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Geez. I hope you are right. As someone who may be selling a home in that price range and age next year, I would be looking at putting a good $30K+ in to meet that list of demands. Might as well throw in a pony too.
But then all this talk about what is expected in a $XXXK home is kind of pointless without considering size and location.
I agree...you have to consider the Location (neighborhood). A NEW $300,000 home may get you the granite and the hardwoods. An older $300,000 home may not. It all depends on what is the "norm" for that neighborhood. But, the new home may have a .08 lot and the older home may have an acre.
Different people look for different things. Some like laminate, most do not. Some prefer carpet in the bedroom. If the homes you are looking at are 2 story homes, it isn't likely that you'll have hardwoods throughout. Maybe you'll find them throughout the first floor but typically, not on the 2nd floor.
Some of the answers that I'm seeing are more of a wish list.
Of course, if you have a $200,000 home with hardwoods and granite, you will most likely sell faster BUT I think it is all about what the buyer is seeing.
I'd suggest you ask your Realtor because the question you are asking is going to be very specific to what is the "norm" but also, what is the "norm" in your area.
Wow! The list of demands amaze me especially considering the price point mentioned by some. We are planning to sell our house in Spring. It is a great wooded .25 acre lot in established neighorhood in Cary with 2500 Sq.Ft. The house is about 10 years old with usual 4 bedrooms, 2.5 baths and so on. Would expecting little above 300K for this house with updated kitchen/fixtures be unreasonable?
Is the paint color so important to buyers? We have non-beige (read bright or deep color) accent wall in all rooms with matching window treatments. But it is just one wall and the drapes wouldn't match beige.
Wow! The list of demands amaze me especially considering the price point mentioned by some. We are planning to sell our house in Spring. It is a great wooded .25 acre lot in established neighorhood in Cary with 2500 Sq.Ft. The house is about 10 years old with usual 4 bedrooms, 2.5 baths and so on. Would expecting little above 300K for this house with updated kitchen/fixtures be unreasonable?
Is the paint color so important to buyers? We have non-beige (read bright or deep color) accent wall in all rooms with matching window treatments. But it is just one wall and the drapes wouldn't match beige.
At 10 years old, you don't have masonite or polybutylene, like most 15 year old homes do.
You don't have a 15 YO builder's grade HVAC system, or roof.
But... You are trying to do a "blind comp" on a house you haven't seen. That will make you nuts fast if you keep at it.
In MLS Area 5. central Cary, there are 29 detached homes on the market from $280,000---$320,000, from 2300--2700SF.
No limits on age.
14 have sold in the last 90 days, so that looks like about a 6 month inventory.
But, 14 have sold in the last 90 days, so there is movement in the market.
If your home is competitive, it will sell.
If you pull it down to homes built since 1995, you get 8 sold, 2 pending, and 7 actives. A 90 day supply.
Don't worry too much.
Use your time to prep your house as best you can.
Do the accent wall colors and drapes clash with neutral in every room, or are there a couple of rooms you can change and reduce "color stress" in buyers?
And figure on pricing it for any incurable deficiencies like driveways, RR tracks, backing to highway, etc.
We don't have hardwoods-what are your opinions about giving the buyer a credit to do hardwoods themselves or paying for someone to do it ourselves? The house is in an established neighborhood, great location and roughly 16 years old.
We don't have hardwoods-what are your opinions about giving the buyer a credit to do hardwoods themselves or paying for someone to do it ourselves? The house is in an established neighborhood, great location and roughly 16 years old.
It depends on the neighborhood...does everyone else have hardwoods?
It depends on your price point...a $100,000 house? No. A $400,000 house? Maybe. A $750,000 house? Yes, add the hardwoods.
One thing that needs to be considered is that appraisals are much more stringent than they used to be, and an appraiser does not care about granite counters or hardwood floors. Your house will be appraised based on the comp value, square footage and structural features and you will not sell your house for more than the appraised value. Adding fancy interior upgrades may help you sell faster but other than new paint and repairs, you will not recover your investment in any upgrades you add before selling.
One thing that needs to be considered is that appraisals are much more stringent than they used to be, and an appraiser does not care about granite counters or hardwood floors. Your house will be appraised based on the comp value, square footage and structural features and you will not sell your house for more than the appraised value. Adding fancy interior upgrades may help you sell faster but other than new paint and repairs, you will not recover your investment in any upgrades you add before selling.
I might not agree with that...we just had an appraisal (a bank appraisal) and he asked about all the improvements we had made...and it was listed and reflected in the appraised value.
I had my house appraised for my refinance earlier in the year. One of the comps had a $7K adjustment for an "upgraded kitchen" but there weren't any details on what upgrades there were. Must have been pretty substantial to garner $7K. In comparison, my large screened porch was "worth" $5K on the appraisal, and cost several times that. Not that I expect to get my money back on it - built purely for my enjoyment over the next 20+ years. :-)
I had my house appraised for my refinance earlier in the year. One of the comps had a $7K adjustment for an "upgraded kitchen" but there weren't any details on what upgrades there were. Must have been pretty substantial to garner $7K. In comparison, my large screened porch was "worth" $5K on the appraisal, and cost several times that. Not that I expect to get my money back on it - built purely for my enjoyment over the next 20+ years. :-)
Oh and I have Pergo and love it.. :-)
You made a point that I had made previously but using your example makes it clear.
You built a screened porch and let's say it cost you $10,000. An appraiser says it is worth $5,000 in re sale. You wouldn't expect to get back every penny of something like that but yet, sellers do. Hard to explain to them that re selling your house doesn't work that way.
I sold a home years ago. Seller paid $5,000 for wood blinds. He wanted to add $5,000 to price of house. Try explaining that the VALUE of those blinds is only worth $$$ IF the buyer wants them. Turns out the buyer's husband had promised her she could have plantation shutters so they were going to discard the blinds. So, the value of those $5,000 blinds to those buyers was $0.
Back to the appraisal...you finish off your 3rd floor attic, using the same materials as the rest of your house. Your home is appraised at $150 per sq. foot but NOT THAT ATTIC. An appraiser is going to give that attic $50 per sq. foot.
So, when you are adding on, get what you want. Don't expect you will get back every dollar you spend when you sell.
Vicki
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