WHY THE INVESTOR OWNED HOMES SELL. PUT YOURSELF IN THE SHOES OF THE CONSUMER.
Owner Occupied Home Sellers - Take a lesson from real estate flippers…
This article by Lenn Harley of HomeFinders.com provides some thought provoking commentary about why investor owned homes sell.
In her article Lenn uses a term in reference to real estate flips – “investor improved homes” - which seems a lot more positive than “flipper.”
Her article also contains the key to selling your owner occupied home as well. (Key point – move in ready.)
If you are considering selling your home, give it a read.
"THIS LOOKS LIKE A 'FLIP' TO ME"
They're so easy to identify;
Neutral FHA minimum grade W/W carpet throughout,
Neutral beige paint throughout,
New low end kitchen appliances,
New vinyl in the kitchen and baths,
The tax record shows the most recent transfer was 4 months earlier from a mortgage company or government regulatory agency to the present owner, AN INVESTOR OWNER.
What does all of this mean?? It means that there is a home for sale that is cosmetically attractive to home buyers. As an experienced agent, you immediately recognize the home as a "FLIP".
FLIPPIN' CRAZY OR CONSUMER FRIENDLY??
I've seen these investor improved homes for sale for decades. Rarely does much change in the way of upgrades performed by the investor or the percentage of price increase over the original foreclosure price.
Fact is, THEY SELL.
Do the numbers! Of course it doesn't make any sense. Of course, the buyer is paying a significant premium to get a house with new carpet, new paint, new appliances, etc., etc.
However, for a home buying consumer, what that means is, the home is MOVE IN READY.
Most home buying consumers are not carpet installers.
Most home buying consumers are not painters.
Most home buying consumers are not appliance experts.
All of the improvements/upgrades will be included in the home price. The home buyer doesn't need cash or credit to pay for upgrades.
What a home buyer wants is to be able to find a home in the right price range, of the ideal size, in a favorable community and MOVE IN READY!!
The key is MOVE IN READY.THIS IS SO EASY. Take a home buyer in a home that has been prepared for resale by a FLIPPER. Then, take that same home buyer in a bank owned property for sale BEFORE the improvement/upgrades have been made.
Just look at the home buyer's face. . . .
That will tell you why the investor sales are so successful.
Will it appraise?? In my experience, YES. As long as the investor/owner can document the work performed, the property will appraise.
"Honey, I love our home and the kids have their own bedrooms."
"Me too Dear, and we didn't have to paint and stuff."
Courtesy, Lenn Harley, Broker, Homefinders.com, Serving home buyers in Loudoun County, VA, 800-711-7988.
_______________________________________________________________________________________________________
Want to learn more about Loudoun County, VA? Join Loudoun County, VA on Facebook!
Comments(0)