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Old 01-09-2008, 01:37 AM
Location: So. Dak.
13,495 posts, read 34,011,046 times
Reputation: 15058


Originally Posted by jorobda View Post
I live in Lake Worth. My house has been on the market for a little over 30 days. I listed it at $300K and agreed to lower the price to $285K after 30 days. I cannot go under $285K. I paid $220K in 2003. I put approximately $50K into this home. I plan on moving out of state and I don't want to be in the same situation that I am in here, meaning living week to week. We figured that if we get $285K we would just have enough to pay off our bills and moving expenses and putting a down payment on another home. If we go any lower after all the fees we might as well not move. Well, I got and offer today. Someone saw my home when it was listed at $300K and now that it is $285, they made an offer of $260 and we pay 3% towards their closing which they figured out at $8,000. I am the second lowest (for my floorplan) in my community with much more upgrades that the lowest. I didn't take the offer. Should I wait and see if I get $285 FIRM. I told the realtor that I don't have any negotiating room and I am a little upset about that. I shouldn't have agreed to down $15K. I just don't know what to do. Do you think someone may walk through my door and give me my asking price. It is in a very desireable community called Smith Farm. I am hoping someone can give me an honest anwser.

I hope you meant that about wanting an honest answer. I agree with the previous posters~you definitely should've taken the offer while you had the chance. Generally, they don't count what you have done for upgrading your house, but that seems unfair. Yet, the total you have invested in your house is 270,000, but you also lived in it four years.

I totally understand that you want the extra $$ to put a downpayment on another house, but in reality you can just be lucky if you can break even on this one. If you can walk away with the 270,000 you've invested, you're doing quite well. There are a lot of people out there right now who can only wish that they could just get enough out to break even.
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Old 01-09-2008, 06:45 AM
132 posts, read 92,753 times
Reputation: 34
Default R/E Broker Mike Morgan has advice for you!!!!

Mike Morgan, has a real estate company up in Stuart, Fl...

He says, that he won't take a listing....""""UNLESS""" it's 15% ""UNDER APPRAISAL""....

Crazy's advice, would be to start there, and then drop the price $10,000 a month...


Prices are dropping...."""YOU"" have to drop your price faster than the market...Where is that????.....When you sell it you'll know...

P.S....The solitary consideration that """EVERBODY"" over looks in the appraisal..."""IS"""....What does it cost to build a house ""TODAY""...

And YES!!!!

>>>>>>>>>.""""THERE WILL BE TEARS"""<<<<<<<<<,
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Old 01-09-2008, 07:13 AM
Location: Orlando
8,233 posts, read 11,247,821 times
Reputation: 4062
Default selling a home

The easy way to see if you are priced right is to see what you can buy for the same price. if you can get newer, larger then you are over priced. think about it from a buyers angle. what are their options, which would you chose... what will it take for them to chose mine?
Inside - remove the refrigerator art, clean your closets, pack unneeded items in boxes and arrange them neatly in the garage. clear the clutter. Clean and organize the linen closet.... you look in them don't you?... make it neat clean, clear, clutter free. store excess coats in the coat closet so it isn't bulging when opened. Place some live plants in strategic places, Orchids make a great table setting. Dress the dinning room table, and breakfast table if ou have it. the breakfast table should be playful light and bright.
Make sure marks on the walls, ceilings and floors are gone, make sure the walls are an appealing color and nothing that 1/10'th of 1% will like. go for the mainstream... the Martha Stewart says ok... paint colors..
Outside, edge the walks and drive, cut the grass, weed the flower beds, make sure the plants are fresh and appealing as weather allows. If the house is Fuschia... paint it, if you are color blind get the opinions of others.
If you smoke, DO NOT DO IT IN THE HOUSE.... EVER!!!!!!! and repaint inside if you did... yes the yellow tint on the ceiling is from that it smells and its gross. and yes the non smokers can smell it when you can't.
If you cook things like curry - kill the smells in the home they can be over powering, baking pies, bread , cookies can place smells people like in the space.
If you have pets be careful they have not made the space smell. get an unbiased honest nose to tell the truth. Cats smell. their litter must be cleaned when they use it.... I was showing a house and as we walked in the door she like to ran me over running out as she was allergic to cats, make people aware of the types of animals you have, some people just can't be around them, its not to say Rover or Garfield must leave just that some people are excluded. Make sure your pets are contained for everyones safety. If they run outside use cages for showings and place them where they wont disturb if they are barkers.

