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I have a house in the Huntington SD (#3) that I am almost ready to list. I would have loved to list it earlier, but the timing wasn't there for me. I have a target of the first (or second) week of December when the house will be ready. My family has already moved and I am paying two mortgages. I have a multiple concerns.
Obviously the time my house will be ready for market is probably the worst time to list. I know that you get your greatest attention when your house is new to the market, so I am leery about listing it right before Christmas. Yet I am paying two mortgages that I can't really afford for too long (if I ever want to retire). Taxes ($6,000) due in January. Mortgage here is $2,000/mo. Do I list as soon as it's ready or am I shooting myself in the foot and would be better off in the new year?
I certainly cannot afford to wait until spring. I am also concerned that if I list it competitively in December, I will still not get any action until spring anyway and will have had to lower the price along the way to where I am not satisfied with the selling price. This is a lose/lose, carrying two house for many months and not getting what I need out of the sale.
I also have the disadvantage of my house being "unique" and overbuilt for the area (along with a couple of neighbors). We drank the remodeling Kool-Aid in early 2000's as our area was always considered good but "up and coming" to the next level. The crash stopped that and there aren't many (any) 5,000 sq ft houses in my neighborhood to comp. I really need to sell, but also need to keep an eye on my cost basis at the same time.
Any advice, experiences and/or suggestions are greatly appreciated.
It might be helpful if you got a bank appraisal - so you know just where things would stand if you had a buyer on the hook.
I'm of the school to list when the house is ready to list. There are always buyers and we constantly read that buyers on LI are tired of the stale "garbage/junk" on the market.
Perhaps Elke will chime in here, but I have been led to believe that for Suffolk County appraisers can go out one mile for appraisals - unlike Nassau.
In my own market - just this week there were 12 new listings in the two towns I've targeted. We're talking a total population of less than 30,000 for the two towns and both declining markets.
I can't imagine too many people looking at houses 2 weeks prior to Christmas and New Years. I know it's a burden to pay 2 mortgages but your best bet is to wait until at least March. Most families with kids will start looking then to have everything done by the time the school year starts in September. You're limiting your potential buyer base placing it on the market sooner.
I have a house in the Huntington SD (#3) that I am almost ready to list. I would have loved to list it earlier, but the timing wasn't there for me. I have a target of the first (or second) week of December when the house will be ready. My family has already moved and I am paying two mortgages. I have a multiple concerns.
Obviously the time my house will be ready for market is probably the worst time to list. I know that you get your greatest attention when your house is new to the market, so I am leery about listing it right before Christmas. Yet I am paying two mortgages that I can't really afford for too long (if I ever want to retire). Taxes ($6,000) due in January. Mortgage here is $2,000/mo. Do I list as soon as it's ready or am I shooting myself in the foot and would be better off in the new year?
I certainly cannot afford to wait until spring. I am also concerned that if I list it competitively in December, I will still not get any action until spring anyway and will have had to lower the price along the way to where I am not satisfied with the selling price. This is a lose/lose, carrying two house for many months and not getting what I need out of the sale.
I also have the disadvantage of my house being "unique" and overbuilt for the area (along with a couple of neighbors). We drank the remodeling Kool-Aid in early 2000's as our area was always considered good but "up and coming" to the next level. The crash stopped that and there aren't many (any) 5,000 sq ft houses in my neighborhood to comp. I really need to sell, but also need to keep an eye on my cost basis at the same time.
Any advice, experiences and/or suggestions are greatly appreciated.
I'd like to address a few items for you (in no particular order):
Serious buyers are out there NOW; they are looking because they want/need to buy and don't care what time of year it is.
Serious buyers are looking for houses that are clean (!) and in good, preferably updated, condition. And yes, we need good inventory in SD 3 !
Make sure your house is really "ready" to be listed (uncluttered, everything working properly, maybe some touch-ups, etc.).
Nice curb appeal (manicured outside) is part of "first impressions" and definitely makes a difference.
Some nice Holiday decorations can make a house more "homey" and inviting and can add charm to a property at this time of year; just don't go overboard.
If your house is indeed unique and you need to sell sooner rather than later (and apparently you do), your price may have to reflect that (not knowing particulars this is merely conjecture ).
Unfortunately for you, buyers are not concerned with your cost basis, only with what the current market indicates the value is (and of course their budget). I do understand that this could be an issue for you.
Your mention of the upcoming tax bill (50%) implies that it's not included in your mortgage - you'll be paying that no matter what because you won't close before then, even if you list right now . However, if you can close before the next bill is due (in May), you'll get reimbursed for the unused portion...
To sum it up, buyers are out there and ready to pull the trigger; you will get very few tire kickers/lookers but you don't need/want them.
JMHO (based on what I as a Realtor see out there on a regular basis)
P.S.: Wouldn't you rather be a big fish in a little pond (now) than a little fish in a big pond (Spring, when everyone else is listing)??
Last edited by Elke Mariotti; 11-16-2013 at 10:51 AM..
Elke is the expert and I agree with what she says (particularly about those taxes, you are paying that regardless).
I will say that when DH and I were looking for our first house and didn't have kids, we looked right before Christmas. Personally, I think you are taking people with kids out of the equation, whether they are ready to buy or not - nobody has any extra time in December, but people with little ones are particularly hard pressed to find any. But - I would have it on the market on January 1 - people are serious buyers will be getting out there then.
If it's empty, though, I'd consider putting it on the market ASAP. I would just worry about the listing growing stale.
I grew up in SD3 and I'm really curious about where you are!
Elke is the expert and I agree with what she says (particularly about those taxes, you are paying that regardless).
I will say that when DH and I were looking for our first house and didn't have kids, we looked right before Christmas. Personally, I think you are taking people with kids out of the equation, !
Something else to consider:
SD 3 encompasses a large area. The OP's post implies a house good for a move-up buyer; plenty of those buyers in the same SD--who are therefore not bound by the school calendar
I don't know how close the OP is ready to list. If not until right before Christmas, the beginning of January is okay; I'd still suggest some light Holiday decorations till mid to late January though...
Last edited by Elke Mariotti; 11-16-2013 at 04:07 PM..
Thank you all for your help and suggestions. I am going to list just as soon as I am ready. Hopefully very soon.
Happy Holidays To All!
Good luck!
Just curious - what did your RE agent advise???
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I have a multiple concerns. 
!
). 
. However, if you can close before the next bill is due (in May), you'll get reimbursed for the unused portion...
(based on what I as a Realtor see out there on a regular basis)
