- House flipping involves purchasing a property and renovating it with the intent to sell it for a profit.
- The average profit for flipped properties in 2019 was $6,250, but this can vary significantly based on location and renovations.
- To stand out in a competitive market, enhance curb appeal, and highlight best features.
- Use professional photographs and price the property competitively to attract potential buyers.
- Utilize social media and consider hiring a real estate agent for assistance.
Flipping a house can be lucrative and rewarding, but selling a flipped home quickly is the ultimate goal. The longer a home sits on the market, the lower the price can be, cutting your profits. In order to avoid this scenario, it is essential to have a plan to help your house sell quickly. This blog post will share tips and tricks to help you achieve this goal.
What is house flipping?
For those looking to make a profit in the real estate market, house flipping has become a popular strategy. But what exactly is house flipping? At its core, it involves purchasing a property with the intent to renovate and resell it for a profit.
This can be a risky endeavor, as the cost of renovations can quickly add up, but with the proper research and careful investments, house flipping can lead to significant returns. From updating kitchens and bathrooms to enhancing curb appeal, house flippers must be savvy when selecting renovation projects that will increase the property’s overall value.
How much can you earn from flipping a house?
According to a report by ATTOM Data Solutions, the average profit for flipped properties in 2019 was $6,250. However, this number can vary greatly depending on the location and condition of the property and the cost of renovations.
For example, a high-end property in a desirable location may yield a larger profit than a lower-priced property needing extensive renovations. Depending on the market, some house flippers have reported profits of over $100,000.
Tips for standing out in a competitive market
With the popularity of house flipping on the rise, it is important to make your converted property stand out in a competitive market. Here are some tips to help you achieve this:
Enhance the curb appeal
The curb appeal of a house plays a crucial role in shaping the first impression for potential buyers. Therefore, ensuring that the exterior exudes an impeccable charm is imperative to captivate their attention and create a lasting impact.
Consider hiring experienced landscape designers to create an attractive and inviting outdoor space. This can include adding plants, flowers, and outdoor seating areas. They can also help improve the functionality and appearance of the driveway, walkway, and other outdoor areas.
Show off your house’s best features
Before staging your home, make sure to highlight its best features. It may be a spacious lawn, a bright living room, or a newly renovated kitchen. Whatever it is, ensure that your house’s top aspects are brought to the forefront of any marketing materials.
Invest in quality photographs
Good photos can make your house stand out in the online market. Before going live, it’s important to ensure your house’s photos are professionally taken and capture the essence of the home. An experienced photographer can make all the difference in highlighting your house’s best features and making it more attractive to potential buyers.
Price your home correctly
Overpricing your home could lead to extended days on the market. It is essential to research the current market trends and the sale prices of nearby homes. This will help you price the property competitively and attract potential buyers. Play with the pricing strategy, aggressively pricing your home could entice buyers into offering higher.
Use social media to market your home
Social media platforms, like Facebook and Instagram, are great ways to spread the word about your property. You can reach a broad audience for free by creating a post about the home and sharing it with friends and family. Just be sure to include all the relevant information and pictures.
Seek help from a professional
Consider hiring a real estate agent to get your home sold quickly. They are experts in the real estate field and have access to tools that can help you sell the house fast. They could provide insights on pricing strategy, marketing tactics, and staging suggestions that may generate interested buyer leads.
Selling a flipped house is an exciting endeavor and can be very lucrative if done correctly. With these tips and tricks, you can make sure that your home sells quickly and for the right amount. Remember, it’s important to highlight your home’s best features, marketing effectively, and pricing it competitively. By taking advantage of these strategies and enlisting the help of professionals, you can increase the chances of selling your house quickly and move on to your next project.