Remove items from the walls that allow for preconceptions or prejudice... these include things like your wiccan alter, the Elvis slept here sign over the bed. Things that will get in the way of someone seeing the house because they are so focused on who is living there.

I don't worry about the special deals of other homes that sold.. the $10,000 of closing costs paid. these will not be reflected in the public documents and just won't be discovered in most cases. If the appraiser doesn't know then no one else will and it won;t affect your selling price.
Selling prices can have different purposes. I see them in 3 categories the top range is an aggressive price, - I want to make the most I can and will take the time to do it, the middle range is I want to get a fair price and move for a quicker sale, and give away price will allow for a fast sell. Each can have their purpose but for most the middle is where you want to be.

Open houses tend to gain clients for the agent more than sell a home but I still think they are good. home owners vacate when the house is open. best times I find are 12:00 - 4:00 on Sunday. Agents with a ton of listings can't hold them all open but they can get others to do so. skip weeks on opens.. go 2-3 weeks between them. Do Not serve alcohol. maybe at a brokers open for a $2M home otherwise none. I don't like drinks other than water as I don't want a risk of stains. Candles are a nice touch, bubbles in the jetted tub, fresh flowers. When I'm bored I clean at them... a home can never be too clean. I organize pantries, refold towels, dress the space and so forth. Remove offensive art also.... If you know about Feng Shui..use it it works wonders.

Choose a Realtor that knows how to utilize the Internet... most buyers use it to shop for homes. Make sure they take pictures immediately and good pictures are posted. as many as the MLS allows for.. in mid Fl its 10. My personal peeve is when realtors have a $M + listing and have only a couple of pictures..... you can't find something good about a million dollar home to picture? Give me a break!

Buyers - use Realtors to find homes it makes your search easier. If you call a Realtor on a sign we of course love it but our responsibility is to our seller to get the best price for that home. We have to balance secondarily your concerns... isn't it better to have an agent working for your interests? ( of course every Realtor will be mad at me for saying that as we all like to get both sides of the commission) A commission is set at the time of listing. fro example the listing agent and owner agree on 7% the listing agent as a general rule offers 3.5% to cooperating agents that can sell the home. If you call a listing agent from driving around you will not lower the commission. If you don't use an agent to represent you the commission remains the same. What do agents charge to help you find a home... most charge nothing, we get paid upon the successful closing of your home. Be honest. use one Realtor that you like and listens to you and what you want. If you say you want to stay under 400k and they show you 800k get another Realtor, if you are saying 400k and you want an 18 bedroom palace listen to the agent when they say you need to increase your target price or lower expectations. We as Realtor like to help you find the perfect house but be courteous of our time and money. Treat us as you want to be treated. We will work hard for you. If we don't or are unresponsive get another.

Is that enough to think about? Well it's a start.... I won't give all my secrets away :-)

Ken Anderson - a Realtor in Orlando (i figure thats not advertising as it is public info)
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Old 01-09-2008, 09:16 AM
Location: Niceville, Floriduh
23 posts, read 80,392 times
Reputation: 14
Good information and to the point from a Realtor perspective. The only statement that could be misconstrued is "If you call a Realtor on a sign we of course love it but our responsibility is to our seller to get the best price for that home." UH, that depends. If you are a transaction broker on the listing in Florida you cannot chose sides to represent. If you do take sides as a TB you are risking your license.
As a buyer I would still recommend buyers to seek a trustworthy agent to represent them vs calling the name on the sign. Of course as a Realtor I want both sides of a deal. But you have to remain neutral throughout the process.
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Old 01-09-2008, 10:33 AM
6 posts, read 24,444 times
Reputation: 14
As a buyer (first time buyer) in South FL, I am so amazed at the variety of homes on the market and the variety of upgrades (or lack of) in the homes. Also, the wide price range of the homes compared to what you get.

If a house with upgrades costs the same as a similar house with no upgrades, I will automatically deduct the cost of having to get new appliances, cabinets, and flooring if it hasn't been upgraded. Same with the bathrooms. Then there are those homes that are so ridiculously priced that we don't bother even looking no matter what kind of remodeling has been done.

