Tips for Selling a Fixer-Upper
Tips for Selling a Fixer-Upper
PROBATE AND ESTATE SALES
Los Gatos Home of the Week
Santa Clara County Price Reductions
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Tips for Selling a Fixer-Upper
Selling a Fixer-Upper
Yesterday we talked about having a house that wasn't in pristine condition, giving you today an option to, or some information on. Deciding if selling your house as a fixer-upper is the wise choice. Let's do that real quick, and yes, it's freezing cold. It's going to warm up, but yeah, I left all the windows open 'cause I need to get some air in here.
Okay. Tips for selling a fixer-upper. There we go. Tips for selling a fixer-upper.
Realistic Pricing Strategies
Be realistic about the situation, not only the situation, but also the price. If you're not going to deliver a fully renovated, remodeled home. Don't expect a premium price. Buyers want a good deal. Buyers are persnickety. And they will leave you high and dry. I guarantee you that right now they will get into a contract with you, and even before they drop in a deposit, they will walk on you if anything smells funny to them, and they will just go.
Understanding Buyer Expectations
So understand that if you have a fixer-upper, let's say that house is about 1600 square feet with an old ass pool and it doesn't have air conditioning and original kitchen and original bathrooms and wallpaper on your walls and scraped up hardwood floors, and your garage looks like.
Sanford and Son is giving a clear indication that your house has never really been maintained. Oh. We put a new roof on it, and we did new appliances, so I want to go 200,000 over the asking price. Yeah. It doesn't work that way. Just be realistic. Understand that. Unless your house is completely turnkey, you're not gonna get a premium for your house.
Price it accordingly. Your house is, if you have wallpaper on your house and you know you don't have everything that people want, price it lower than the average. Believe me when I tell you this, People are looking for fixer-uppers, they're not going to pay a premium for it.
If you have it in the head, and you're on the market for 90 days, it's not that I didn't do my job. It's not that your agent didn't do their job. They marketed, they did everything they could, but you prevented the price from being attractive to buyers.
Yeah. It's not what your agent does, so price. Is hugely important. Understand that the pool of buyers isn't an engineer who works 20 hours a day and has a wife who is driving around in her brand new Tesla, thinking that they're gonna come in and fix it up. It's not that large of a pool. The pool today is people who want a turnkey.
If you're not willing to deliver a turnkey, price it accordingly, and you will attract the right people. i.e., young couples that are scraping to get into a house, and they really want to buy a house, they know that this is the right time. They cannot pay a premium. They might be able to pay list price or maybe a little bit more, especially if there's a little bit of competition, right?
If your house is worth, on average, 1.6, drop it down to 1.5 and see what kind of offers you get. If you are at one six and all your other competition is one six or 1 6 5. But those houses have a new kitchen, no wallpaper, air conditioning, right? Everything's fixed up. Brand new bathrooms.
Brand new kitchens, brand new appliances. They're getting 1.65. You're really close to 1 6, 1 5, right? Just because that's the value your pool of buyers knows. So just take that into account.
Choosing the Right Agent
Choose the right agent. Now look, I'm not going to tell you everything's gonna be hunky dory, and I'll promise you $300,000 over list price. I'm a straight shooter. I gotta tell you straight up, this house is worth one five to one six on the average. If you add air conditioning and you put a brand new kitchen in, expect one six to 1 6 5.
Otherwise, drop it down to one five. Let's see what happens.
Making Small, Impactful Changes
Small, impactful changes. I was just at one of my listings, and we were looking at cracks in the ceilings and in the walls. I'm like, look, I know it's a pain. It might cost a couple of hundred bucks per crack to have it fixed. I don't know exactly what the charges are, but those little things will impact the buyers.
Feeling for the buyer's desire to write an offer. The buyer's desire to buy that house, they see one little crack, and they go, oh, I wonder what, where else, and all of a sudden they're looking at all the other cracks in the house, and they think, oh, there's something wrong with it.
It's a great little neighborhood. It's right by Oak Ridge Mall. It just has a little bit of things that need to be done, like new tiles in the bathrooms 'cause they cracked over time.
We're gonna disclose that those were repaired, right? That's not the problem. We're going to show that. Now, there are two different ways of doing this.
Financing Options for Renovations
You can get a renovation loan. You can pull the money outta your pocket. You can get a renovation loan where you can use one of my services, where we use my standard handyman, painter, landscaper, and plumber, and all those guys I use.
Complete package, wraparound deal. They come in and say, this is everything we're gonna do. We're gonna charge you a premium, but you don't have to pay until the close of escrow. Sometimes that's a better option. So if the budget was 15,000, you're probably gonna pay 20,000.
'cause they're gonna ask for about 20, 25% premium on that. But. It's the cost of money. It's the cost of doing business. And that's a lucrative business that they do. They do it in thousands of homes all across the US every year. So if it's something that you need, you're short of cash or tight, you'd rather save that money for a down payment unless we can talk through things, right?
There are always options that we do. For example, you can either pay up front for your inspections or you can. Roll it over to escrow and pay it off as well. We have those options. Always have those options for you. So this was more of how to get your house sold, so there you go. All right.
Handling Probate and Estate Sales
Speaking of which, a lot of times when there's probate sales, or you're selling your house for your parents because they need to be moved into a care facility, or it's an estate sale.
Let us handle the heavy work. We can take care of everything now. Sentimental. Stuff that you want, for example, my kids, first shoes, those are sentimental to me, right? Marine Corps stuff. Sorry. The Marine Corps stuff right there, right? That's a little sentimental to me. So I'm gonna keep all that stuff, but when I'm dead and gone, expect my kids to throw that stuff away, right?
We take care of stuff that means a lot to you. We pack that up and put it away, but everything else will try to sell off. And I have an auction company that works with me, and then I have a hauler, and then I can come in and do repairs for you as well. We take care of all of that so you don't have to.
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist
Get started by downloading this pre-inspection checklist. The link is in my blog.
Santa Clara County Price Reductions
Santa Clara County Market Highlights
This is the highs and lows of Santa Clara County for the last week. This is the highest-selling home, 44.6 million, so for a little bit less, 99%. It took 33 days to sell, and it was brand spanking new when it got into contract.
Okay, next one. So LO has sold a home in Santa Clara County. This week is, lemme see if I can expand this for you so you can see it. There you go. That's much better. It's within the HOA, and it's below market program for 62 and older. So this isn't really a fair thing, but something to be aware of.
'cause if you're thinking about putting your elder parents into a care facility, this isn't really it. This is a 62-year-old active adult. Took 69 days to sell, sold for exactly the list price. And this is much nicer than the cost of the HOA dues at the villages, which is like a thousand dollars a month.
But there's probably not as much stuff to do here.
Highs and Lows of Recent Sales
This is the lowest, the highest sales price to list price. List price to sales price ratio. And this was 129% sold for 30% over list price. This is Jackson Street in Santa Clara.
Completely redone. Looks like this was a flip. Yep. Complete flip. But look, they listed it 1.3. They didn't mess around in 12 days; they got it sold. 12 days on market.
$1.3 million. Sold for 1.6. Seven. Sorry, one. Yeah, that's the original list price. The list price came in at 1 8 9, actually came in a little bit lower because so one car garage and three bedrooms, two baths. Let's see, real quick, if they actually did, there you go.
It's a nice floor plan there for you to look at. Very old design, but hey, it works right. And then the lowest list price to select sales price ratio, which was 83% of the list price. The original list price was 1.2, sold for 1 million.
All right, this is a hundred-year-old, 115-year-old house, two bedrooms, two baths. 1,168 square feet on barely one-eighth of an acre. It's right here on heading up. Let's take a look inside. Those floors, that's why. Nice kitchen.
I can tell you that it's a nice kitchen. It's older. It is not a brand new remodel, and it's not done perfectly, but at least they have new cabinets and new countertops.
There you go. It looks like semi-large rooms, semi-updated. When I say updated, it's not remodeled. It's been over two years. So yeah, there you go. And then the garage and a little downstairs. Action is going on. All right. And then, yep, that's it. And then Tuesday, Los Gatos, home of the week is 6.175 million, six bedroom, five and a half bath, 5,500 square foot home.
Crazy. Let's take a look inside.
Semi craftsman looking. I like, so I know I always bag on. Wallpaper. But look, if it's a, if it's an older style home, like a craftsman style, then you have to go with the historical values of it. And this wallpaper blends in with the style of Craftsman. Yeah.
And that's a little busy, but there it is.
Yeah. Looks like that was an addition. Let's see if they have a floor plan. Again, way too many no floor plan and way too many pictures. 50 pictures. That's the most you need online. And that's pretty much it.
Conclusion and Final Thoughts
Remember, we saw supply dwindling. Now we're gonna see it go back up. The March timeframe is the beginning of our selling season.
There you go. All right. Thanks for watching. I'm Vito with Abano. We'll see you out there.
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Vito Scarnecchia
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