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OTOH, carpet of any kind can be a turnoff. People are finally realizing just how nasty that stuff is. You walk on it, your pet that goes outside and walks through who knows what comes in and tracks across it, and then you put the little baby down on it to breathe that nasty stuff in. Carpet is gross.
It's Florida. If you do anything, put down nice tile...not white and definitely not white/light grout. Or just give an allowance to the buyer for floor covering replacement and let them decide.
My house was built in 1994. Builder grade cabinets that the former owner's daughters (it was an estate) ran out and put cheap granite on. Lipstick on a pig. I wish they had just left whatever was there before. Now I feel guilty that I'm thinking about ripping out the old cabinets and getting rid of the cheap granite they put in.
The first thing we did was rip out the carpet and put down tile. So much easier to keep clean and sanitary.
Why not wait to market the house until after your parents have moved into your sister's new in-law suite? It would be easier on everyone that way.
A possibility; the new digs will likely be available to move in in Apr. They are in a hurry, and afraid they will miss the spring season which they believe to be prime selling season. Hence why I was curious someone said its not.
Take whatever price the average of 3 real estate agents "think" it might be, and then lower it by 25%. Even then it might be priced too high. Americans are tapped out.
Many of the supposed young people you think are are out there who want to start families really aren't financially able to buy even if they wanted to (and they do, they really do).
There is a Trillion dollar student loan debt burden that IS hampering housing already and will get worse.
The US government is broke to the tune of -18t and counting by the hundreds of millions every day.
Stocks are crashing globally and will continue to drop now that the artificial central bank liquidity is drying up.
Between rent, car payments, food, obamacare costs, people of all ages are getting crushed. The tyranny of monthly payments and continual debt service doesn't bode well for savings and investment in real growth.
I'm frugal, but most of my co-workers are living month-to-month with zero saved for retirement. Those already in a house and not paying rent are the lucky ones, but they can't sell to move either up or down in size/cost if they wanted to. And it's not like we can accuse people for not trying.
I'm getting ready to buy (which is probably silly, but I'm risking it and wouldn't be maxed out if I did and would still have 3 years of backup mortgage payments + living expenses even if I lost my job the day after closing. And even that is scary.
Home I'm looking at: Original listing price: 314,900. Current: 249,999. Oops. That's a nice pair of shoes shy of a 65k drop. It's dated just like you described your parent's home above. Good bones and all that, but blue toilet and shower and that kind of stuff, and no recessed lighting. You can tell they haven't upgraded much. New appliances, but nasty cabinets and counters. My offer is going to be: 214,900. Yep. And why not? It's been on the market since June (7 months). Because that's what I think it's worth. The pros are the land (double what's probably average for the area) and the area, and that it's at the end of a quiet cul-de-sac. with big lots and room. The neighbors seem to keep their lawns in good order and I didn't see any spinner rims on cars.
I'd be willing to pay 225k (maybe), but anything more and I walk. I have the freedom to do so, and it's not like there aren't 5,300 other homes for sale in the county. It's all about what people are willing to pay, indeed what they even can pay, and don't let some fool real estate agent try to convince you otherwise.
I don't know what area you are in and I haven't read through this thread. However, in my neighborhood... An older ranch house that has been remodeled will go for roughly $450k. The same house not remodeled; likely $400-415k. It is neighborhood specific so you really need to get in touch with a realtor in your area.
Edited: read thru thread quickly, I see you've contacted agents. Look, pricing is an art not a science. Choose the agent who gave you the best vibe and was responsive your calls/emails in a timely manner and who was at least in the price ballpark. Hint: the "top agents" often just have more advertising money, not necessarily a better agent. Get recommendations from friends/family.
The whole idea of "discounting" a "dated" house seems silly. The house is worth whatever it's worth. No discount necessary. People who want a new house should be told to go buy one. It's just that simple. Everyone else will look at the house and make up their own mind as to what it is worth. Surely some estimate of it's value is possible. That might be a good starting point for a listing price.
The whole idea of "discounting" a "dated" house seems silly. The house is worth whatever it's worth. No discount necessary. People who want a new house should be told to go buy one. It's just that simple. Everyone else will look at the house and make up their own mind as to what it is worth. Surely some estimate of it's value is possible. That might be a good starting point for a listing price.
This makes NO sense! So, picture this: two houses are the exact same size, same bed/bath count, same sized lot, in the same neighborbood. One was built in 1985 and hasn't been touched since (dated wallpaper, mauve carpet, brass fixtures, traditional floorplan, Formica counters, etc).. The other is brand new and reflects what today's average buyer wants (open floor plans, energy efficient systems, bigger bathrooms, hardwood floors, hgtv style)......you REALLY think the new house and the 1985 house are "worth" the same price? What buyer is stupid enough to buy the stick in 1985 price house for the price of a new one??
OP, if I were you, I'd get a contractor or two over to find out the cost to update your parents house to look & feel more like the new ones (remove wallpaper, replace/remove mauve carpet, fresh paint, remove any dated window treatments/ hardware/ hardwire lighting, replace countertops, maybe demo the master bath or maybe open up a wall or two to get a more open floor plan in the living areas. Let's say that new homes of similar size and equal location/schools are selling for $350k and the contractors' bids are in the $60k range. I'd price the house at $275-285k. It's a good opportunity for someone to get into what I assume is an established area and be able to do the work themselves and still end up a tad cheaper than a brand new home. BUT- I am in a market where in desirable neighborhoods, a completely remodled/updated home from the 1920-1950's will fetch about the same $/SF as brand new construction, AND where buyers expect everything to look current regardless of age.