Some homes that we walk through are left in disarray...underwear on the floor, pee in the toilet, shoes everywhere, and dirty dishes. And I'm not looking in a less than desirable area either, these are great neighborhoods! Sometimes, the owners don't even leave the house and are eating dinner while we walk around...quite awkward. I can look through these issues, but it is much easier to keep a house in mind when it looks nice.
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Old 05-14-2008, 08:11 PM
92 posts, read 426,057 times
Reputation: 39
Default the market isnt' bad everywhere!

well, here I am trying to sell a home in FL. I was born here-have lived here all my life-and now I need to leave when real estate here is worthless. Unfotunately, we dont have a $200k house. That seems to be all that is sellable.. In a good market, we have a $800k house. Everything in my neighborhood is around $700 or higher right now. We are twice the size and secluded on a back lot that is over an acre and surrounded by conservation area-3 acres of privacy. We are sandwiched between two lakes. Bottom line-I have more house/more land and lots of new upgrades. But, no one is buying! If the whole US was like this, I would say it all evens out-I'll sell lower and buy low. But, we are moving to LA. and the market is strong there. People are getting their homes worth there, they arent' giving them away like us. What is it about FL. Why just here???
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Old 05-14-2008, 09:12 PM
55 posts, read 441,214 times
Reputation: 77
We live in South Fla. and we had a townhouse exactly like the 40+ other townhouses for sale in our neighborhood (same square footage, layout, etc.).

The most important thing in advertising is great photos. We took our own with a wide angle lens and great lighting. Even of our unbelievably green bathroom, which we did not repaint.

The most important thing for a buyer is price. We finally priced ourselves super low, next to a bottom-of-the barrel, just-sold, terrible condition townhouse. Our neighbors were aghast. Our realtor then advertised that we'd pay an extra 1%commission to the buyer's realtor if s/he brought a full-priced offer in within a specific time period (end of month). Boom, we sold full price and did not help the buyer with any costs. Our buyer was terrifically happy.

I don't think a buyer cares how much you paid in upgrades, and you should not factor that into the pricing of your house. Who cares. You did that for yourself, to enjoy your life in that house.

We were lucky to make a small profit on our house. It is not enough for a dreamy 20% downpayment on our next house, but it is a step, and we are ecstatic that we made any profit at all. It's like free money, and we didn't do anything but live there! We'll have to spend time working and saving more money for another house, but isn't that what regular people should do anyway?

Jorobda, I think you should have counteroffered - it was just the beginning of a negotiation. And I think you must free yourself of the belief that you NEED money to spare for a new downpayment, etc. Wow it would be so great if money could fall into our laps like that! But is it really necessary? Does the universe owe it to us? What do you want versus what do you truly need. I think, Be glad for what you have, and move on if you need to. Time is quality of life.
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Old 05-15-2008, 08:54 PM
Location: Brandon, FL
295 posts, read 1,285,561 times
Reputation: 288
Default sold

House sold (finally)!

Paid $230k in 2005 - in one of the nicest neighborhoods in my area.
Realtor was EXTREMELY lazy at first, and did not advertise as I would have expected (for the huge commission they make for selling it).

Got sick of nobody even coming to my house to look at it, so I lowered my price to my personal 'rock-bottom', which was about $15k less than anyone else was selling their comparable home for. Told my realtor to bombard advertising with everything she had (even pursued other realtors in case it still wasn't satisfactory), and loaded every website I could with photos. Left some of my best furniture in some key areas for show (guest BR, LR, and DR). House was pristine, and showed better than a new home.

I had kept the place looking its best (still looked brand new), and made huge landscaping improvements (pond, paver walkways, red stone tree and flower beds...). Invested about six months and over $8k in landscaping and curb appeal. Got rid of all the builder-contracted maintenance mafia (Capelouto, Leon Propane, etc.), as they charged a whole lot for sub-standard service. Paid about $2k on new propane tank, new bug protection plan, new heating/air conditioning services and plans.

Set my asking price at $15k LESS than I paid for it, and refused to budge an inch. I got my first offer within a month of doing this - of course it was rediculously lower than my asking price - and counter-offered the asking price. The guy who bought it realized (or was told by his realtor) that he was getting a steal, and accepted it.

I lost a lot of money on that transaction, but my job transferred me to another state, and I think I would rather have sold it for far less than I wanted, than to still be paying for a house that I do not live in.

Besides, I will most likely make that money back when I buy a new home in my new area.
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Old 05-16-2008, 06:50 AM
Location: Palm Coast, Fl
2,249 posts, read 8,044,185 times
Reputation: 1002
Our MLS listing didn't even have any interior shots, to promote people coming to the property rather than dismissing it online because of a possibly less than perfect interior view. However... each person who visited the house got an eight page color brochure made by me, detailing the selling points and showing photos we had taken during various seasons.
If you have a lot of curb appeal that is an excellent way to go. Price properly, put the one wow factor curb appeal picture in the mls and let it fly. I had more showings on a listing I did that way than any other I've ever listed.
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