Replies (11)
- jlswillard
- Contributions:1
The way mortgages are today, buyers can not roll home improvements into loans. Most home improvements will have to come from cash. Because of this, people are looking for homes that are ready to move into without major improvements.
In our area, homes that need work linger on the market forever. If you can afford it, get at least the bare minimum of paint and carpet. Ask your Realtor, I bet he/she will know someone who can do it on the cheap for you. Those two things will give you the appearance that improvements have been made.
In our area, homes that need work linger on the market forever. If you can afford it, get at least the bare minimum of paint and carpet. Ask your Realtor, I bet he/she will know someone who can do it on the cheap for you. Those two things will give you the appearance that improvements have been made.
- rockinblu
- Contributions:7207
smartestblonde,
In this case, my strategy would be to get an appraisal. Not a cma from an agent, but a honest to goodness appraisal from a licensed appraiser. Possibly you could get the company to pay for it. I would take that to the company and tell them that in this competetive market you are going to have to list below that. I wouldn't do much, if anything, in the way of improvements as price tends to fix a lot of things. It seems you really don't have that much time anyway.
BTW, if your moving to Alan's service area, you may want to give him a call. Very highly thought of here, Trulia, Active Rain, and most importantly by his clients.
In this case, my strategy would be to get an appraisal. Not a cma from an agent, but a honest to goodness appraisal from a licensed appraiser. Possibly you could get the company to pay for it. I would take that to the company and tell them that in this competetive market you are going to have to list below that. I wouldn't do much, if anything, in the way of improvements as price tends to fix a lot of things. It seems you really don't have that much time anyway.
BTW, if your moving to Alan's service area, you may want to give him a call. Very highly thought of here, Trulia, Active Rain, and most importantly by his clients.
- Amanda Wilson, "WilsonAmanda"
- Contributions:1592
Appraisals are fine....but in this market...the appraiser will be looking at comparables that have sold in your area...just like any other realtor......it's not magic....
- wetdawgs
- Contributions:39533
How much updating? A house that is "move in clean" with fresh paint and carpet/floors will sell much faster than a house that needs work.
- rockinblu
- Contributions:7207
The point of having an appraisal done comes from this quote from Hank Miller an agent who posted this on another thread:
"Might be smart to get an appraisal as well - agents tend to be very optimistic."
If a very low price can be justified in this manner, as I stated before price fixes most everything. They just don't seem to have the time to be showing and selling at the same time as doing a bunch of upgrades. They have already accepted the fact that there will not be any profit, and the company is picking up the difference between what they paid and what the house sells for. Why throw money away? If need be, they could negotiate some type of buyer credit as the OP stated. Absolutely the most I would be doing is what wetdawgs suggested, and my arm might have to be twisted to do that.
"Might be smart to get an appraisal as well - agents tend to be very optimistic."
If a very low price can be justified in this manner, as I stated before price fixes most everything. They just don't seem to have the time to be showing and selling at the same time as doing a bunch of upgrades. They have already accepted the fact that there will not be any profit, and the company is picking up the difference between what they paid and what the house sells for. Why throw money away? If need be, they could negotiate some type of buyer credit as the OP stated. Absolutely the most I would be doing is what wetdawgs suggested, and my arm might have to be twisted to do that.
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1263
in the upside down world we are now in,... clean, clean, clean and price to sell, you won't see any $$ money back you spend and it could actually take you longer than you thought and you are heading into the holidays... slowest time to sell nationwide...
- smartestblonde
- Contributions:2
Thanks everyone! The biggest thing our house needs is new flooring, but I just can't see selecting new flooring for someone when we can hand them $5k to select what they want, but I do think we will get someone to paint. I had already planned to bring in professional cleaners (I have 2 toddlers and just don't have the time/energy to get it as clean as it needs to be to sell).
Thanks again!
Thanks again!
- wetdawgs
- Contributions:39533
A tired floor even with a $5k credit will chase away a lot of buyers.
- Liz Harrison, "Spruce It Up!"
- Contributions:40
A professional stager can provide you with a consultation that outliines the changes and updates that will help your home sell quickly. Find one that knows the market because you don't want to be spending money on improvements that won't really make a big difference. It may be a good idea to replace the floors now rather than offer an allowance. Busy homebuyers more often prefer homes that are move-in ready ("turn-key"). If you head to Chicago before your Ohio home sells, be certain to have the home staged by a professional. It will show so much better than a vacant home. Nationally, homes that are staged are selling in an average of about 1 month. You don't want to be carrying costs for the Ohio house when you're in Chicago. Maybe your husband's employer will pick up the tab for staging. You're likely to bring in a better price so they'll have less to pay.
- Mary Stewart, "maryestewart"
- Contributions:54
My advice would be to get a Realtor that you trust and ask for their opinions on what would help you get your home sold the fastest for the best price in your market. Remember less is more and clean is ultimate. I would clean carpets, paint interiors that need paint. If your colors are too bold, paint in a neutral warm earth color. People need to imagine themselves moving into your home and inviting is good. Keep childrens toys and playthings in tubs that you can put away when the home is being shown. Clean closets so that buyers can see the shelves and it looks roomy. If you have a lot of furniture, rent a pod and store the furniture in the pod, along with valuables and anything that makes your home look cluttered. Make sure to keep your kitchen and bathrooms uncluttered with clear countertops, it will make your kitchen and bath look larger and buyers like the look of larger. Put all personal photographs away and off of the walls. Cute kids are great but you want potential buyers looking at where they would put their things, not at your family photos. It is very distracting for most people. Put yourself in the place of the buyer and how would you feel about the home if this was the first time you had stepped into it. We are all guilty of loving our things and how we place them, however not everyone feels this way about our personal things and you only want them to see the house, not your things. It would also help you keep your home clean with toddlers and small children. Less stress for you and selling is a stressful ordeal at best. The last thing is that when you put your home on the market, it is no longer your home, it is for sale and it needs to be in the best light for someone to fall in love with it as you have felt in the last years. Good luck.
- Sandra Patti, "sandrapatti"
- Contributions:8
You will get a much better offer and perhaps even multiple offers on a home that is clean as a whistle compared to a home where the seller is offering a credits to the buyer and does not want to do the work in advance. The way a a home shows IS EVERYTHING and I cannot emphasize that enough.
I spend a large amount of time with Sellers on preparing their home for sale. I tell them to declutter everything, paint (sometimes the Mr. Clean sponge can save a room), steam clean or replace carpets and make there home show like a fine hotel, from the curb to the back fence. You cannot go wrong with replacing the carpets with a neutral shade. When they listen to me it pays off in a big way and they can put thousands in their pocket and it makes the difference between getting an offer or no offers at all. I never will tell a client to do any major renovations before selling their home, as they likley will not recover that money. Your agent should be able to guide you as to whether the exterior needs to be painted or not.
I spend a large amount of time with Sellers on preparing their home for sale. I tell them to declutter everything, paint (sometimes the Mr. Clean sponge can save a room), steam clean or replace carpets and make there home show like a fine hotel, from the curb to the back fence. You cannot go wrong with replacing the carpets with a neutral shade. When they listen to me it pays off in a big way and they can put thousands in their pocket and it makes the difference between getting an offer or no offers at all. I never will tell a client to do any major renovations before selling their home, as they likley will not recover that money. Your agent should be able to guide you as to whether the exterior needs to be painted or not.
Relocating and need to sell quickly...how much should we update?
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