Selling your home when you live in a bad neighborhood can be challenging. Even if your home is in excellent condition, you can’t control your surroundings. However, there are ways to sell a house quickly to cash buyers, regardless of your part of the city.
Here is what you need to know about selling a home in an undesirable area.
Tips for Attracting Buyers in a Bad Neighborhood
While you can’t control the area, you have control over your house. You can make it attractive enough to buyers, regardless of who’s living nearby. In addition, there may be some things about the area that you are overlooking.
Improve Your Home’s Curb Appeal
One of the best ways to make your home more appealing is to improve its curb appeal. Start with a fresh lick of paint, which should give your home a fresh, modern look. If there are overgrown weeds, hire a landscaping company to mow your lawn and even plant new flowers and bushes. Pressure washing your home, garbage cans, and walkway can make it look cleaner. You’ll be surprised by how much better it will look! Get a new mailbox, too. Did you know that 87% of buyers rely on photos to decide whether to purchase a home? By improving your curb appeal, your home will automatically look better in photos, too.
Take Care of Repairs and Renovations
Unless you’re selling to cash buyers, it’s critical to take care of repairs and renovations before selling your home. People will be less likely to be interested in your home if it’s in a bad neighborhood and requires repairs. If your home is in a bad state, consider targeting cash buyers. Contact us for a free consultation to get offers from multiple buyers.
Mistake #3: Selling It by Yourself
This is a big one. Not using a real estate agent, or going the “For Sale by Owner” (FSBO) route, is a massive home-selling mistake. Do you save yourself from paying a commission to an agent? Sure. But you could miss the chance to make a whole lot more money. In fact, the latest data shows the typical FSBO home sold for nearly $218,000 compared to more than $242,000 when sold by an agent. That’s a $24,000 difference!
In fact, the latest data shows the typical FSBO home sold for nearly $218,000 compared to more than $242,000 when sold by an agent.
We know what a loss it can be to try and sell a house without an agent. That’s why we developed our Endorsed Local Provider (ELP) program that instantly connects you with one of the top-performing real estate agents in your area for free.
Add Some Special Perks
To make your home more attractive, consider turning some rooms into unique spaces. For example, you can add a room in your basement and turn it into a home office. According to the NAHB’s consumer preference study, 65% of buyers want a home office, and 40% want an exercise room.
You can turn the living room into a home theater or game room or even create a playroom if you are targeting families with young kids. Consider getting a swing set if you have enough space outside.
Be Realistic About the Price
Why do people move into areas that look sketchy? Usually, what attracts them is the price. Many people don’t mind living in a district with a somewhat bad reputation, as long as they can buy a home at a fair price.
Many people will be delighted to get a decent home at a fair price, even if the neighborhood is not the best. So, be realistic about the price. If you live in a poor community, you can’t charge real estate prices similar to those in good areas. Many people transitioning from renting to buying are looking for affordable homes.
With the number of Americans struggling to afford their housing rising to 38 million, many turn to homes in unconventional neighborhoods instead. If you aren’t sure which price is right for your home, get in touch with us for a fair offer.
Hold Open Houses
Many people have preconceived notions about what it’s like in specific neighborhoods. Holding an open house can give them a chance to see your home and the area for themselves.
Many times, they’ll realize that it’s not that bad. The more open houses you hold, the easier it will be to find a buyer. A whopping 92% of buyers said that open houses were helpful in some way.
Be Open About the Neighbors
Again, some people have preconceived ideas about specific areas. Those ideas don’t always reflect reality on the ground. Often, the neighbors are good, honest, and friendly people, even if the area is known as low-class.
Be open about your neighbors. Make sure potential buyers know the truth – that it’s a friendly neighborhood with sweet families and helpful people (as long as it’s true).
Discuss Changes in the Neighborhood
Neighborhoods change quickly. People move out, and new people move in. Existing or new residents start renovating their houses, and communities start combating problems such as litter on the streets.
In many areas, crime starts going down with increased community vigilance or better police patrols. Research the crime statistics in your area to see if the crime rate is improving. If it is, make sure potential buyers know that.
Often, crime isn’t as big of an issue as people think. The statistics may show that crime isn’t much worse in your area than in other areas – not all neighborhoods considered flawed truly have high crime rates.
There may be new housing projects in your area, which will attract new, young families. Or, corporations might be working on new strip malls or grocery stores, which can also help change the landscape.
Know Which Buyers to Target
When it comes to selling a home in a poor area, unconventional buyers might be your best bet. Here are some types of buyers who often purchase buildings in bad neighborhoods.
Long-Term Investors
Long-term real estate investors often purchase homes or other structures in poor districts because they know that the area will change soon. They do their research carefully – they might even know of housing projects planned in the area. They are willing to purchase a home now, at a reasonable price, because they expect to sell it for a lot more 5-10 years later.
Sometimes, these long-term investors will even purchase a home with structural damage, water damage, or other problems. They have the time and money to take care of those problems.
Cash Buyers
Cash buyers are often willing to purchase homes in bad neighborhoods. That includes homes in need of repair.
However, it’s essential to work with the right cash buyers. We can help you get offers from multiple cash buyers quickly. These buyers have cash on hand and are ready to close the deal.
Unfortunately, when working with cash buyers directly, you will frequently come across undecided people who give you low offers (trying to take advantage of the fact that your home isn’t in the best area) or take too long to close the deal. Some may be scammers who don’t even have the money on hand.
By working with us, you can be sure that you will get the best offer for your home, based on its exact location and condition.
Final Thoughts
Don’t give up, even if you have had no luck selling your home until now. Regardless of its location or condition, we can help you find eager cash buyers who are ready to purchase your home as soon as possible. Contact us for a consultation.
Brianna Hansen has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers).