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Old 07-28-2012, 10:14 AM
 
14 posts, read 30,510 times
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Ive been busy the last few days so I havent had time to come back, but I thought I'd answer a few questions that were asked....

1. Why would you drop $100k in a $225k house? Well, we've replaced 2 a/c units and 2 heating units - and all of the duct work with it. We've completely gutted and replaced the kitchen, and all 3 full bathrooms, we've replaced all the masonite siding and old wooden windows with vinyl siding and tilt-in, low E vinyl windows...and those are just the big items...

2. Your kitchen seems small...your living room & dining room seem small. YES!! Some of the exact reasons why we would like to move!!

3. You need to "update" some of the decorations in your house. Yes, I totally agree!! When we relist in the spring, I plan on having different curtain in the living spaces and bedrooms - floor to ceiling curtains with a more modern look...GREAT SUGGESTION!!!

4. Your house seems overpriced to what has sold in your neighborhood. Yes, my house is higher priced than some of the houses that have sold in my neighborhood with very similar square footage...the difference between my house and theirs is we've updated the kitchen - taken out the small, 30" oak cabinets and put in 42" cherry cabinets. We've also completely updated all 3 full bathrooms. We've also replaced all of the heating & a/c units in the house...those houses that have sold had NOT had those updates done, had not had that much money put into the house....Im looking for a buyer who wants in my neighborhood, and wants to move into an already updated house - not a cheap one that needs a bunch of renovations done to it!!

5. Your neighbor's house is better than yours. UGH - my neighbors are moving and HAVE to sell their house, yes, they have hardwoods on the first floor, but they also only have 2.5 baths, they still have masonite siding (even had a few mushy pieces replaced before listing it) they have old, wooden windows and have smaller "family living spaces"...I think it all depends on what someone is looking for in a house. But yes, they do have an awesome kitchen - their master bath has had the carpet ripped up and tile flooring put down, but nothing in the other 1.5 baths.

6. Lower your price. Yes, I realize that price sells a house - and I'm working on convincing my DH that if we have to bring money to closing (instead of only getting the $200 that we're on course to get right now) that we're not "paying someone to buy our house", that its just an "expense of selling"....its a mental thing with him - hopefully in the spring he'll look at it differently!!

THANKS everyone!!
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Old 07-28-2012, 11:05 AM
 
Location: Florida
18,332 posts, read 18,571,226 times
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However, one thing I noticed (assuming all the sold listings are correct) is that your house was the oldest,and with some, by far, then the others and the updates you did closed the gap in age more than they zoomed your house past the others in value.

That is where you might need to be prepared to considered you may have put too much in....or more likely....paid too much for a house that needed that much, for the neighborhood.
Good that you sound a bit flexible in attitude.....good luck with the husband
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Old 07-28-2012, 11:25 AM
 
9,198 posts, read 21,181,902 times
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Quote:
Originally Posted by Mary B123 View Post
we've replaced 2 a/c units and 2 heating units - and all of the duct work with it. We've completely gutted and replaced the kitchen, and all 3 full bathrooms, we've replaced all the masonite siding and old wooden windows with vinyl siding and tilt-in, low E vinyl windows.
But for the kitchen and bathroom upgrades, for which you should be able to recover some of your cost, these items seem to me to fall into the "maintenance" category for which you're not going to recover much if any of your cost.
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Old 07-28-2012, 11:41 AM
 
14 posts, read 30,510 times
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Quote:
Originally Posted by CHTransplant View Post
But for the kitchen and bathroom upgrades, for which you should be able to recover some of your cost, these items seem to me to fall into the "maintenance" category for which you're not going to recover much if any of your cost.
but if you compare 2 houses side by side - and both have been updated on the inside regarding the kitchen & baths, but 1 has no maintenance vinyl siding & windows, and one has masonite siding that is over 23 years old and less energy efficient windows, woudn't I get some "credit" for having updated the outside too??

