We buy houses in Frankfort Kentucky. We are professional homebuyers in Frankfort and many asks, “Who Buy Houses in Louisville KY?”. Alright, summertime came and went, but your house is still for sale… The media keeps saying that the market is HOT! Zillow even reported home sales happened at their quickest rate in June and July of 2020 compared to any months in the past two years. They actually said, “Homes are being snatched off the market”, but here you are and your house still sits on the market. Aren’t there “We buy properties in Frankfort” companies out there?… The truth is, there are a multitude of reasons the house may still be on the market. Since we buy homes in Kentucky let’s examine a few and get you pointed in the right direction.
Who Buys Houses In Frankfort KY?
What Does Your House Offer in Kentucky?
First, let’s determine what value your property provides. The value that your property provides will help determine the buyer that will pay the most value for the house. For example, if your house is close to great restaurants and bars, you might sell to a social bachelor or young couple. Conversely, if the house is out in the suburbs, but it has 3 bedrooms and 2 baths, you might find a family moving to the area that needs space and bedrooms. It’s actually very simple. You know the best things about your property so tally them up and put a list together. Once you’ve aggregated the list you’ll know how to market the property.
How To Market in Frankfort
There are many ways to list your property for sale. The most tried and true method is to purchase a sign and slam it in your front yard advertising the place is “FOR SALE!” This a grassroots method. Your neighbors and local community will spread the word via word of mouth. You can list your place online for free on many sites (Zillow, Realtor, Redfin, Craigslist, etc.) You can do a for sale by owner (FISBO) posting and capture eyeballs from all over the place. You can even purchase a spot in a local newspaper or magazine at a relatively low cost if you’re willing to spend some money. Make sure your posting speaks to your ideal buyer. You need to create your avatar buyer and highlight all of the features that your property provides.
Maybe you’re thinking, “This all sounds great, but we actually already did this.” Well, you’re ahead of the curve. Now we need to determine what went wrong. The market always speaks. Sometimes it tells us things we like, but oftentimes it tells us things we may not want to hear. Either way, value is determined by a buyer. If your property hasn’t sold, something may not be right.
Why Didn’t It Sell?
If you’ve already marketed the property and there was interest you need to figure out why the buyers didn’t pull the trigger and purchase your property. If you have the property listed with a realtor, circle back to them and ask for feedback. Was the price too high? Were there repairs needed that you weren’t willing to make? These are valid questions. If you had buyers tour the property, then there is a potential for a deal to be made, but you might need to be more negotiable. On the other hand, if you didn’t garnish any attention, then you may have scared buyers away with quality, price or potentially both.
It’s not fun to think about, but as discussed above, buyers validate the value of something, not the seller. Just because you think your property is worth a certain price, doesn’t mean it is. The market determines value by the price that things trade for. Just because you list your property at a certain price, does not mean that it will trade at that price. Often times the price for the property is not correct when there is no interest from buyers.
Imagine putting a coffee cup on eBay for $1,000. Just because you list the cup for sale doesn’t mean that you will sell it. This is a gross overestimate and no one (in their right mind) would consider the purchase. Buyers will look at the product, see that it’s overpriced and move on to something more realistic. Consider what you would do if you were a buyer looking for a coffee cup. Would you negotiate with the seller that had a cup listed for $1,000 or find a cup listed for a reasonable price like $5 and solve your problem? Unless you have time and love to negotiate, you are more likely to just buy the $5 cup and move on. This is very simple with a small product, but the same principles hold true on larger purchases, like real estate. We over-complicate things as emotions get involved because our houses are a large investment for us. Facing this truth is the first step to getting your property sold and moving on.
What Are You Willing To Sell For in Frankfort KY?
