I'm about halfway through my first fix and flip project and my contractor is moving along faster than I anticipated. The house will probably be finished the first week in Feb.
It's in Hillside, New Jersey (near Newark/NYC). ARV is about $210 so it's a starter home.
My question is - should I wait about 3 - 4 weeks until spring has started and the market heats up or put it on in the middle of Feb which is traditionally pretty slow in this area?
I have a hard money loan that I will need to start making payments on the 3rd week in June.
My Broker's Hat says wait as does the "Zillow Talk" book. But I'm used to dealing with regular sellers and more expensive properties. At $210 I think we will be slightly below market which should pique some interest quickly. There are not a lot of new or fully rehabbed properties on the market in this area.
Go for it! I'm a sooner than later person. More market is more opportunity for interest. Based on what you said about market seasonality, it sounds like an attractive home at an affordable price point will sell quickly no matter what time of year. More food for thought... we only know what will happen today..... interest rates may be higher in the spring or the stock market could take a bigger hit.
place a sign in the front yard that says "coming soon" Br, Ba and your phone number. Why wait?
In our teams opinion absolutely start marketing as soon as you can. We market our properties before they are turnkey. This allows us to offer our buyers custom colors and or floor options. It gives them the new house buying experience on a rehabbed home. As you get close to finishing turn on the lights inside bright at night so neighbors can look inside and tell their friends and family about this "great new" home and give them a website through an interior and exterior sign to view the whole home on line and you can tell ur story to future buyers. Our exit costs have been reduced about $9000.00 (goes back in our pocket) using this method.... Just our thoughts..
@Luiz Souza I guess the only reason to wait would be that time on the market is the biggest negative (at least in NYC) and after a few weeks, things begin to look stale. I know there will be more people looking in March than Feb.
I like a big crowd at the first open house and multiple offers. That's how it works in NYC - but maybe not in Union County, NJ (suburbs)?
I agree with you about big crowds, people in and out during open house, etc., we all like that. I guess the idea of placing a sign in the yard ahead of time is that perhaps a neighbor might have a relative or know someone looking in your area or maybe someone simply just driving by - we can go on and on.
Indeed, now is not the best time for real estate sales due to the weather however after 20yrs in NY anyone looking at this particular time of the yr is probably a serious buyer.
There's also the school of thought that if you list in the winter, you have less competition. And people still need to move either way.
How did you make out with the property in hillside? I have lived in hillside for over 25 years, and always curious what the turnout was.