• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Threshold Homes | MinnesotaThreshold Homes | Minnesota

Flipping, Staging and Decorating Homes in Minnesota

  • Blog
  • Podcasts
  • Our Work
    • Portfolio
    • Upcoming Projects
  • The Fixer Upper Checklist
  • About
    • Contact
  • Learn to Flip

July 31, 2019 by Threshold Homes Leave a Comment

Amber’s Biz Tip: What You Can Learn From an Open House

When you are looking to get into house flipping a great place to start is with some research.   Educating yourself on your specific market is easy to do and doesn’t require an investment other than your time.  There are plenty of websites you can check out at no cost to see what the pricing trends are in your area and what the inventory may be.   While there is a good amount of information available online there are some things that you are just not able to see online. For this reason, a good old-fashioned open house is an incredibly valuable tool. 

Here are just a few of the benefits to stopping by some open houses this weekend:

Meeting Agents

As you are starting to look at your market you are going to need to find an agent to work with.  Many traditional agents may not be a good fit to work with long term. No matter where you start, finding an agent at an open house is a good fit.  If nothing else, you have the opportunity to introduce yourself and share the criteria you are looking for when it comes to a house. If the agent offers to provide any market information or comparable sales data take them up on their offer.  That way you can how their follow up is which may be a determining factor as you are looking for a consistent and reliable agent to work with.  

See What the Pricing is Like

In different neighborhoods you will find your dollar may go further.  Look in different areas and at different prices to see what types of value are available. This information can also help you better understand who you will be marketing to when you do purchase that first flip.  Is the price point for your resale a first time home buyer? A move up buyer or someone who is downsizing? Each of these buyers may be looking for slightly different things so understanding who your target market is will be helpful.  It will also give you insight as you decide on the layout changes or finishes you may select.  

Design Inspo

Homes for sale may have been recently refreshed or updated.  You may even get lucky and find a house that has recently been flipped.  If that is the case pay very close attention to all of the details and the pricing with that home.  Know what of the features contributes to the pricing and how those upgrades are being marketed to buyers.  Also, look at the design selections like paint colors, tile, cabinetry and carpet. This is especially important if people are commenting or responding positively to them.

Neighborhood Intel

You may think you only want to purchase a flip in a certain area but maybe there are up and coming areas you don’t even know about.  Looking around and scoping out new locations can give you a competitive advantage. Especially if you are able to find out the types of development and growth that are planned for an area.  You will also be able to ask the agent hosting the open house if they are familiar with anything new happening in the neighborhood.  

Real estate can be competitive and you do not want the first house you look at to be the first offer you write. Putting in the effort to understand your market will better position you when you are submitting that offer.  

This post may contain affiliate links to help you shop and find the items I use and decorate with. If you purchase  I could make a small commission at no charge to you. Please read my disclaimer here and privacy policy here.


Amber

So you’ve purchased a house to flip. Now what?

Check out my tips on how to get started when flipping a house.

Want to buy a property and renovate it?

I have a freebie checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.

Love before and afters?

Follow us on IG @thresholdhomesmn and FB  @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!

Pinterest-Threshold Homes
House flipping, home renovation, selling a house for profit, real estate, Open House

For more inspiration for home renovations, follow me on Pinterest @thresholdhomesmn

Related posts

Amber’s Biz Tip: Should You Stage Your Flip? Amber’s Biz Tip: How Much Does it Really Cost to Flip a House? Amber’s Biz Tip: How Neighbors Can Affect Your Resale Amber’s Biz Tip: Big Ticket Items Not to Miss on Your Walk Through Amber’s Biz Tip: Three People Who May Not Really Know How to Flip a House

Filed Under: Tips, DIY, fixer-upper, Home Purchasing, homes, house flip, Our Property Flips, remodel, renovations Tagged With: flipping houses, house flip, major renovations, market, neighborhood, neighbors, open house, real estate, Tips

Our Projects and Inspiration Delivered to Your Inbox

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Footer

Threshold Homes LLC

Minneapolis, Minnesota

Contact Amber
612.559.3238
amber@thresholdhomesmn.com

Contact Alan
952.334.5469
alan@thresholdhomesmn.com

Follow Us @thresholdhomesmn

  • Facebook
  • Instagram
  • Pinterest
  • YouTube

Our Projects and Inspiration Delivered to Your Inbox

  • Blog
  • Podcasts
  • Upcoming Projects
  • The Fixer Upper Check List
  • About
  • Learn to Flip

© 2023 Threshold Homes LLC · Design by squishy