I’ve been investing in real estate for 12 yrs. This year was doing really great with low inventory, low rates and properties were selling like cup cakes until 2 weeks ago when the coronavirus kicked in.... I recently purchased and rehabbed an SFR in South Orange County, Ca and it's currently for sale (34 days) at $1.3M with with some interested buyers....BUT I got (and many of us) stuck with this coronavirus situation which has slowed down showings and sales tremendously.
Any suggestions, ideas, tips to sell it a little faster? I don’t want to have my money stuck in these properties and not be able to get into new deals coming up.
I have 2 other less expensive properties as well, one fell out of escrow because of the virus concerns..
Hopefully I can get some great advise! Thanks & be safe out there!
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
6y
Add a 6-month supply of toilet paper, N95 masks, and hand sanitizer and see what happens.
In all seriousness, the fastest way to sell a property is to put it at price not many can refuse. California is on lockdown and touring homes is probably going to fall under "non-essential activity" so it may get worse before it gets better in the short term.
Not sure what your margins are or how fast you need to sell, but we are in desperate times and desperate times tend to call for desperate measures.
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
6y
Add a 6-month supply of toilet paper, N95 masks, and hand sanitizer and see what happens.
In all seriousness, the fastest way to sell a property is to put it at price not many can refuse. California is on lockdown and touring homes is probably going to fall under "non-essential activity" so it may get worse before it gets better in the short term.
Not sure what your margins are or how fast you need to sell, but we are in desperate times and desperate times tend to call for desperate measures.
I was being reluctant about the idea of lowering the price to make it a “deal” for buyers but we all know that when priced right it will sell even though we’re going through uncertain times (which will pass for sure)..
Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
6y
So very hard to give an opinion . Orange County I believe will always be in demand . In this market the ones with staying power will be just fine . The higher end has always been more vulnerable and longer to resale.
Real Estate Agent · Santa Monica, CA · Member since 2016 · 1 post · 0 votes
6y
Following. To be honest, I don't think anyone has any idea how this will play out. I think it heavily depends on how long we are to "shelter in place." We have several flips that were supposed to come on market this month, but we are not listing them until after the shelter in place order has been lifted.