There are a couple of easy ways to unload a property in a hurry, especially in a housing market like San Diego’s where there is a shortage of homes, but an overwhelming number of people interested in buying them.
“You’re best bet in terms of money is to go through a real estate agent,” says one real estate broker in San Diego. “You’ll get the best return on your investment.”
Brokerage Firms vs. Quick Sale Companies
A good agent can easily sell a dilapidated property in the current housing climate. The trick is going to be to talk up the positives about the property, and be honest about where money is going to be needed in order to make the home move-in-ready. Reputable agents will not simply attempt to hide problems with a home because that not only hurts their reputation, but in the current climate, it’s completely unnecessary.
“San Diego is always a seller’s market, but it’s gotten to the point of going to an extreme that we’ve never really seen before,” says one real estate broker. “We’re seeing property values go to all time highs and prospective buyers caught in bidding wars. There simply aren’t enough homes for sale to meet the demand.”
“A qualified real estate agent can sell a fixer-upper and there’s a number of buyers that are going to be interested in the lower price point,” he continued. “Especially when their options are limited. The markdown on a fixer-upper is usually around 8%, if you go through a real estate agent.”
Another option that is available to sellers are quick sale companies that will give you cash on the spot for your property, do the necessary renovations, and then sell it for full market value.
“I generally would not recommend that you go through one of these companies,” he continued, “at least not right now. It’s not that they’re looking to give you a raw deal, but in the current market, you can get a better price than what they’re probably willing offer.”
One final option, that most people aren’t aware of, is finding a company that will do the work on consignment.
“There are companies out there that will do work to get a house market ready on consignment,” he said. “That means you don’t have to pay a dime until a deal has been made for the property. For some folks, this will be the best option because it affords them the highest price index of the bunch. Other times, simply selling the property as is will be more lucrative, especially if the repairs are costly and extensive.”