In the current housing market, many homeowners are getting ready to throw their hats into the ring and sell their property. But what happens if your home is not in the best of neighborhoods? While you may speak to an agent who swears up and down they can sell any home in any location, the harsh reality is that a lot of potential buyers are just not going to be interested in buying a home in a neighborhood that has seen better days – be it through run-down surroundings or increasing crime rates. But if you have a property that you are looking to sell in a less than desirable area, what can you do?
Luckily, there are some steps you can take to help sell your home in a bad neighborhood that can increase the likelihood of getting the sale. All hope is not lost! Read on to find out some tips that can help.
Price your home right.
While the market may be hot right now, it is important to keep in mind that your neighborhood is not. You need to be realistic in your pricing strategy, and be wary of anyone promising they can sell your home for a top-dollar price. You may end up roped into a contract with an agent and have to deal with price drops until you reach a realistic place. How can you make sure you are pricing your home right?
- Check out what homes in your area have been selling for recently – whether it is some internet sleuthing, chatting with your neighbors, or talking with a professional to pull you some comps, it is vital to know what other people are paying for homes in your neighborhood and neighborhoods like yours.
- Do some research in your local town records – tax records let you find out what homes in your neighborhood are valued at, and can help you understand how your home fits in.
- Be aware that home values can vary greatly due to neighborhoods – even a mile to two can influence home value. Be realistic about where your home is located, and the neighborhood it is a part of.
A home at a competitive price may be enough to entice a larger buyer pool into considering your home, even with its less than ideal locale.
Help Your Home Look It’s Best
This may seem obvious, but when your home is in a bad neighborhood, you are really going to have to shine a light on why your house is worth a second glance at. In an up market, some home sellers or agents may not be expecting to make as huge an effort in marketing properties as they might in a down market. To draw in buyers, you will need to really show your home in its best light.
- Take professional photos – a good real estate photographer can literally capture your home in the best light. A photographer knows the angles and has the skills, lighting equipment and lenses to take attractive photos of your home. Bad photos will put your home at a disadvantage in a world where so much of the early stages of home shopping are done online through photos, and let’s face it, your bad neighborhood is already enough of a hit. On average, a real estate photo session runs about 300-400 dollars, and can be more if it includes bonus features like drone shots or video tours.
- Spruce Up Your House – even if you don’t have a ton of money for repairs and upgrades, you’re going to have to do your best to make your home stand out and hold its own against a bad neighborhood. New paint can make your home seem fresh and new, and decluttering is a must to help buyers see your home, not just your stuff. Clean everything, and replace any dim or dead lightbulbs. You are going to want to make your home as bright and welcoming as possible. Consider professional staging if you really want people to fall in love. It can be a hit to the budget, but with buyers these days looking for their real life HGTV moment, and sometimes a beautiful home can make buyers overlook a bad neighborhood.
- Highlight your Homes Best Features – Do you have beautiful built-ins, wonderful windows, or lovely landscaping? Be sure your home is marketed in a way that shows them off. Because buyers may already have one foot out the door because of the neighborhood, you want to make sure they notice what your property has to offer to entice them to stay (and make an offer).
Consider an Alternative To a Traditional Sale
If your home is in a bad neighborhood, especially one with run down areas or high crime, you may need to consider opening your mind to alternative ways to sell. This is doubly true if your home already has some strikes against it – maybe it needs big repairs, hasn’t been updated in 50 years, or is overly full of stuff. Real estate investors are able to make you a cash offer, even if your house is in a bad neighborhood and has other issues.
Some of the benefits of an all cash sale for your home with an investor like Bristol Home Buyers are:
- A quick sale – an investor can close quickly, without the wait associated with traditional showings and closing time. In fact, they can often close in as little as 7 to 10 days, allowing you out of your bad neighborhood and on to your next stop.
- No repairs or clean-outs – an investor will not require you to make big repairs often required in a tradition sale to secure funding. You also don’t have to worry about sprucing up the place or cleaning out years of accumulated stuff – they’re used to doing all that themselves, which can really save you the hassle.
- More money in your pocket – you’ve already had to accept that your bad neighborhood has a negative effect on the value of your home. You can avoid giving 5-7% in realtor commission and even more money for closing costs by selling to an investor like Bristol Home Buyers. A good investor charges no fees and usually covers all closing costs. Their offer goes to your pocket.
A bad neighborhood can make it feel like it is impossible to sell your home. But by pricing your home competitively, showcasing your home in it’s best light, as well as highlighting it’s features, it can be done. Alternatively, selling to a real estate investor like Bristol Home Buyers can be a quick, easy, and hassle free way to get your home in a bad neighborhood sold and a giant weight off your shoulders.
If you would like more information about selling your home with a cash offer, no matter the neighborhood that it is in, please call us today or fill out the form below. Our team at Bristol Home Buyers has over a decade of experience helping homeowners just like you, no matter the situation or location. We look forward to hearing from you and seeing how we can help you out.