And because you’re not the only one who’s heard the news, you’re likely facing a lot of competition. That’s because there are a whole lot of duplex owners who’ve been waiting to sell when the market got better.
In other words, you’re probably going to have competition.
So what can you do to make sure your duplex stands out and wins?
Of course, the most obvious answer would be to sell now. Fueled by a drop in interest rates, there are a lot of buyers currently in the marketplace who are frustrated by a lack of quality inventory.
If there’s absolutely no way for you to achieve that, however, then you should remember the spring housing market (in years when it isn’t 50 degrees below zero) starts the week after the Super Bowl.
By the time the grass is showing through the snow, everyone else will be ready to sell too.
So what can you do to get an edge now?
- Freshen up paint throughout the duplex.
- Purge the basement of any belongings either left behind by tenants or that you don’t need on a regular basis.
- If you can, increase rent where possible.
- If you renew any leases, be sure to include a clause that allows an owner occupant to take possession of a unit within 60 days of closing. This will ensure you don’t eliminate owner occupants from your pool of potential buyers.
- If you have any open permits with the city, get them closed.
- If it’s required in your community, get your Truth In Sale of Housing report completed. The inspector may find items that are required repairs, and your property will fare better if you’ve completed those items before it hits the market.
- Of course, it’s virtually impossible to do anything with the landscaping at this time of year, but you can make sure all walkways and the driveway are free of ice and snow.
And finally, give me a call for an opinion on what else you may be able to do in order to maximize the value of your duplex.