OfflineWhich house specs help to sell the quickest on average? I'm getting ready to do my 1st few flips and I was wondering what everyone could think of as far as what to look for in moving houses quickly. Obviously, 3 beds move quicker than 1 beds, probably. Median income houses probably move quicker than million dollar homes. What are some guidelines that I can follow in order to keep my (calculated) risk to a minimum for not having to hold houses long, long time. What are you guys' average holding time? I'm looking at putting the houses back on the market at a discount in order to move them. If anyone has more tips like this, I'm all ears (eyes).
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I have done a number of fix and flip deals and there are various items I look for when I'm purchasing. The include house features, neighborhood traits, and community "anchors." If a house has most or all of the following, then it gets a favorable rating: 2-story detached-single family home, 800 sq. ft or above, garage or carport, brick or stucco exterior, good-size kitchen, master bedroom, bathrooms, tall or 10 foot ceilings; extras like hardwood floors, exposed brick, bathroom fixtures i.e., granite bowl sink, claw-foot tub. Neighborhood traits: pride in ownership, trees, park nearby. Community anchors: hospitals, shopping malls, easy access to major highways, cultural landmarks i.e., museums, galleries, performing art theaters, proximity to downtown. When I buy, I always factor in 6 mos. of carrying costs as a worst case scenerio. If you choose your properties carefully, then they shouldn't take longer than 6 mos. to sell - even in the current market.
3 bedrooms, 1.5 baths, 1,200-1,800 sq.ft. is selling the best right now in my area.If the house has them kind of specs it's usually a good start, agreeing with everything that savannah said too.YOUR HERO,SULLY.
YOUR HERO, SULLY
You will want to be looking for 3 bedrooms, 2 bathrooms, 1,000 - 2,000 square feet homes. Low to middle income price range. Average holding time will depend on the market in your area and how long it takes to sell properties. You will want to put it up at a discounted price to have it move quickly. Also make sure you hire someone that will be able to stick to a deal line and be able to get the property back on track. Another idea is to build a buyers list ahead of time weather it is other investors or first time home buyers and let them know that you have a property and when it will be ready for them to be able to close on the property. When building a buyers list you will want to ask questions of what they are looking for and you can go off of that information.
Before buying, have your Realtor check how long properties were on the market before selling. Also see how many properties are currently on the market (how much competition you will have), and how long they have been listed. You know what your price per Sq Ft will be, so see how long those properties (discounted) took to sell.
Good Luck, Al
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