Selling a Home in Chesapeake 23322 (Hampton, Forest: appointed, for sale by owner, mortgage)

[navywife123]

We have lived in the Forest Lakes neighborhood in Chesapeake (Grassfield High district) for nine years and my husband is retiring from the military in May. We have put a ton of money into upgrades into our home, and I was disappointed when I had a realtor say that we could basically sell it for what we purchased it for in 2009. Has this been your experience with the market lately? Any luck selling your home on for sale by owner? Thanks so much!

[citydweller]

I sold my home in a desirable part of central VB in July and lost roughly 10% of the value however, I bought at the top of the market in 2008. Since you bought in 2009 the market then had begun to cool. There are many variables in a home price such as location, number of homes available so I can't really speak directly to your particular situation. Have you tried getting a 2nd opinion?

[navywife123]

Oh wow! Thanks for the quick reply. We have not gotten a second opinion, but I'm pretty sure based on the comparables she is on point with the price. We bought for $443k and I think we could sell it for around $460, even though we have put in over $50,000 in upgrades. Depressing, but it might be worth trying to do a military by owner/for sale by owner. Not sure how long it would take doing it ourselves though…

[Isabella Tiger Moth]

I read about a year ago that this whole area was long overdue for a rebound and that one was on its way--but it sure hasn't happened yet. They've been calling HR a "seller's market" for about a year now, but, although it may be relatively easy to sell a home at adjusted prices, it's still almost impossible to sell one for the price most people paid for them before the bubble burst. There are a number of FSBO's in my neighborhood (significantly more than agent-offered), but they're not selling. Of the two near me that have sold, one was FSBO, one was agent-offered. The house behind us was for sale (again) by agent, but didn't sell and is now off the market (again). People just can't get what they want for their homes.

We're in a similar boat to yours, except that we haven't put nearly as much into upgrades. We need to do some cosmetic repairs if we want to bring it to market, but, honestly, I'm not willing to spend a lot just to give somebody my house for what I paid for it ten years ago. If we decide to sell, we'll probably try FSBO. The way things are going in my neighborhood, I figure we've got at least as good a chance as with an agent.

[lovnova]

Originally Posted by navywife123

We have lived in the Forest Lakes neighborhood in Chesapeake (Grassfield High district) for nine years and my husband is retiring from the military in May. We have put a ton of money into upgrades into our home, and I was disappointed when I had a realtor say that we could basically sell it for what we purchased it for in 2009. Has this been your experience with the market lately? Any luck selling your home on for sale by owner? Thanks so much!

It's well known fact that home prices back then were not realistic and greatly over-inflated. So chances are your home was never worth what you paid for it back in 2009. Knowing this, for future planning I would not have put a ton of money in it. Lots of folks that purchased back then are still upside down or if they are lucky to be at a break even. You will only get what someone is willing to pay, be it FSBO or by a realtor.
I have experience with FSBO. My opinion is that to do a FSBO you need to be in a very desirable market/location.


Sorry, not trying to be harsh but it is what it is. Good Luck.

[jillybean720]

Unfortunately, it's also rare that you get back what you put into your home as far as upgrades, improvements, etc. Sometimes, it really ends up more like sunk maintenance costs.

Honestly, I'd count yourself lucky. Other areas got hit much harder by the bubble. We owned a townhouse in northern VA that we bought at the end of the bubble just as prices were starting come down a little (obviously not knowing they were about plummet), and after about 8 years, we had no choice but to short sell it because we were so upside down. We'd put in tens of thousands of dollars worth of upgrades as well (new HVAC, new sliding doors, completely gutted and rebuilt full bath, replaced all exterior trim and gutters, complete replumb of the whole house, etc.).

[fmac]

Regardless if you use a Realtor or sell yourself, unless someone is going to pay cash for your home, they will need a mortgage. Mortgage requires an appraisal and appraiser uses the recent comps as a base line value and then adjusts for any upgrades or unique aspects of the home/location. And you will not get 50k in adjustments for upgrades but a % of that amount....and in my experience Appraisers vary on the percentage. Selling yourself saves at least 3% of the sales price as most Realtors will not show your home unless you agree to pay their agency 3% of the sales price. Percentages, sometimes can be negotiated depending on the Company. As for home values in general, I can say from my experience, it depends on the area as to how much the market has risen since 07/08 timeframe. There is a very nice area in Chesapeake where current owners are selling for 30-40k less than what they paid in 2010. Sad, but the reality of today's market. Good luck on whatever you decide.

[meeshee1]

I am in the same boat, although I live in Hampton. I bought in 2007 (terrible mistake) and paid WAY too much. I am not looking to make a ton of profit, although we've done a lot of upgrades - new roof, new windows, new HVAC system, new granite.. I just want to break even which isn't even looking good right now. The market in Hampton Roads as a whole seems really stagnant. I have also debated over FSBO but I just don't have the time to do it so I will probably end up using a realtor and pay too much commission, but we're desperate to get out of VA and I am desperate to get the house off my hands, so I guess I'll see what happens.

We have not hired a realtor yet, I am actually afraid of what they will suggest for a list price, but we will have to make the jump eventually. Good luck with your home selling!