As local home buyers and flippers ourselves, we know the grind of flipping homes. It is always a rush to sell your house quickly in Haymarket VA. When you begin your journey flipping homes, there are some things you need to know, and other things you will want to avoid. We’ve put together some tips on how to sell a fix and flip house fast in Haymarket.
Flipping a home in Haymarket VA can be a great way to turn a profit, but it is never as easy as it appears on HGTV (we wish!). We hope our tips and tricks will help you sell a fix and flip house fast!
Selling A Fix And Flip House Fast In Haymarket VA
1) Understand Your Location and Market In Haymarket VA
They say a home’s value is based on location above all else. 60% of the home’s value comes from where it is located on the map. Home prices may vary drastically as you move from neighborhood to neighborhood.
A house that might be a great value in one part of town, may sell for considerably less just a few miles away. Make sure you have done your homework and have a good understanding of home prices in YOUR neighborhood.
You will also want to have a grasp on the demographics in the area. Who is buying? Families, seniors? What are they looking for, and what can they afford?
2) Don’t Over-Improve The Haymarket 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 spend to fix it up. Replace things that are not working or that appear very old, but leave it at that.
Do not sink money into a home adding excessive details and upgrades. If bathroom cabinets are old and ugly, replace it with a simple (and cost effective) pedestal sink. Or, you could sand and paint the bathroom cabinets yourself if you are looking to flip a house with no money.
Always keep in mind, that no matter how many upgrades you make, a home will not sell for $500k, when the neighboring homes are going for $150k. If you want to turn a profit flipping property, do not upgrade past the comps.
3) Price Your Haymarket VA Home Before Anything Else
Before you sign the papers to buy the home, have the number in your head of what you will sell it for. Be careful not to overinflate this number. You should be pricing low in order to get a buyer and sell the home fast.
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.
Review all your numbers before getting started, and keep in mind, repairs typically require more money than what you initially plan for, so give yourself some cushion.
4) Only Drop Your Haymarket Home Price Once
If selling your home yourself, 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.
The House Guys Provide An Easy Solution
If you are deep into flipping houses, or even just getting started with house flipping, we all know it’s a race against the clock. The House Guys offer cash for houses and typically flip them to put back on the market. It’s a constant grind, but we love it and wouldn’t trade it for any other business. If you have a property in Virginia in bad condition that feels like too much work to take on (or maybe you just don’t have the time right now), and are looking to sell the house as-is… we can help you out! (571) 207-5171