When Home Sellers Watch Too Many HGTV Flip or Flop Shows

Melissa Zimmerman's picture
HGTV Flip or Flop

I walked into the home for a listing appointment, and my jaw dropped to the floor. It was the Taj Mahal of flips. Tin roof, elaborate bathroom that looked like it came out of Liberace's bathroom, a maze of a hall to the five bedrooms where the bonus room once was.

"Wow!" was all I could say. You outdid yourself, and your neighborhood. The seller told me how he loved HGTV and loved the flip shows. He always wanted to flip a home and this was his first try. "So what are you thinking price wise for your home? I asked. $300,000 was his answer. OUCH! I asked him if he knew that no home in this neighborhood had sold for over $216,000 in the past year? "Yes, but this is not the typical home" he said.

So this is the cold, hard reality. You can out do for your neighborhood. If the neighborhood typically has 3 bedrooms and you add two extra, that doesn't necessarily mean your home is better.

If you no longer conform with neighborhood standards you could risk getting your investment back.

As an example, this seller got rid of the bonus room which is a Charlotte necessity, and created two separate bedrooms in it's place. Now he thought that would make the home worth more which is a common mistake. Do your research before you make your "improvements" to the home. Out showing your neighborhood could just lead to a lack of interest and a loss in all your hard work and money.

Melissa Zimmerman
Real Estate Agent / Huntersville, NC
Berkshire Hathaway HomeServices Carolinas Realty
Mobile 440-503-3580

Comments

Some people being excited by the success of HGTV flip shows such as Flip or Flop, flip their houses and make them very expensive. As a result they either can't sell them or lose money when selling them. They just need to learn the potential in their neighborhood and the prices in their neighborhood.

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