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I'm confused. 8 years ago was 2009, which was the height of the housing crisis. What area are you in that was still in an inflated bubble at that time?
I was thinking the same thing because in our area the market had already tanked at that time, so prices were at the bargain stage. However, some areas didn't really get hit until 2010.
At any rate, if you want to sell you need to make your home look presentable. Clean up the mess, organize the toys. Maybe homeschool at the library for the time being if possible. Have the carpets cleaned or go to Menards, Lowes or Home Depot and rent the carpet cleaning machine and do it yourself. I think it cost us $30. Definitely paint any walls that need it! You can also do that yourself!
Besides that, list it lower than the competition and put in the listing "Priced below market do to cosmetic upgrades needed". This tells buyer that it's already priced at a discount, but there is nothing wrong with the mechanicals to suggest an "As-is" sale.
Ah, okay--that makes sense. Thank you! We could do minor things--clean, fix dings, etc. but the things our (maybe) realtor has suggested (new windows, new carpet, full indoor paint job) just seem unrealistic. Our house has sold quickly (less than six weeks) the last two times it's sold. I'd like to see what might happen if we just put it on the market without all these expensive (and maybe unneccesary) cosmetic fixes.
Painting is cheap! It's like 30 bucks for a gallon of paint. What's the carpet like? Worn? Need stretching? Stained? Have a professional carpet cleaning company come in for a couple hundred and steam clean it....might give it a new life. If it needs stretching, you can have a carpet installer come in and do it for little money.
New windows? What's going on with the ones you currently have?
It is very true that Buyers - and oftentimes their agents - look at a house in poor cosmetic condition and wonder "If the Sellers haven't done anything about the stuff they see every day, what have the Sellers ignored that they don't see?"
This. I have this thought in any house I tour that looks like they haven't done anything to sell the house. Painting and carpeting cleaning are the minimum that should be done really. If you can't clean your house, you're not maintaining it either.
If you already know where you're gonna be moving, perhaps you could send the things you won't need right away to a storage unit over there? Or to a relatives garage/attic if you're moving back to be near relatives? Make an easier move if half the stuff is already there and it will clear out your house to show better. If not fresh paint, at least wash the walls well?
If your house is in a good location, it should sell quickly, although since it was acquired during a bubble, the final sales price probably really matters. Clean it up as best you can, maybe repaint the front door and make the front yard and entry as attractive as possible, list it and see what happens. If all the prospective buyers complain about the same thing, then either just fix that one thing or give them a credit towards fixing it themselves.
I deal with house design and the Building Department as my job. All the time there's folks who are fussing about what things they need to do to get the Building Department to approve their plans. Generally, get a good solid presentation and don't worry about the details. Even if you do everything you think someone else thinks should be done, there will still be something else they want. There's just no guessing everything first since there's too many people involved with the whole process. So just make a good solid presentation and let it play out as it is presented. "As is" if you will, although as you've mentioned, you'll not be actually writing that term down due to negative associations with it.
DON'T say as-is in a listing unless there is something that you know is wrong and have no intention of repairing, or unless there is an issue like unpermitted additions. Clean it up, wash walls, paint rooms, or touch up if necessary, clean the carpets, de-clutter. Make sure the yard, especially the front yard and porch, are clean and inviting. Scrape and paint anything that is peeling and looks crappy. Prune back shrubs if needed, and remove any junk, repair any broken fence boards or posts. To the extent that it's possible, hide pet stuff when the home is to be shown. Take kids and dogs and go to a friend's house or the park for showings. Show by appointment only so that you can do a quick clean-up of clutter right before you leave. Open blinds where the view is nice to make it as light and bright as you can. Make sure there are no pet smells.
Don't replace windows unless they are broken or have rotted wooden frames (that realtor is an idiot to suggest that otherwise) and don't make any investments in things the new owner might not even like, like new carpet. They might want hardwood floors! Make sure it's as clean as it can be though. If anything is an issue in an offer, you can always make an adjustment for it in the contract price.
New windows? Please. That's one of the most expensive renovations you can do and not necessary to sell. Just price it with the existing windows in mind.
One note about the windows. I agree that most sellers don't and shouldn't replace windows just to have new windows in it to sell.
However, windows where the seals have failed, that are fogged and streaked... It might be a good idea to replace those, or at least re-glaze and reseal them.
Another note, if the carpet is bad, carpet is the next best cheapest fix after paint, and might be worth doing. House with new paint and carpet will look and smell better, particularly if you have pets.
It might make the difference in the house selling at all if it smells more than you think.
Oddly enough, replacing the carpet may make more difference in the lower price ranges than in the upper ranges. If you have a mid-to-high-end home, maybe leave the old carpet with a note that you have discounted for it.... Buyer will probably prefer to choose their own flooring.
If your house is in the lower end, first-time home-buyer range, they won't be able to afford to replace the carpet with their own cash, they don't have it. And lenders don't like seller credits these days.... so if it doesn't have liveable carpet in it, they will just have to pass.
Low end buyers can't afford to make any major updates or repairs. Mid to high end buyers care less.
Most important repairs are those that a bank will flag and won't finance. Peeling exterior paint, broken windows, bad roofs, rotting decks and outside wood.
OP, most of the things that people do to upgrade the house before they sell will bring higher money, but not enough to reimburse them for the upgrades.
What I recommend for you is to price it a bit below market and then get it really really clean. A coat of neutral paint will pay for itself.
Then go around and repair all the little things that have been let go. Things like broken switch plate covers and knobs and handles. That won't cost you much and it makes a huge difference in the overall impression.
Then go out side and trim and spruce up the landscaping. Neat and tidy for everything.
Someone will be glad to get into your neighborhood for less than the local houses are selling for and you will end up ahead.
A lot is simply time and effort to deep clean... as others have said it doesn't cost much so make the windows sparkle and paint is relatively inexpensive and can be done on your schedule.
I have bought a lot of as-is homes... most were to settle an estate.
As-Is often dramatically shrinks the pool of interested buyers... it could also mean problems with a buyer needed a loan...
It is your call but simply listing the home will get you an answer in 2 to 3 weeks how well it is received in your market.
I like to buy as-is because doing my own work provides instant equity as I make improvements and I can do it my way on the sellers dime... so to speak.
Last edited by Ultrarunner; 09-01-2017 at 10:26 PM..
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