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Old 03-27-2008, 07:11 AM
 
206 posts, read 732,654 times
Reputation: 66

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I will keep this vague but thought a lot of you would get a kick at this situation. We found a house we liked (finally) and put an offer in. The offer was much lower than the asking price but within comps and taking into account the condition of the yard. After a few emails back and forth we have been informed that a yard does not detract value from a house (even if it is basically rock and hardly any grass) and that cosmetic things like wallpaper, paint, and carpet don't depreciate a home.

Discuss...
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Old 03-27-2008, 07:16 AM
 
3,325 posts, read 4,544,724 times
Reputation: 1541
I have never seen a wallpaper that I have liked. Yechh!!

As for them telling you that the lawn doesn't depreciate the house, well, you tell them it depreciates the INTEREST you have in the house. If they are very serious to sell it, they will accomodate your requests within reason.
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Old 03-27-2008, 07:26 AM
 
620 posts, read 1,921,268 times
Reputation: 254
Landscaping definately adds value to your home, up to 15% or more. Have they ever watched an HGTV show? Nuetral colors (no wallpaper), less furniture, etc help sell a house. Nobody wants to walk into a cluttered house - a lot of people can't see beyond the clutter. I wouldn't say cosmetics like wallpaper, paint etc actually decrease home value, but it does decrease interest in the house and it probably won't sell.
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Old 03-27-2008, 07:27 AM
 
Location: State of Being
35,885 posts, read 67,186,293 times
Reputation: 22375
Quote:
Originally Posted by OCtoCLT View Post
I will keep this vague but thought a lot of you would get a kick at this situation. We found a house we liked (finally) and put an offer in. The offer was much lower than the asking price but within comps and taking into account the condition of the yard. After a few emails back and forth we have been informed that a yard does not detract value from a house (even if it is basically rock and hardly any grass) and that cosmetic things like wallpaper, paint, and carpet don't depreciate a home.

Discuss...
Well, OC, I have said this about 2 million times over 25 years. A house is worth whatever someone is willing to offer for it at any given time, LOL. Now a seller might decide that the offer is not right "for that point in time" - and not accept the offer. But . . . if the potential buyer sees such things as a poorly landscaped yard, ugly wallpaper, tired paint and shabby carpeting as downgrading the value of the home . . . then - that is their assessment! To the potential buyer - those things are liabilities and require $$$ to replace, repair or re-work.

That house will continue to get lowball offers . . .until the sellers figure out that 1. they have over-priced the home or 2. they need to take it off the market and upgrade some items . . .

People who are not willing to take a hard look at an offer - even a lowball one - must not really want to sell their property.

BTW - I dont know what you consider a lowball offer, but to me - anything around 10% is fair game. Anything over 10% may be a real lowball offer, but if the condition of the house warrants it - I do not hesitate. And for the record, I have bought houses at more than 10% off the list price three times in my life . . . and yes, the sellers complained . . . but they took the offer after some hard negotiating.

A lot of people think their property is a lot more precious than it really is . . . let that house sit for six months and see if the owners figure it out.

BTW - I saw a study about 4 years ago that said a home's landscaping can affect its price by about 17% - up or down. Now I dont know how they came up w/ that figure, but it impressed me, so I have never forgotten it. None of us can help there is a drought - but the basic layout and amenities (irrigation system, nicely detailed front and back yard, foundation planting, garden plots, patios, fencing, etc) are clearly part of a house's value - as well as street appeal.
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Old 03-27-2008, 07:30 AM
 
Location: Charlotte, NC
246 posts, read 503,649 times
Reputation: 160
Wallpaper, paint, carpet, and landscaping don't depreciate a home.

They do, however, severely limit the amount of INTEREST that buyers will have in a home. You've said that the landscaping was pretty awful, but what kind of condition is the carpet in? The paint? Are they dirty or just unattractive colors? Almost every wallpaper I've ever seen is awful, so I'll assume this is no exception.

Another alternative to your "low" bid may be to up your offer but ask for concessions for paint, flooring, and maybe even landscaping.
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Old 03-27-2008, 07:35 AM
 
620 posts, read 1,921,268 times
Reputation: 254
Quote:
Originally Posted by anifani821 View Post
BTW - I saw a study about 4 years ago that said a home's landscaping can affect its price by about 17% - up or down. Now I dont know how they came up w/ that figure, but it impressed me, so I have never forgotten it. None of us can help there is a drought - but the basic layout and amenities (irrigation system, nicely detailed front and back yard, foundation planting, garden plots, patios, fencing, etc) are clearly part of a house's value - as well as street appeal.
You can always plant drought-resistant plants in your yard, that way nothing will die nor will you need to use a lot of water.
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Old 03-27-2008, 07:42 AM
 
158 posts, read 368,289 times
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Maybe they're not serious sellers.
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Old 03-27-2008, 07:43 AM
 
Location: State of Being
35,885 posts, read 67,186,293 times
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Quote:
Originally Posted by raybourne View Post
Maybe they're not serious sellers.
BINGO. Serious sellers negotiate. All offers are potentially good offers.
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Old 03-27-2008, 08:20 AM
 
16,300 posts, read 24,969,718 times
Reputation: 8282
You answer should be that the condition of the yard, and other issues DOES effect the value for you, because it will require time/money to remedy, and that is my offer, accept or reject, I need to move on.
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Old 03-27-2008, 08:22 AM
 
11,836 posts, read 25,481,132 times
Reputation: 2781
Maybe they just don't want to sell to you...
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