Selling a House as Is in Denver
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How to Sell a House As is
Selling a house nowadays is different than ever before. As millennials enter adulthood and are now becoming property owners, mentality and technology have begun to decay the traditional process of buying and selling real estate. By no means does that mean that realtors are out of business, but now there are ways around them. The do it yourself and eliminate the middle man phenomenon (think AirBNB, Uber, etc.) has also effected real estate. This means that the way in which you manage, prepare, and list your property can be entirely up to you. You can be as creative, persistent, and diligent as you want. This also means you can sell your house just the way it is to lose some of that weight in the quickest manner possible.
Aside from the evolving mentality in selling a house, there are also new methods of showcasing and preparing a home for sale. Traditionally, when selling a house, experts often recommended that home improvements must be made in order to attract buyers. Or, if not to attract buyers, to one-up the neighboring properties and assert your own as the alpha of the block. But with so many new age buyers out there, that’s not necessarily the case these days.
You have to remember that when you’re renovating or fixing up your home, you’re also asking your buyer to pay for the price of the renovation. If this is the case there are some key elements at play that could go unattended to if you try and maximize the potential of your property by sinking money into it (especially before the sale).
Know Your Property
It’s important first that you understand the ins and outs of your property and neighborhood. You need to have an understanding on what your property and those around you are valued and what sort of buyer they’re going to attract. It’s recommended that before listing, you have two things generated; a professional inspection and appraisal. That way you’ll never be surprised when you receive an opposing party’s bargaining tools. Yes, those evaluations are what they’ll use to try and lowball or dictate the price of the home. Just as well, having those two professional assessments means you understand the value of your home. Is your home one that is habitable yet in need of serious repairs? Is it one in which renovations will contribute only to aesthetics? Or is your home one that needs structural repairs before it can be lived in? Then –what do the professionals (identical to what your buyer will use) have to say about it?
Knowing this answer in its entirety (that’s why we urge you to have it appraised and inspected beforehand) is vastly important. That answer could be the difference between a buyer willing to pay a certain price to live in the home and then renovate it, or a buyer that wants to pay as low as possible to make a profit once the renovations have been made. These are two completely different buyers which will purchase your property in two different states; in need of heavy renovations versus in need of a few repairs.
Know Your Neighborhood
Just as well you need to know how your house fits within its demographic. If every house on your street has a beautiful, mahogany fence and an Olympic sized swimming pool in the backyard then you might want to look into meeting those standards (we’re being a bit imaginative, we know). But if the homes around you have similar qualities, values, and aesthetics, then there’s no reason to one-up your competition. Otherwise you’ll become an anchor property, or a property that other sellers use to bait buyers at a higher price than their property is actually worth. An example here: all homes in your neighborhood are worth around $100,000 but you spend the money on renovations, put your stamp on the block so everyone knows you have the snazziest property, and then price your home at $180,000 hoping to attract buyers. While your home might very well be worth that price with your renovations completed (and the entire property as crisp and sleek as can be) what will happen in turn is a house down the block will add 40k to their property value and sell their home for $140,000, rather than the $100,000 that’s it worth. In this scenario, the only reason they were allotted that proposal was because in contrast to the price/aesthetic of your property, the buyers felt they were cashing out on a deal for the respective neighborhood. Don’t be the anchor property that sits on its butt and never sells. Don’t be the anchor property which generates larger proposals for your competition.
If You’re Determined to Fix Up Your House
However, if you’re dead set on fixing up your home, we encourage you to focus entirely on cosmetics. An inspector will tell you what structural issues you have and what needs to be touched up, rather than ‘fixed.’ But this doesn’t mean you have to rip out the tile and put in marble (save that for your dream vacation home), it doesn’t even mean you need to restore the cabinets, it just means that you need to have your property looking the best it can in its current state (even if it’s the bare minimum). That means repaint the old walls. Fix the leaking faucets. Caulk all those holes made over time. Replace that dilapidated, torn up carpet but choose the cheapest that’ll be the easiest on the eyes. Replace broken windows –especially if they appeal to the face value of the home, meaning they’re easily spotted. Repair obvious damages in the roofing. Replace outdated light fixtures or fans, linens and window coverings. Read up on all your code regulations and make sure there are no violations on the property. Open up your property by decluttering the inside. Remove unneeded furniture and memorabilia to create space and promote neutrality.
By doing these small repairs/replacements, you’re going to add a huge amount to the aesthetic appeal of the home –meaning you’re more likely to attract buyers. But we do want to make mention of a few things here, one in particular: the repairs you don’t make are often more important than the ones you do. If it can be repaired, don’t replace it. If it can be repaired, make sure you can’t do it yourself before hiring someone else. There are a few things to consider here:
If something can be embellished, don’t replace it.If you can paint over the surface area to give it the appeal it needs rather than replacing some structural piece, do it.If staging can override something that isn’t appealing, do it. Maybe that living room backdrop looks like crap –well then spice it up. Add some plants. A lazy boy. Hang a neutral painting.If your buyer probably isn’t going to pick up on it, leave it. If there’s something in the home your buyer is going to look over, then don’t give it any attention.There is no reason to overachieve. Really –this isn’t for you. It’s for someone else. This someone has their own aspirations, preferences, and style. Don’t dump money into a home only to execute a renovation otherwise unnecessary, or unappealing to the buyer.
A big thing to add to this when doing light repairs, is never touch anything that’s neutral. If the repair/replacement/addition is something that goes specifically off preference (terrace vs patio, electric vs gas stove, etc.) then leave it alone. You might choose wrong and the buyer will be less attracted to the house. By giving them the choice, you also allot them breathing room.
Additional Reasons to Sell a House As Is in Denver
Are there other reasons to sell a house as is, without repairing? Sure. What no one ever wants to admit is it’s okay to not want to do the work. We’re not in a buyer’s market people. Your house doesn’t need to be embroidered in gold to sell –in fact quite the opposite. There is currently a shortage in supply, meaning a surplus in demand. You’ll be able to sell your home.
By not putting the work into it you allow yourself more time to focus on the future. That’s one hundred percent okay, and in some cases more productive. Most sellers are two steps ahead. They already have a new property they’re after, or one they’re leveraging against. Or they simply need to sell the home because they’re tired of it. In selling their property as is they open up time to work on the actual sale of the home, and then the aftermath following. Depending on the work done in preparation, it’s often a difference in months between sales made. Time is everything. The quicker you can close a sale then claim the money from escrow, the quicker you can move onto other things.
In the last decade, now more than ever sellers are allowed the luxury of being able to sell a house as is. Companies like We Sell Houses Denver make the process simple, efficient, and professional (and still eliminate the middlemen, meaning you eliminate the brokerage fees attached). They’ll come in, evaluate the property, and make a quick offer which’ll allow you to sell your house faster than you could with any other alternative. Those types of platforms are plentiful. Furthermore, you can list your property yourself. Read here on the ways in which you can list your home without a realtor (you can even pay for a subscription to the MLS – something traditionally reserved specifically for realtors). This means you won’t run into the problem of having a lethargic realtor, and can dictate the amount of effort going into the activeness of said listing.
As you can see –right now is the most optimal time in the last decade to sell your house as is. What better way to decrease downtime between selling and put that vehicle in drive than to list your property yourself, and sell your property in its current state? Even then –if your skeptical, call one of those companies we mentioned or list the property yourself at a price point you’re content with—see if you’re able to attract any buyers. If you’re asking us, we’re willing to say you’ll be pleasantly surprised.