When you start your journey flipping homes, there are some things you need to know and others you will want to avoid. We’ve put together some tips on how to sell a fix and flip house fast in Atlanta.
Flipping a home in Atlanta can be a profitable venture, but it is never as easy as it appears on TV. We hope our tips and tricks will help you sell a fix and flip house fast!
Understand Your Location and Market
A home’s value is primarily based on its location. Around 60% of a home’s value comes from where it is situated. Home prices can vary drastically from neighborhood to neighborhood. For instance, a house that might be a great value in one part of town may sell for considerably less just a few miles away. Therefore, it is crucial to do your homework and have a solid understanding of home prices in YOUR neighborhood.
You also need to understand the demographics in the area. Who is buying? Families? Seniors? What are they looking for, and what can they afford? Understanding these factors can help you make strategic decisions on renovations and marketing to target the right buyers effectively.
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 fixing it up. Replace things that are not working or that appear very old, but keep it simple. Avoid sinking money into adding excessive details and upgrades. For example, if the bathroom cabinets are old and ugly, replace them with a simple, cost-effective pedestal sink.
Always keep in mind that no matter how many upgrades you make, a home will not sell for $500k when neighboring homes are going for $150k. The key is to make the property appealing and functional without going overboard on expensive renovations that may not yield a high return on investment.
Price Your Home Before Anything Else
Before you sign the papers to buy the home, have a realistic number in your head of what you will sell it for. Be careful not to overinflate this number. You should be pricing low to get a buyer and sell the home fast. Pricing the home correctly from the start is critical to attract interest and avoid prolonged time on the market.
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. It’s important to review all your numbers before getting started. Repairs typically require more money than initially planned, so give yourself some cushion. Additionally, consider market trends and comparable sales in the area to set a competitive price.
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.
Before starting any real estate investment project, it is important to educate yourself and work with professionals you can trust.
To learn more on how to sell a fix and flip house fast, fill out this form, or give our office a call today! (470) 369-5727
Selling a fix and flip house fast in Atlanta requires a strategic approach, careful planning, and a keen understanding of the market. By understanding your location and the specific needs of your target buyers, you can make informed decisions that enhance the appeal of your property without overspending. Properly pricing your home from the start is crucial to attract serious buyers and expedite the sale process. Remember, the goal is to make the home attractive and functional, not to turn it into a luxury property that overshadows its neighborhood. Finally, always be prepared to adjust your strategy if necessary, but avoid multiple price drops to maintain the property’s perceived value.
For more detailed guidance and personalized advice on how to sell a fix and flip house fast, fill out our form or contact our office today at (470) 369-5727. Our team of experienced professionals is ready to help you navigate the complexities of the real estate market and achieve your investment goals. With the right approach and resources, you can maximize your profit and minimize the time your property spends on the market.
