House advice

iVillage Member
Registered: 03-03-2004
House advice
13
Tue, 06-30-2009 - 8:16pm

I love our house, but it is on a bad street (fairly busy, not in a neighborhood).

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iVillage Member
Registered: 06-28-2005
In reply to: imlaura72
Tue, 06-30-2009 - 9:11pm
We are kind of in a similar situation but we own our house.
Avatar for sweetviolets
iVillage Member
Registered: 06-30-2003
In reply to: imlaura72
Wed, 07-01-2009 - 10:04am

What you do should really be based on market conditions in your area.


Speaking from my own current experience (16 months on the market in another state, $125K reduction in price), I would not try to sell a house in a certain price category

iVillage Member
Registered: 10-10-1999
In reply to: imlaura72
Wed, 07-01-2009 - 12:09pm

We bought a house and sold a house last year.

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Avatar for sweetviolets
iVillage Member
Registered: 06-30-2003
In reply to: imlaura72
Wed, 07-01-2009 - 12:50pm

This is great advice (certainly all things we have done), though I maintain that it is important to understand market conditions specific to your area.


If there are no qualified buyers in your area, in your price range, no amount of marketing is going to produce them.

iVillage Member
Registered: 10-23-2003
In reply to: imlaura72
Wed, 07-01-2009 - 6:02pm

I think even with the price drop you will still make something off the house.One of the down sides with owning a house is one doesn't always

Lilypie 6th to 18th Ticker Lilypie 6th to 18th Ticker
iVillage Member
Registered: 04-06-2003
In reply to: imlaura72
Wed, 07-01-2009 - 6:29pm

Laura,


I'm going to give you the advice I'd give any friend sitting across from me at my kitchen table.


Unless you *have* to sell in this market, or you're completely miserable in the house, I would stay there.

Avatar for sirrahn
iVillage Member
Registered: 03-26-2003
In reply to: imlaura72
Thu, 07-02-2009 - 10:06am

I don't have input on everything, but it just so happens that we got a mailing from our old mortgage broker a couple of days ago detailing the resale value of home improvements. None of them can be expected to net you 100% of your investment in resale. IIRC, about 82% was the highest and that was for remodeling a bathroom. I remember when we put vinyl siding on our old house we were given a similar figure. Yes, it improves your resale value, but not dollar for dollar...some of it just has to be written off as your own enjoyment of it.

IMO even in a good market it's fairly unreasonable to expect to get all of your 76K back unless other market factors have increased your home value otherwise. In this market, it's probably even less reasonable unfortunately. GL!

iVillage Member
Registered: 03-11-2008
In reply to: imlaura72
Thu, 07-02-2009 - 10:37am

Hi Laura,


I'm a realtor, and here's what I would do if I were you.


Ask both realtors to run current comps on your neighborhood showing what homes have sold for recently and how they are priced. That will give you a good idea of whether or not your home is competitively priced. Their comps may be drastically different... look and see whether the homes they've chosen are really similar to your home in size, location and features.


If you are not happy with your current realtor, ditch him when your agreement is up. In the meantime, I would implement the changes the new realtor recommends and plan on using him if your house still has not sold in a month.


I don't know what the market is like in your area, but around here prices are still dropping and price is the number one driving factor in home sales. A home that is well marketed and that shows well will get more offers, but people are still looking for a bargain. If you are on a busy street and not in a neighborhood, I would say those are downsides that would drive most buyers to make a really low offer. Location, location, location, as they say, and that's one thing no realtor can change.


Let me know if you have any questions... I may be able to help.


Laura


Laura

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Laura

iVillage Member
Registered: 03-03-2004
In reply to: imlaura72
Thu, 07-02-2009 - 12:57pm

Thanks for all the advice.

iVillage Member
Registered: 05-05-2008
In reply to: imlaura72
Fri, 07-03-2009 - 11:09pm

Hi there;


A couple of things - if your house hasn't sold by the end of the contract, I'd fire your realto and interview 3-4 othersand have them price your house. You can then determine what agent and price you're comfortable with. Discuss marketing strategy before you sign, so you know what they plan to do to sell your house.


I've sold 2 houses in the past, and would never lower the price unless there was a reason to do so. With my first house, we had buyers expressing interest, but hesitating. We took $10K off the price and they bit. The second home was more of a challenge, a new home in an established area, so there really weren't any comparables, and a high school across the street. It took 2 agents and

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