If you’re planning on selling your Minneapolis home to relocate or move into a new one, there are a couple of things you should know that can help you get more than it’s worth. The real estate market is hot right now and people are buying property in any condition, but there are stages to the term. Poor condition can mean a home that needs repairs, is outdated and old-fashioned, or one that needs a lot of work and may be on the uninhabitable list, but there are owners ready to sell and people ready to buy. Here are the top 8 ways to sell a Minneapolis house in poor condition:
Highlight the Positives
Selling a house in Minnesota real estate isn’t that hard in this market. Many people are selling houses as-is. If you have a house in poor condition and are ready to sell, you may want to consult a real estate expert who can give you advice on how to properly sell. If you are ready to sell a house in poor condition, highlight the positives every chance you get.
Whatever the best features of the home are, these are the areas that will make the sale. If the home is on a large corner lot, make sure that’s one of the selling points. What about the neighborhood? If the home is in a prime location, this selling point can go a long way. How long ago was the roof done? If it’s pretty recent, buyers will appreciate that. It’s fairly easy to sell an outdated home in a great location once the buyers understand what they’re getting. Once you’ve figured out the highlights of having your property, everything else usually falls into place.
It’s always a good thing to determine what needs to be done to make the home acceptable and go from there. Even if you’re selling the house as-is, making minor repairs that will pass inspection is the best thing to do. The realtor can assist in finding an inspector who can provide a list of things that should be handled. Once those small things are done, you can sell with a realtor, on your own (by owner), or do a cash sale.
Minor Repairs to Your Home
Making minor home repairs makes sense if you’re trying to sell for more. When it’s time to sell, take time to understand how the real estate market works. While there are many people ready to purchase a home as-is, you can make the sale even more attractive by doing little things like having the bathrooms looking as good as they can, adding a coat of paint, making sure there are no leaks, adding curb appeal, and getting a good power cleaning on the outside.
Many people fall in love with the potential they see in the home, making it easier to sell if there is something attractive about the home that draws interest. One of the keys to making the sale is knowing what types of buyers are looking for. This is directly tied to focusing on what makes the home attractive and worth buying.
Minor home repairs can make the difference between a few hundred or a few thousand and are so minute in the grand scheme of things that it wouldn’t make sense not to do them. After all, potential needs a little push too.
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Make Easy Upgrades
One of the easiest ways to sell your home in poor condition is by making easy upgrades. Again, a coat of paint is inexpensive but can breathe new life into a home and help make the sale. Repairing homes doesn’t have to break the bank, especially if the home is just a little old-fashioned or outdated. In these instances, it’s fairly easy to change light fixtures, add new faucets, and other small things like cleaning the carpet or getting tile steam cleaned. Depending on the way the purchasers are attempting to buy, you may have to make those types of repairs before selling the home anyway. FHA and conventional lenders have different requirements, but in most cases, the home has to have something of perceived value even if it is in poor condition.
Work on Visible Repairs
Even if you’re selling your house as-is, you want to make sure the truly visible repairs have some sort of a band-aid. While every house goes through some form of wear and tear over time, blatant structural, roof and foundational issues may cause concern. For buyers who are looking for a fixer-upper, this could be their big break into real estate, but the sale price should equate to the type of work they may have to invest in getting the home where it needs to be.
In order to sell your house to the highest bidder, fixes to those areas will help sell more quickly. There are certain things buyers look for, even when the owner is selling the house in poor condition. One of the most important areas is the bathroom and plumbing. It doesn’t take much to have a plumber come by and recommend a few things or get an electrician to switch the fuse box. Even small foundation issues can be overlooked if the rest of the house is acceptable.
Buyers can deal with certain things, but at some point, they do have standards. As a homeowner, you must be aware of what a lender will accept and what they won’t. By making these fixes, everyone will be on the same page, and lenders won’t be as skeptical in allowing someone to purchase a home that has a laundry list of issues. This helps the selling process become easier.
Make Low-Cost Cosmetic Fixes
When selling your home in poor condition in MN, one of the easiest ways to get buyers on your side is by getting low-cost cosmetic fixes. What does that mean? It usually means the house has good bones but has a few general maintenance issues that, when completed, can change the entire aesthetic of the home. A realtor will list a home in poor condition for a number of reasons, but one of the main reasons is because the home hasn’t been taken care of properly.