I mean, I totally understand that I wont get back all of the $40k that we put into the windows & siding, and even though the owners of my next home will also have lower heating/cooling bills b/c my house is more energy efficient than others, I feel that folks can't completely disregard the exterior upgrades we've done..

My neighbors have painted the exterior of their house TWICE in the 9+ years we've lived across the street from them...and eventually the masonite siding on their house will have to be replaced...and mine wont..
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Old 07-28-2012, 03:24 PM
 
Location: under the beautiful Carolina blue
15,767 posts, read 24,025,669 times
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Quote:
Originally Posted by Mary B123 View Post
but if you compare 2 houses side by side - and both have been updated on the inside regarding the kitchen & baths, but 1 has no maintenance vinyl siding & windows, and one has masonite siding that is over 23 years old and less energy efficient windows, woudn't I get some "credit" for having updated the outside too??

I mean, I totally understand that I wont get back all of the $40k that we put into the windows & siding, and even though the owners of my next home will also have lower heating/cooling bills b/c my house is more energy efficient than others, I feel that folks can't completely disregard the exterior upgrades we've done..

My neighbors have painted the exterior of their house TWICE in the 9+ years we've lived across the street from them...and eventually the masonite siding on their house will have to be replaced...and mine wont..
You might get a little more but again, if the house is priced more than the neighborhood at large, people aren't going to pay extra just for that. I know it's tough, because if the roof were falling in you'd have to lower your price from the neighborhood norm.

Being brutally honest, your new kitchen and baths are lovely and a nice perk, but everything doesn't match properly. I am really not trying to pile on here, but looking at your kitchen makes me want to rip out the floor; looking at your (I assume) master bath makes me want to rip out the curtain rod, hang it higher (where it belongs) and change it to match the bath fixtures; again the tile doesn't doesn't match the rest of the bath; looking at (I assume) the hall bath I want the mirror to match the vanity. So if I were a potential buyer, I'd be somewhat happy that everything is new but I would be thinking there are things I don't like that I have to live with, and they are things that aren't as easy as changing the towels.
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Old 07-28-2012, 04:13 PM
 
Location: Florida -
8,250 posts, read 10,020,659 times
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IMO - If salesmen in most industries approached their careers like many realtors approach theirs, they would starve! The thing many sales people do not understand is that an objection is simply an opportunity to sell. The obvious question for a professional salesman when a potential buyer says, "I don't like it because __________", is: "Is that the only thing keeping you from buying this house?" ... or, "If that was not an issue, would you buy this house?" ... or "What would it take to overcome that objection so you could buy this house?" (Even if the buyer didn't buy that particular house, the realtor would have a much better idea of what they would buy!)

It's obvious that this is the problem you are facing, based on your comments that you "always come-in second best'! Your realtor/s are acting like what industry refers to as "order takers"... by allowing objections to keep them from really doing their job. (Perhaps there are so many houses on the market, many RE agents start thinking that their job is to show houses rather than sell houses). You need to find a realtor who doesn't stop until they can come back to you and report, "We've got a potential sale, IF .... (whatever the buyer said)" --

Seriously! -- What would you do if you manufactured a product and your salesman repeatedly came back and reported, "We lost again because ... (multitude of excuses)? -- Would you conclude that you needed to close your company or make something else? ... or that you needed another salesman? -- This is a tough market and it isn't enough to just have a warm body with a RE license!
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Old 07-28-2012, 05:21 PM
 
Location: NJ
17,579 posts, read 38,347,516 times
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Quote:
Originally Posted by jghorton View Post
IMO - If salesmen in most industries approached their careers like many realtors approach theirs, they would starve! The thing many sales people do not understand is that an objection is simply an opportunity to sell. The obvious question for a professional salesman when a potential buyer says, "I don't like it because __________", is: "Is that the only thing keeping you from buying this house?" ... or, "If that was not an issue, would you buy this house?" ... or "What would it take to overcome that objection so you could buy this house?" (Even if the buyer didn't buy that particular house, the realtor would have a much better idea of what they would buy!)

