appealing. For example, you can clean up the yard and improve the curb appeal with some potted plants. Even if the interior of the home is in need of serious TLC, this will show potential buyers the potential and encourage them to stop and take a closer look.
You can also clean the home. A clean home, even with old carpet or outdated decor, will show more effectively than one that is dirty. As you clean, reduce the clutter to make the home look larger and more inviting. This will help potential buyers appreciate its potential. In particular, clean the windows. As many as 95 percent of buyers will look through the home’s windows first before looking at other factors, so keep windows and window sills clean to keep buyers interested.
6. Price It Well
The most important thing to do when selling a home in poor condition is to price it well. This is where many buyers go wrong because they have a set figure in mind that they need or want to get for the home. Work with a real estate professional to evaluate the current market and your home’s current condition, and price it properly so it will sell well.
7. Consider a Direct Sale
If you need to sell your home quickly and it’s truly in poor shape, your best option may be to sell it directly to a home buying company like Problem Property Pal. We buy homes in Philadelphia in all conditions, so you can avoid the hassle of entering the crowded market and trying to spruce up a home that’s in need of serious work.
At Problem Property Pal, we always pay cash and can typically pay within just a few hours of viewing the house. It’s fast and hassle-free, giving you a convenient option for selling a house in poor condition in Philadelphia.