Sellers can alleviate this problem by creating clean spaces. If the floor needs repairs, adding some attractive sticky tile can change the way a room looks. New coats of paint, changing out the sinks and mirrors in the bathrooms, and new faucets and light fixtures make a huge difference. If there is past evidence of termite damage, that should be fixed immediately. In fact, the home may not be as bad as it looks but because of uninviting landscaping or an exterior that needs cleaning, the home will look as if it is in poor condition. The beauty of making low-cost repairs is that most of these can be done quickly and you can do them yourself. This saves a ton of money while increasing the likelihood of making the sale.
Investing a small amount to get the home looking acceptable enough to get past any larger issues can save time, money, and get the home sold without too much delay. It is easier to make repairs of about $5,000 than it is to have to invest five and six figures to repair everything else that may be wrong.
Current Market Condition
The MN real estate market is alive and well, with buyers offering thousands over the asking price. When selling your home, it’s important to know when the best time to sell would be. Speaking to a realtor can help make these decisions because there are times of the year when homes sell more. In Minnesota, homes sell fast in July and usually command the highest prices.
It’s also important to watch the market and see how things are going. Homes are usually on the market less than a month during this time in Minneapolis, but then there is another window of time when the buyer is trying to secure their mortgage. Comparing home sales by month in state and across the U.S. can help in getting the right information and start the process of doing repairs and other things that will help get the most from the sale.
The market condition will also determine the type of listing and staging you must do to get buyers interested. Staging is one of the best ways to get buyers on your side without breaking the bank. When a home is clean and staged properly, sellers can get higher offers than they originally anticipated just because the appeal was there. The market should also assist in determining how you want to list the property. The listing should appeal to buyers, which is another reason why having curb appeal and making minor cosmetic repairs if needed is important. Buyers are going to gravitate toward the listings that look and sound great (unless they are looking for a true fixer-upper).
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To Contact a Real Estate Agent or Not?
Truthfully, it depends. In most cases, selling a home is not that easy. A real estate agent knows MN real estate and can provide guidance in a host of ways. First, they will know how to properly price your property based on the condition. They will also be able to tell you what needs to occur to command a higher price. Selling a home in poor condition doesn’t mean it has to look that way. Deciding on the right home price can make the difference between getting the right buyer quickly or pricing yourself out of the market.
Real estate agents use this thing called a comparative market analysis (CMA) to see what’s going on in your neighborhood, looking at homes recently sold, their condition, size, and most of all, how much those homes are being sold for. This analysis helps gauge what you may sell your home for in comparison to the others. While this isn’t the holy grail, it does have benefits. Your home may have some features those other ones didn’t, like a larger lot even though the home could use a little (or a lot) of work. The real estate agent will be able to walk you through the process of marketing your home and locating buyers who are serious about wanting to purchase.
Although a real estate agent will make a commission on the sale, it could be worth it to avoid walking into an unknown situation. With a real estate agent, your home will be exposed to buyers who want to see your home and determine for themselves if it’s worth their time. Your goal is making the sale, so doing what you have to do while listening to the advice of the real estate agent can get you the results you’ve wanted – selling your MN home while in poor condition.
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Be Patient and Price Smart
There’s something about being patient that helps reap the biggest rewards. Let’s face it – the home buying market is very competitive. One of the advantages you have is that it is a seller’s market, and you can capitalize on that when selling your home. You know the condition of your home, so it’s important to be smart when setting the price based on MN housing standards and knowing potential buyers may be working with a lender that has certain requirements.
Pay attention to what’s going on in the neighborhood. How many homes are for sale? What are they selling those homes for? How do those homes compare to yours? Have they made major improvements? How long were they on the market? Having all the facts can help set you up for success. You should consider having a pricing strategy with specific objectives. If you can afford to wait on the right buyer, it could be worth your while.
The last thing you want to do is not take into account everyone else close by who is selling their home. If a comparable home comes on the market but their home has upgrades and other incentives, chances are you’ll lose the sale because you didn’t make the investment. Patience is a virtue. Your home may be on the market a little longer due to its condition, but the right buyer will come along. The best thing you can do is determine how you can provide value to prospective buyers when they are looking for great purchases in the MN housing market. Do the work, price your property right, and make the sale.
Our team can assist in helping you sell your MN home for more than it’s worth. TheMLSonline provides assistance to buyers searching for a home to buy and assists sellers in selling their home quickly. A full-service real estate firm, we offer advice to buyers and sellers looking to move forward with a straightforward, seamless process. Selling your home doesn’t have to be hard. At TheMLSonline we make things easy! Be another happy home seller and get the best price for your home in MN now!
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