Selling a property that needs repairs can undoubtedly pose more challenges than selling the average single-family home in the Chicagoland area. It can be challenging to know where to start and what to do to get the best price for your property. At JCH Properties, we specialize in purchasing homes just like yours, and we’re excited to share some valuable insights on how to achieve a successful sale. With the right strategy, you can sell a house that needs repairs and get a fair price for it. In this article we will discuss six things you need to know including how a direct buyer like JCH Properties can buy houses as-is without the need for repairs.
1. Understand the Real Estate Market in Chicagoland
One of the first things you need to do when selling a property that needs repairs is to understand the market in the Chicagoland area. Spend some time researching the local real estate market to determine the demand for properties in your area. You should also research the prices of similar properties that needed repair in your neighborhood and the surrounding area that have recently sold to get an idea of what your property is worth. Recently sold properties is the key, that is a closed sale within the past 6 months. Properties for sale may not sell at all, and not for the current asking price. Properties sold 12-18 months ago were transacted at 4% mortgage rates, not at the 7+% rates that are here now. So recently sold homes needing TLC are the key to knowing your market value.
2. Consider Making Key Repairs as Needed
Even though JCH Properties can purchase homes as-is, consider addressing necessary repairs that you can make. This can potentially increase its value and make it more appealing to prospective buyers. Obvious safety hazards that can be addressed may allow you to take it on market yourself if that’s an option you are looking to pursue. However, exercise caution not to overinvest in repairs or try to speculate what buyers would want done as the return on investment may not be substantial. In some cases the work you put in may not pay off.
3. Price Your Property Competitively
Pricing your property competitively is essential when selling a property that needs repairs in the Chicagoland area. Pricing your property too high can turn off potential buyers and their agents who are often filtering the list for what a buyer will see. Again, with the rise in interest rates, the affordability of housing for buyers trends down. A buyer that could afford $400,000 at the beginning of 2022 can only qualify for $375,000 today. At the same time, you don’t want to price your property too low, as this can leave money on the table. Working with a direct buyer like JCH Properties to sell as-is can ensure you get a fair price for the property as we’ve specialized in re-selling properties quickly to minimize hold times.
4. Stage Your Property
Staging your property can help make it more attractive to potential buyers here in the Chicagoland area. This means decluttering your property, rearranging or removing strange or specialty furniture, and adding decorative touches to make it look more inviting. Staging can help buyers visualize themselves living in the property and can help you get a better price for your property. It’s not necessary to bring in a bunch of rented room sets, decluttering is often the easiest and most valuable thing you can do to open up spaces and allow a buyer to picture themselves in the house.
5. Market Your Property Effectively
Marketing your property effectively is crucial when selling a property that needs repairs. You need to get the word out to potential buyers that your property is on the market and highlight its best features and potential uses. Depending on the depth of the repairs, you may not be selling to someone who will live there, but a DIY fixer upper buyer who plans to resell. This is where working directly with that buyer like JCH Properties can help the process and give you full transparency into what’s important and what’s not without working through a buyers agent and attorney.
6. Consider Selling to a Direct Buyer
Selling directly is a great option when selling a property that needs repairs. Buyers like JCH Properties buy houses as-is, which means you don’t need to make any repairs before selling your property. This can save you time and money and help you get a fair price for your property. Direct buyers also typically offer a quick and hassle-free closing process, which can be a great option if you need to sell your property and be somewhere else quickly. JCH Properties goes a step further with three options of offers, and not just the industry standard “fast cash” offer. We work with you on your timeline to craft a custom purchase plan and either maximize the price you can get with some time and access for inspections, or work very quickly if speed to close is your goal.
Selling a property that needs repairs in the Chicagoland area can be challenging, but with the right strategy, you can get a fair price for your property. Understanding the local market, making some necessary repairs, pricing your property competitively, staging your property, marketing your property effectively, and considering selling to a direct buyer such as JCH Properties can all help you achieve a successful sale. We buy houses anywhere in the surrounding areas of Plainfield, Joliet, Crest Hill, Romeoville, Lockport, Oswego, Minooka, Shorewood, and Bolingbrook. Further out? We may still get out to you, give us a call to talk through it. If you need to sell a house that needs repairs call us today at 815-267-6563.