The Rhode Island Association of Realtors says that the housing market is at a tipping point. Median sales prices for single family homes climbed 3.5 percent from the summer of 2017 to 2018. The number of houses sold have gone down, however, creating a more balanced market.
If you’re trying to sell a fix and flip property in Rhode Island, you may be having more trouble than you thought. Let’s check out the top reasons why your flipped listing may have failed to sell.
Your fix and flip is priced too high.
One of the most obvious reasons why properties don’t sell is that they are priced too high. You probably put a lot of work into your fix and flip, but this doesn’t mean that prospective buyers are willing to pay for the sweat and tears.
Buyers expect discounts for outdated kitchens and bathrooms, bad paint colors, old plumbing and basically anything else they have to fix before moving in. Also, avoid pricing your property too high with room to go down. The house will sit on the market, and as it drops in price, people may think there’s something wrong with it.
Your photos aren’t doing your property justice.
Many Rhode Island buyers narrow down the properties they want to see based on the online listing. So, you need a good listing agent and even better pictures. Hire a professional to take your photos. Here are a few tips to make sure you get the right images:
- Stage the home; clean up clutter
- Use lighting to your advantage
- Play to your home’s strengths
- Take the most photos of your kitchen
- Set the kitchen/dining room table
- Include all of your bedrooms, not just the master
- Include your backyard and gardens
You’re not marketing the property enough.
Rhode Island is a seller’s market, but it may soon be changing. This means that marketing is essential to getting your home sold. Fortunately, there are many ways to market your property and show off its assets. Ideas include:
- Print colored postcards or flyers and mail them out
- Shoot a virtual tour and upload it to YouTube
- Advertise every weekend on social media
- Hold open houses on weekends or nights
- Get feedback from buyers about what they like and dislike
Prospective buyers are having trouble seeing the home.
You may be busy working on other projects, but you need to be flexible with showing the home to interested buyers. If people can’t get in to see the property, they may quickly cross yours off the list, especially if your photos don’t blow them away.
Remember that not everyone can make it to an open house on a Sunday. Consider hosting an open house on a weeknight, or at least try to coordinate with other showings in the neighborhood. Be available to answer questions about the property. Today’s buyers don’t like to wait for responses.
This time of the year is always slower for home sales, but this doesn’t stop a fix and flipper from running their business! If your Rhode Island property isn’t selling, take an objective look at it and ask yourself what could be the problem. As long as it’s priced right, any property can sell.