This makes NO sense! So, picture this: two houses are the exact same size, same bed/bath count, same sized lot, in the same neighborbood. One was built in 1985 and hasn't been touched since (dated wallpaper, mauve carpet, brass fixtures, traditional floorplan, Formica counters, etc).. The other is brand new and reflects what today's average buyer wants (open floor plans, energy efficient systems, bigger bathrooms, hardwood floors, hgtv style)......you REALLY think the new house and the 1985 house are "worth" the same price? What buyer is stupid enough to buy the stick in 1985 price house for the price of a new one??
OP, if I were you, I'd get a contractor or two over to find out the cost to update your parents house to look & feel more like the new ones (remove wallpaper, replace/remove mauve carpet, fresh paint, remove any dated window treatments/ hardware/ hardwire lighting, replace countertops, maybe demo the master bath or maybe open up a wall or two to get a more open floor plan in the living areas. Let's say that new homes of similar size and equal location/schools are selling for $350k and the contractors' bids are in the $60k range. I'd price the house at $275-285k. It's a good opportunity for someone to get into what I assume is an established area and be able to do the work themselves and still end up a tad cheaper than a brand new home. BUT- I am in a market where in desirable neighborhoods, a completely remodled/updated home from the 1920-1950's will fetch about the same $/SF as brand new construction, AND where buyers expect everything to look current regardless of age.
It makes absolute sense. Did I imply that two similar houses, one older, one new, would be "worth" the same price? No, I didn't. Go back and read what I wrote. All I said was that the older house would be worth whatever it is worth. The market will determine the final price. To think that you can somehow "discount" from the price of the older house for this or that is silly. Maybe the listing price already reflects the age of the house and any necessary repairs? That would only make sense, right? Sort of like selling a new car or a used car, both the same year, but one has zero miles and the other has 15,000 miles. The person selling the used car would have to be crazy to think it was worth the same a a new one.
I've got an older house I'll be selling in a few months. It was built in 1950. It'll be priced after consulting some experts. And if someone comes along and tries to have the price discounted because of this problem or that problem, do you know what I'll do with their offer? It'll go directly into the trash can. People that want to buy a new house should go buy one. There are plenty of poorly built new houses on the market.
On the other hand, I'm sure someone will buy this house. Location, location, location. On my desk right now I've got three letters from some realtor who has a client who HAS to have this house. Another realtor promised me four or five offers on day one. Any potential buyer who wants to play games will not be buying this house.
This makes NO sense! So, picture this: two houses are the exact same size, same bed/bath count, same sized lot, in the same neighborbood. One was built in 1985 and hasn't been touched since (dated wallpaper, mauve carpet, brass fixtures, traditional floorplan, Formica counters, etc).. The other is brand new and reflects what today's average buyer wants (open floor plans, energy efficient systems, bigger bathrooms, hardwood floors, hgtv style)......you REALLY think the new house and the 1985 house are "worth" the same price? What buyer is stupid enough to buy the stick in 1985 price house for the price of a new one??
OP, if I were you, I'd get a contractor or two over to find out the cost to update your parents house to look & feel more like the new ones (remove wallpaper, replace/remove mauve carpet, fresh paint, remove any dated window treatments/ hardware/ hardwire lighting, replace countertops, maybe demo the master bath or maybe open up a wall or two to get a more open floor plan in the living areas. Let's say that new homes of similar size and equal location/schools are selling for $350k and the contractors' bids are in the $60k range. I'd price the house at $275-285k. It's a good opportunity for someone to get into what I assume is an established area and be able to do the work themselves and still end up a tad cheaper than a brand new home. BUT- I am in a market where in desirable neighborhoods, a completely remodled/updated home from the 1920-1950's will fetch about the same $/SF as brand new construction, AND where buyers expect everything to look current regardless of age.
If I were the OP, no, I wouldn't get a contractor to do any demo'ing whatsoever. About the only things I will agree with is replacing the carpet, remove the window treatments, and MAYBE update the hardware. THAT'S IT. Sure, a sparkly looking home can fetch more. that doesn't mean that the 80 year old original homeowners need to do all of what you mention because there are a lot of buyers that are interested in other things besides counter tops and floors. And that open floor plan thing..again not everyone desires that and there are a lot of people who like traditional floor plans. Why on earth should these people put out that sort of expense for a home that isn't particularly expensive to begin with???
I purchased a 1989 gem, hardly discounted, and it had brass hardware, mismatching flooring, tile counters, and oak galore. And we bought it because it's a custom home in a neighborhood of custom, non-cookie cutter homes, with a large, wooded lot, and it has character in spades. When we were househunting, all things were not equal. many of the updated homes lacked the character we desired, or the lot was too small, or there was no pool. There were no HGTV style homes in our desired area, so it was never a situation of updated house vs. non-updated house. Lack of updates makes a lot of sense given the fact that the homeowners in the area are originals and probably "updated" their home at least twice before selling. If I were them, I wouldn't bother updating the third decade around either. It falls on the new buyers (like ourselves) to do whatever updating. Somehow the older homeowners in our neighborhood are selling their homes (not at discounted prices either) and they don't need to demo a bathroom or replace a counter. So, no, I wouldn't do any of that.
Last edited by riaelise; 01-25-2016 at 02:25 PM..
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