It's obvious that this is the problem you are facing, based on your comments that you "always come-in second best'! Your realtor/s are acting like what industry refers to as "order takers"... by allowing objections to keep them from really doing their job. (Perhaps there are so many houses on the market, many RE agents start thinking that their job is to show houses rather than sell houses). You need to find a realtor who doesn't stop until they can come back to you and report, "We've got a potential sale, IF .... (whatever the buyer said)" --

Seriously! -- What would you do if you manufactured a product and your salesman repeatedly came back and reported, "We lost again because ... (multitude of excuses)? -- Would you conclude that you needed to close your company or make something else? ... or that you needed another salesman? -- This is a tough market and it isn't enough to just have a warm body with a RE license!
That would all make sense if there was only one agent. But the fact that a buyer has their own agent it really doesn't. The seller's agent never even talks to potential buyers.
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Old 07-28-2012, 06:10 PM
 
4,630 posts, read 7,216,053 times
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Look at what HAS sold, not that which is for sale.

I would have purchased the sold comps over your house as well.

Siding can be fixed.

Akward floorplans and small rooms can't be fixed unless you do a major renovation.

You can mitigate the less than desirable views with trees. The view of the neighbor's house smacks you right in the face.

Ceiling to floor draperies are out.. and only belonged in formal rooms anyway. They also make small narrow rooms smaller. Plantation Shutters are in.

Bottomline your house shows old and akward when compared to the sold comps.

What I would do is position the house not for families - but for DINKS. Change one bedroom to an office.
Get rid of as much furniture as you can. Plant trees along the back property line to block the view.

Next spring your house will be a year older up against newer new comps in the neighborhood.
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Old 07-29-2012, 12:54 AM
 
519 posts, read 863,122 times
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Quote:
Originally Posted by Mary B123 View Post
Your house seems overpriced to what has sold in your neighborhood. Yes, my house is higher priced than some of the houses that have sold in my neighborhood with very similar square footage...the difference between my house and theirs is we've updated the kitchen - taken out the small, 30" oak cabinets and put in 42" cherry cabinets. We've also completely updated all 3 full bathrooms. We've also replaced all of the heating & a/c units in the house...those houses that have sold had NOT had those updates done, had not had that much money put into the house....Im looking for a buyer who wants in my neighborhood, and wants to move into an already updated house - not a cheap one that needs a bunch of renovations done to it!!
Here's the thing: You and your husband see the value in those upgrades and have adjusted the price of your home based on your attitude towards those upgrades. The problem is that any potential buyer doesn't share that same viewpoint. With a home of such an age, a potential buyer may see those upgrades as necessary modifications to an older home. If anything, the continued mention of said upgrades is a constant reminder that your home is older than any surrounding homes. Also, did you have these upgrades done because you thought you they would add value to your home when you sold it or because those upgrades needed to be done because you have an older home?

All due respect, but you see your home as an "updated" house. If a potential buyer doesn't like the updates, all he is thinking is: "I need to tear these out to put up I we like. I'd rather pay less for another home and use any extra money I have to make my own renovations."
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Old 07-29-2012, 09:41 AM
 
2,632 posts, read 4,352,553 times
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OP, my sympathies in a rough market, but I think you are in an excellent position since you don't HAVE to move, and if you do move, you would be moving to another house in the same vicinity, so the price drops that hurt you on the selling end work to your greater advantage on the buying end, because you want a bigger, nicer house, which will have the same % price drop, meaning more $$$ saved on the higher-priced, buying end.

If I were you, I would not screw around with making changes to the house at this point in the hope that buyers will like them and compensate you for them. It's a risk, esp. given that you may have "over-improved" already. I would decide to either:
(a) stay put and not incur the loss or expense of moving right now or
(b) drop the price significantly (to the point where your house now outshines the competition at the same price rather than causes buyers to nit-pick), sell the house quickly, and enjoy the new home you buy at a lower price than you would have gotten it several years ago.

Tell the hubby you have this decision scoped out and if he knows what's good for him, he'll do what you want :-)!

Last edited by ACWhite; 07-29-2012 at 10:21 AM..
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