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March 16, 2023 | Selling
Are People Still Buying “Fixer Upper” Homes?
If your home needs a little TLC and you wish to sell it in the near future, you could likely benefit from making a few strategic improvements or upgrades before heading to the market.
Achieving top results requires your home to be presented in the best possible light. While there are certain buyers who are seeking out properties that aren’t as lovingly maintained, most sellers can attract better offers by strengthening their home’s appearance and condition.
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What Exactly is a “Fixer Upper” Home?
If you’re unfamiliar, “fixer upper” is somewhat of a catch-all term for homes that require a high volume of repairs or renovations. In Ottawa, these kinds of homes are typically attractive to real estate investors who are looking to buy at a reduced price and eventually flip or convert the property for a profit.
While there are buyers in the market for these types of properties, the majority of them are looking for a bargain. Rather than attempt to target these investors, sellers are often able to get greater a return on their home by making high-value upgrades to the property. An experienced real estate agent will be able to offer advice in terms of where your investment in upgrades will be best spent prior to listing.
While rare, there are exceptions to this. Under very specific circumstances your real estate agent may recommend selling the home as-is in order to optimize the results of your sale. If you have concerns or reservations about taking on pre-listing improvements, be open with your agent about how you feel. They can assess your circumstances and help you determine which pathway is best for you.
Want to know more about selling your home in the National Capital Region? Explore these posts from our blog.
- Looking to Sell Your Luxury Home? Here’s What You Should Ask a Real Estate Agent
- How to Navigate the Ottawa Housing Market
- When is the Best Time to Sell Your Cottage?
An Evolving Market
Ottawa real estate has evolved notably over the past year. Today’s buyers are facing a variety of new conditions which are impacting what they look for in a home.
As mortgage costs have gone up, potential buyers may have a smaller financial buffer for making major repairs after they’ve moved in. When buyers see that a home has been well-maintained and upgraded, they are less likely to be concerned about potential issues that could arise down the road. This increased confidence can make them feel more comfortable in making an offer.
In addition to financial concerns, buyers are also navigating a slowly growing inventory of available housing. Although the number of active listings is still historically low, some buyers are gaining the flexibility to be a little pickier in certain micro markets. As inventory continues to shift, sellers can benefit from taking the opportunity to elevate their home above others on the market.
Preparations Tailored to Your Home
Every single home is unique. What your home might need in order to look its very best could be completely different than what your neighbours’ homes may hypothetically need.
With this in mind, the process of preparing your home for the market should be completely personalized. Even if you have an idea of what your property could need, it’s best to follow the advice of an experienced real estate agent. Not only will an agent have vast experience with preparing homes for listing, but they’ll also be tuned into other listings in your local market. They’ll know how your home compares to the competition and can help you ensure it stacks up to and outshines them.
Unsure of what to expect from the selling process? You may find these resources helpful.
- How to Book a Property Worth Assessment
- What Sellers Need to Know About Home Inspections
- The Wright Team’s Selling Services
Taking Care of the Heavy Lifting
Regardless of what condition your home is in, the best way to sell is always with an experienced local real estate agent. Our team has represented sellers in the National Capital Region since 1979. In our years in the industry, we’ve built and refined a supportive, full-service selling process.
Rather than simply list your home on MLS, we offer a full-service experience guiding you
through the process to sell for top dollar, with little stress. We will make a number of value-adding recommendations to help you achieve a great result. This could include (among many things) strategic home upgrades, repairs big or small, and changes to decor.
We know that the prospect of renovations or other pre-listing preparations can be stressful. Instead of passing the heavy lifting on to you, we’ll call on our trusted list of tradespeople and professionals who can help you get your home ready for the market.
Looking for a personally-tailored home sale? The Wright Team ensures your needs are not only met, but exceeded. Send us an email or call at 613-692-0606 to get in touch.