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Carol Darby, Ron Darby and Jennifer Darby Metzger broker co-owners with combined real estate knowledge and experience approaching 100 years gives this team the background to lead their ERA Justin Realtor salespersons to continuous success. The firm, a trusted name in real estate since 1950 suggests purchases of fixer uppers as good choices for the Fall 2013 market.
Fixer Uppers a Reality for Buyers in Improving 2013 Real Estate Economy
Several years ago when the housing market was mired in real estate recession, buyers shied away from houses that needed work. The buyers who weren’t put off from buying completely were interested only in turnkey homes that were in move-in condition. ERA Justin Realty has worked within all real estate economic landscapes, is well versed, assists its buyers and sellers and has been your trusted name in real estate since 1950. As we enter the Fall 2013 market, there are many buying and selling opportunities for all.
Carol Darby, ERA Justin Realty broker co-owner offered, “It was risky for some buyers to buy a house that needed work. But now the housing market is recovering and buying a house to fix up seems more reasonable, and is happening. There are basically two types of ‘fixer’ buyers. One is the flipper who buys a house, spruces it up quickly and sells it at a profit. The goal is not to hold the property as an investment, but to find a buyer as soon as possible after the redo is complete.
Flippers should avoid buying houses that have major problems to remedy, which will eat into profits. A way to maximize profit and minimize carrying costs during the rehab period is to understand the lower price market and if possible buy with all cash. Buy in areas where employment and transportation are good so that you will have a pool of buyers for your product when it’s ready to sell.”
Jennifer Darby Metzger, broker co-owner added, “Select the neighborhood. Is it conveniently located? Are houses selling quickly? What is the average days on market from list date to sale date? This information is critical to knowing how fast you can turn the property over to a new buyer. The other type of fixer buyers are those who buy for their own use. They do not intend to flip the property, but want to increase the value of the property over time while providing a roof over their heads. This type of buyer may be willing to pay more for a property than the flipper, but the price paid and the amount spent on improvements should be researched before making a purchase. Ask our ERA Justin Realty team for the sale price of recently sold houses in the neighborhood that were similar to the one you’re considering, but in much better condition. Be sure to review how much the renovations will cost.”
Ron Darby, broker co-owner concluded, “Keep a close eye on the costs of your renovations while you’re working on the project. There’s always the temptation to improve more than you had intended once you see how good the improvements you have made look. Even though you’re improving the house for yourself, remember that you will be selling someday and hope for a profit on the time and money you invested. It’s a great time to buy at prices that were not possible at the peak of the market. Just make sure you know values for the neighborhood for a property that needs work. Fixer buyers who paid high prices at the peak of the last market cycle possibly didn’t make a profit. The housing market has picked up and will hopefully continue to move in a positive direction. However, the house sale market is continually changing and varies from one location to the next. A well-informed, level-headed approach is the best bet and our ERA Justin Realtor salespersons can provide you with information so you can make an informed decision.”
There is a difference in real estate companies and the ERA Justin Realty broker owner’s input makes that difference important. In fact, their buyers and sellers have put their reviews in writing about their Realtor salespersons. They have on file for the asking, ‘Real Estate Results In Writing,’ their report of nearly 800 quotes, testimonials and reviews from their buyers and sellers.
All of the ERA Justin Realtor salespersons can be reached at either of their two Rutherford offices at 118 Jackson Avenue and 57 Park Avenue, by office phone (201) 939-7500, (201) 438-0588 or (201) 438-SOLD. Also view 1000’s of homes at their websites at www.ERAJustin.com and www.ERAJustinRealty.com.