Now that we’ve discussed what you wanted to sell your home for, consider what you’re willing to sell your Frankfort house for. It makes sense to aim for the highest possible price, but if you want to sell your property, you need to be honest and realistic with yourself. If the listing was too high, and you’re willing to drop the price, figure out what you need in order to walk away. You don’t have to give the property away, but you might not have that “home run” profit that you originally intended. If you’ve got time to wait, you can continue to play the waiting game. Conversely, if you’re looking to sell the property, just decide what your minimum price is, and then re-list or adjust the price appropriately.
Price It To Capture Attention
Often times homeowners want to list their house for sale at the peak price. This makes sense as you want the greatest value for your home. However, if you are willing to list your property slightly below market value, you can actually gain a lot of interest. For example, consider listed your house for $98,500 rather than $100,000. This will allow you to capture a greater buyer pool and it will also tell buyers you are motivated to sell. It’s a realistic number and it shows buyers that you’re ready. This can actually cause interest from many buyers and get a bidding war that ultimately helps you sell your property for more. If you or your agent have multiple offers, you are negotiating from a place of power rather than scarcity. If you have multiple buyers interested you can push the price up and potentially sell the house over $100,000. It’s counter-intuitive, but this method has been proven to work.
Find A Cash Buyer in Kentucky
If you don’t have money to fix the place up, time to wait and you’re just ready to move on, then your best option is a cash buyer. Cash buyers are not at the mercy of banks or lenders approving a loan. They have cash and make decisions on what they do with that cash.
How do you find a cash buyer?… It’s actually very easy. Just do a quick google search, “We buy homes in Kentucky” or whatever state your property is in and you’ll find a bunch of potential buyers. These can be lone-shark investors or house buying companies. Either way, they are looking for property to purchase and you’ve got the property for sale. Sounds like a perfect match, right!
Qualify The Buyer
When you contact these companies, you should ask basic questions:
- What types of properties do they typically purchase?
- What are their buying criteria?
- What are their goals for your property?
- What about their business are they most proud of?
Ask them basic questions about their operation. If they can answer these with ease, then you’re most likely dealing with a qualified buyer. If they have difficulty showing you other projects they’ve worked on or answering these questions, then you should be weary. After all, you’re looking for a quick sale, and tire kickers or first timers are not going to help you accomplish this.
Cost & Reward Trade-Offs
Once you’ve qualified your buyer, it’s important to consider what they’ll offer. These are companies or investors. Therefore, they are looking to make a profit from purchasing your house. With this in mind, they cannot pay top dollar for a property, unless they are aiming to hold it as a rental. No one likes to pay top dollar prices – for anything, houses included. These companies and investors are looking for a deal and they need to make a profit. More often then not, they will not be able to offer you top dollar for your property. What they can offer are speed and convenience.
They have cash available and they’re experts. They buy property all the time so they know what to look for and when they are ready to purchase, the only bottleneck is typically the seller. If you’re looking for a quick sale with ease, then they are your best best. On the other hand, if you want a top-dollar price, then you may want to list with a realtor and find a retail buyer.
What Matters Most
Now that you know your options, it’s important to discuss them with your family or spouse. If you’re looking to sell your Kentucky house, then you may to adjust the price, do some work to restore it, or consider a lower offer. It comes down to what matters most for you and your family. If you want a top dollar price, then you might need to invest in the property and bring it up to the value you’re looking to exit the property for. Conversely, if you’re tired of waiting, you don’t have the energy or money to fix the place up and you want a fast sale, then you should consider selling to a house buying company (We Buy Houses in Kentucky) or investor. Both are valid options. It’s your property so the choice is yours. The good news is that the market is on your side right now.
Sell My House in Frankfort KY
If you’re ready to sell your house in KY fast, you’ve come to the right place! We’re experts and we truly enjoy helping others. We want the best outcome for you and your loved ones. If you’re ready to sell your property, great! If you’re looking for advice, we’re happy to provide that as well. We are legitimate home buyers in Kentucky and we offer cash for houses in Frankfort, we love helping sellers sell their house faster, easier, and for no fee