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Interesting. That seems to match the general pattern (boomers flush, kids not buying). I will say, we have a few retirees on the street, and they seem to enjoy it. It really has to be those who enjoy gardening, puttering around the house, etc. Seems like those with the $$$ would want newer homes. Makes sense. Why deal with maintenance issues late in life?
Actually, your best bet is flush baby boomers who will help their kids who CANT buy unless someone else helps them get into the house.
Our son bought a house just like yours 3 years ago for 196,000 on long island. We were willing to help him, but not to put him in a house where the payments would mean he was living beyond his means, racking up debt or turning to us for help with his mortgage payments.
Your demographic imo is anyone who cant afford anything else and you need to bring the price down to whatever the prevailing wages in your area support as far as a monthly payment goes once the minimum downpayment is met. Usually, that's a 3% down FHA loan for a first time home buyer with closing costs wrapped into the mortgage.
Whatever other similar houses are selling for, you need to knock off the price of an updated kitchen and bath if its in similar condition. I suspect if you do that you will get some offers. The yard while needs work is not a deal breaker imo because even young people who don't feel up to home renovations can fix a yard.
I accidentally stumbled unto this forum and read through all 10 pages. Very tiring. I also went to the listing to get an idea of the property. I agree with many of the previous statements. Your photos are terrible and do not do the house any justice. Because I actually like renos I can see the potential but your photos will turn off a lot of potential buyers.
1. Said and said again. Clean up the landscaping. Honestly you don't have to do a lot just weed eat/mow and trim everything nicely. You can even rent tools from Home Depot if you don't have them. no personal furniture (plastic) in front or back. Hose coiled nicely. Few potted plants to even the front out. You can use ones that you would want in your current home. I would recommend removing the front fence as it opens the lot up and makes it feel bigger. Personally I would NEVER have a front yard fence.
2. it is a cute home but it is very obvious that it will require some serious renovation..kitchen counters at the very least and probably appliances. Im assuming the bathroom needs updating since you don't include pictures.
3. I disagree with everyone that said a retiree should be your target population. Very few retirees are going to want to downsize that much into a home they will need to renovate. I getting ready to retire and I can tell you I don't want big projects just small projects like painting and maybe a deck.
I think you are looking for younger couples with no kids that want a project and don't need a lot of space.
I see the potential in your home but see it as a home for a very small family(couple) or even siblings looking for a small home to share. You might consider using it as a rental income property for college students if its close enough; however, that will require some effort on your part for maintenance.
I would agree it is probably overpriced but think with proper staging, photos, landscaping and a serious re-write on your ad you have the possibility of actually getting asking price.- Like I said remove that front fence. It actual gives it a rundown feeling...compare to the house across the street with no fence and the green lawn--very nice and inviting.
Also the comps for a 2/1 are lower than what you have set your price at I was seeing most having sold from 153K to 230K.
I wish you all the luck in the world and let us know if it works out.
Chain link is the kiss of death in some and expected in others... it's a real toss up.
Personally, I don't think it matters, because if you don't want the fence its not that hard to take it down.
I think what a lot of people are missing is that in some high cost areas, this is what a starter house looks like. Even the OP said he bought the house because he didn't want to pay the higher prices to get something better. He also said he liked the house.
Someone else who cant afford to get anything better and wants to own a house will talk themselves into liking the house as long as he prices it lower.
Very few people whether young or retiree actually WANT a 2 bedroom, 1 bath house.
The people who are selling the homes which are more improved, probably improved them with home equity loans during the boom. For all anyone knows, they are underwater or breaking even as well.
Lots of people don't make much money on their first home. Price it to sell and get out is my advice. The OP is in his new home, so apparently doesn't need a profit from this home to get the next home.
Yes it will leave a bad taste, but in a few years it will be but a distant memory. Get on with your life.
I use to think this way... it's not hard to paint, trim some bushes or take a load to the dumps...
From my own experience... many buyers today just want what they want.
Most of my homes started as fixers or worse... first home was actually scheduled for a condemnation hearing at the time I bought it... least expensive single family home in my Bay Area city of 400,000 population... then again, I bought for less than half of what it was listed for on the MLS.
To some and area of chain link or cyclone fences is enough to eliminate the entire block or neighborhood... at least it is here... anything from too industrial, too ghetto to pit bulls in the yard...
No lie... that home in San Francisco would have a bidding war at 600 to 700k list price.
I use to think this way... it's not hard to paint, trim some bushes or take a load to the dumps...
From my own experience... many buyers today just want what they want.
Most of my homes started as fixers or worse... first home was actually scheduled for a condemnation hearing at the time I bought it... least expensive single family home in my Bay Area city of 400,000 population... then again, I bought for less than half of what it was listed for on the MLS.
To some and area of chain link or cyclone fences is enough to eliminate the entire block or neighborhood... at least it is here... anything from too industrial, too ghetto to pit bulls in the yard...
No lie... that home in San Francisco would have a bidding war at 600 to 700k list price.
I agree that buyers want what they want. But, if they cant afford what they want, they eventually come around to what they can afford.
I don't care for fenced in front yards myself; but on these tiny lots, some people like them for toddlers or pets.
The bottom line is I just think OP is better off lowering the price and not putting any more money into the property. He is probably not going to get it back if he does.
Before OP lowers the price, (which is probably a good idea as well), just redoing the pics, getting rid of the clutter, and cleaning up the yard should do a lot for the house. I don't suggest putting any major expense into the home, expecially since he/she is paying two mortgages ATM. As for whether or not it's a "starter home," it all depends on the demographic. Since Ashland is a college town, OP should be able to sell the home with some modest changes, IMO. The kitchen is quite dated, however, changing that would cost buckoo bucks. I like the wood laminate flooring. Very nice. Have you gotten an independent appraisal, OP? That would really help you get a realistic price point on the house. Remember, your house is only worth as much as a buyer is willing to pay
Since the OP has all the advice needed, how about if I fix this word for you? BEAUCOUP
I agree with the others that the exterior needs trimmed/cleaned up. If the trees were pruned, that would let a lot more light into the house.
As for the interior, IMHO, paint would do wonders. All of the rooms are white on white, and because the sun isn't pouring in, the white appears dingy. I don't know if beige is still the go-to neutral color for flipping houses, but I'd paint the walls some other light, neutral color, and leave the trim white.
In the kitchen, make sure the cabinet doors and drawers are tightly shut, if possible. IMO, the doors that are ajar make the cabinets appear in worse shape than they really might be. Also, in addition to the walls, consider painting the door and drawer faces of the cabinets, leaving the frame/body white. Do a Google image search for "retro 50s kitchen" and see if anything there appeals to you. (but, just a warning, accentuating the retro quality of the kitchen may also turn off some buyers)
Just my 2 cents.
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That's the least of the problems here.
