Flipping Fixer Upper Homes

It typically takes between 10 to 70 days for a house to sell; however, this is just an average. There are a lot of factors that can affect how quickly a home sells, and there are also factors that can prevent a house from selling. If you are looking for a house and find one you like, you may want to thoroughly examine the following three things if the home has been up for sale for a long time.

The Price

If you find a home that you like that has been for sale for six months or longer, you might want to question why the house has not yet sold. The first thing you might want to question about the house is the price.

When a home is priced right, finding a buyer is usually not difficult to do. There are always people looking for homes to buy, and there are always buyers in all different price ranges. If a home is not selling very quickly, there is a good chance the seller might be asking too much for it.

A good way to find this out is to talk to your real estate agent about obtaining comps on this home. Comps are homes that are located nearby that have sold recently, and they are homes that are similar to the one you are viewing. By looking at the prices of the comps, you will be able to tell if the home you like is overpriced. If so, you could always offer a lower amount if you really want to buy the house.

Problems With the Home

While a home that has been up for sale for a long time may have absolutely nothing wrong with it, there is also a chance it may. Home sellers are legally required to disclose any issues they know about with their homes, and reading their disclosure is a good idea. A disclosure will tell you if there is anything wrong with the home, such as problems with water damage or flooding in the basement.

If the disclosure does not reveal any problems, the house might be fine and free of problems; however, you should consider getting a home inspection on the house. Getting a home inspection is a good idea for any house you are considering buying, because it will reveal issues you might not be able to see yourself or issues you would have never thought to look at.

Location

The other factor that can prevent a home from selling is location, and this is something you will be able to easily tell simply by seeing where the house is located. If the house is in the middle of nowhere, no one might want it, simply because it is located too far from everything. If the home is in a bad neighborhood, this could also be a turnoff to potential buyers.

The location of a house is important for many reasons, and you may want to limit the homes you view based on their locations.

There are so many different factors to consider when buying a house, so you should look at a lot of different homes before you make your decision on which one to buy. Real estate agents can give you a better idea of the types of problems you should look for in a home, and they'll be able to help you negotiate a better price if you're still interested in the house. If you are ready to begin looking and have been preapproved for a home loan, contact a real estate agent today to line up viewings for homes for sale.