Suggestions for selling "Fixer Upper"? (for sale, real estate) - Phoenix area - Arizona (AZ) - City-Data Forum

Joshhhhh · 10-16-2007, 07:14 PM

We bought our house for 108k in 2000, we had it appraised and they said its worth 200k-230k now.

It does need a little "updating" all the appliances besides the fridge are about 10 years old, and the kitchen floor has linloeum, so that needs to be upgraded, but other than the updating, the house is in perfect condition! The landscaping may need to be re-done or cleaned up a little, but is in good shape as is.

Its my mothers house, and she really doesnt have the time to show it on the weekends and do opens houses, she is hoping to sell it as in an investment, she only wants 180k for it, in hopes for a quick sale.

Is there a good place to sell her home as an investment? Any Suggestions? !

wit-nit · 10-16-2007, 08:08 PM

You may want to get some estimates for the cost of fixing up the house, landscaping etal and then price the house accordingly.
Remember there are over 55,000 home for sale in the valley right now, many at bargain prices that are already in good shape, so you need to price it realistically to sell, not what YOU think it's worth or can get out of it.
Investors are far and few these days unless someone locally is willing to buy it at a super good deal.
What part of the valley is the house located. That can make a difference in a quick sale too.

Joshhhhh · 10-16-2007, 08:12 PM

Quote:

Originally Posted by nitram

You may want to get some estimates for the cost of fixing up the house, landscaping etal and then price the house accordingly.
Remember there are over 55,000 home for sale in the valley right now, many at bargain prices that are already in good shape, so you need to price it realistically to sell, not what YOU think it's worth or can get out of it.
Investors are far and few these days unless someone locally is willing to buy it at a super good deal.
What part of the valley is the house located. That can make a difference in a quick sale too.

Its near 7th St and the 101, in a good neighborhood.

I will look into the prices of new appliences and flooring.

kdog · 10-16-2007, 08:33 PM

Nitram's advice is good, but allow me to play devil's advocate here for a minute. Many buyers want to buy a house, and remodel it straight away. We had a neighbor fix up a house for sale. They tore out the bathrooms and kitchen and remodeled them for sale. New buyer completely guts the place and does it right. Seller's money down the drain.

If there aren't too many fixer-uppers listed in town, I think listing it that way could be actually work in your favor. Price it just a bit under market. There are definitely folks out there looking for places like that, and that might give you some market differentiation.

wit-nit · 10-16-2007, 08:34 PM

Priced right, in that location, you shouldn't have too much problem selling it. Just remember you need to be competitive.

Joshhhhh · 10-16-2007, 08:40 PM

Would we be better off with a relator, or should we try to sell it ourselves?

wit-nit · 10-16-2007, 08:53 PM

Right now, a realtor unless you know all the ins and outs of real estate selling, financing, holding open houses, calls in the night, etc. And you can negotiate commisions with realtors right now.
kdog is right, My advice was to find out about how much it would cost to remodel it then reduce your price to compensate for the difference between what the average fixed up house is selling for in your area and the difference it would take to fix up your house.

PhoenixRT · 10-16-2007, 11:41 PM

Quote:

Originally Posted by kdog

Nitram's advice is good, but allow me to play devil's advocate here for a minute. Many buyers want to buy a house, and remodel it straight away. We had a neighbor fix up a house for sale. They tore out the bathrooms and kitchen and remodeled them for sale. New buyer completely guts the place and does it right. Seller's money down the drain.

If there aren't too many fixer-uppers listed in town, I think listing it that way could be actually work in your favor. Price it just a bit under market. There are definitely folks out there looking for places like that, and that might give you some market differentiation.

Its true! We are buying in about a month and a half and even though we know there is TONS of inventory out there we are looking for something that is a great deal so we can update it with what we want. I would hate for a seller to put in cheapo new stuff or stuff we didnt like and us looking at paying $10-$40K more for THEIR choices.

SMG · 10-17-2007, 09:46 AM

Quote:

Originally Posted by nitram

Right now, a realtor unless you know all the ins and outs of real estate selling, financing, holding open houses, calls in the night, etc. And you can negotiate commisions with realtors right now.
kdog is right, My advice was to find out about how much it would cost to remodel it then reduce your price to compensate for the difference between what the average fixed up house is selling for in your area and the difference it would take to fix up your house.

It is tougher negotiating commissions on lower priced homes such as this one. The Realtor still has to do the pieces you mentioned and will make less money on the sale. Example, if the commission is 6%, he gives half to the buyers side leaving him 3%. Well, if you negotiate that commission to 5%, that 3% will still go to the buyers side.(Face it, with this many homes on the market the buyers agent will not be as apt to show homes where his fees are cut). So, if the listing agent only gets 2% it gets to where it is not even worth it on the lower priced homes. The agent may take the deal for less commission, but you may lose some of his services in the process. Now, if it is a more expensive home you have more leverage to cut fees as the agent will still make good money at the end of the day..

wit-nit · 10-17-2007, 07:20 PM

Normally I would agree with you, but with the market as it is today, I know a lot of Realtors who are begging for any kind of deal right now.