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Old 04-08-2018, 01:48 AM
 
15,831 posts, read 18,446,953 times
Reputation: 25609

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Quote:
Originally Posted by sayulita View Post
Asking RE pro's out there. If a person could not for a number of reasons - ill health, financial restraints etc., get their house in tip-top condition for sale, what might they expect to sell the house for?

For example - based on local sales, the house in pristine condition, would sell for $350,000. City is a big draw and selection is low. Sales and rental market extremely tight and expensive.

House is well maintained, mature landscape, desirable neighborhood etc.

But house cannot be brought to current expectations - no kitchen remodel, no remodeling of any kind really. Everything is clean, in working order and appliances are within the last 2-15 years - all in good condition. Countertops fine, but 25 years old. Flooring in kitchen and bathrooms - ditto.

Appliances all white. Kitchen cupboards painted white. No pulls.

Newish vinyl windows (15 years?)

No horrible wall paper anywhere. Neutral paint everywhere. Needs a few touchups.

New roof (6 years)
New furnace and A/C - 2 years
Carpeting throughout that can be replaced with wood (like) flooring, but that's about it.
Nicks and chips around, but nothing major. Some can be fixed.
Light fixtures dated but working fine.

If asking $350 with deficiencies listed above, what might a good offer be?

Probably not answering all questions, so feel free to ask.

Thanks for any input.
I'm not a RE expert....just an experienced home buyer.

I think that you house sounds like it will bring the honest experienced buyer in a competitive market....I'd list it for the 350....and see what happens. You can always drop.....but you cannot bring it back up....unless a biding war transpires. From your post, it sounds possible with the low inventory. Fingers crossed.

I personally like looking at a home with good bones, like you're describing....and I think many people will. I do not consider complete remodels a big draw.....especially since so many trendy fads have ruined a good house imo. And, do not list "as is" or even talk about that with your agent. I think a big draw for some people is the op to put their mark on their "new" home....So, imo many people waste money on those quick "lets get ready to sell" re-dos.

Keep us posted, and I hope that you get a great price.
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Old 04-08-2018, 06:16 AM
 
216 posts, read 73,617 times
Reputation: 814
I am getting ready to sell an small investment property that is not completely renovated and having this discussion with spouse. We do not have the time or energy (money not a problem, it's a small house) so are willing to take less money.
The buyer will be a flipper of investor who will finish the job and make money on their sweat equity.

Here are some of the issues a seller will encounter (if you haven't thought of these already):
-many buyers want "turn-key" because they also do not have the time or energy or skill to do renovations/upgrade. Once they move in anything major is just a huge headache (flooring, kitchen reno). Painting is about the only upgrade most people can handle.

-a seller has a smaller pool of potential buyers when their property is not renovated. In my case we pulled out the (small) kitchen which was slum-level and haven't replaced it. Have done major reno of electric, plumbing, roof but not replacement of cabinets, appliances, countertop which we priced at HD at $6k for everything including labor.

-Fewer buyers in pool when banks will not loan money to properties that are not in move-in condition (like mine with no kitchen). Yours will qualify for buyer mortgage as long as bank appraisal says the price is right.

-Good news if you can't renovate: most renovations barely break even with cost (some lose money) so not a good reason for seller to renovate. In your listing you can say "Seller will give $3,000 credit for floor upgrade" That way they can get a mortgage and at settlement get money back to do the upgrade. (Whether they do it or not).

-Your biggest competition as a seller will be what else is for sale and what condition is it in. Take a tour on the online MLS and look at kitchen pictures of homes for sale. My MLS also keeps "sold" properties online but can't see the interior photos just address and one exterior.

My advice: do not renovate.
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Old 04-08-2018, 06:22 AM
 
Location: Long Island
747 posts, read 671,170 times
Reputation: 496
Every market is different. Some areas demand a move in perfect home to get top dollar, others not as necessary. Only your local (experienced) realtor will help guide you with this. I am also generally of the feeling of wanting to spend a bit less and have a clean slate to work with for my own taste in renovations. The issue for you will be, how much is a little less. There is no perfect formula or answer. Your specific market and location will dictate that. You should know after speaking to several local realtors, going to multiple open houses in your area, and viewing pictures and corresponding descriptions of on line listings (Zillow for starters) where your house should be priced and feel good about that target. Yes, you can go down, but pricing too high can really stall the sale. People often don't give a second chance if you price it like a gut renovated home (area dependent of course).
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Old 04-08-2018, 06:22 AM
 
Location: Cary, NC
31,603 posts, read 55,320,924 times
Reputation: 30155
OP,
You should obtain a copy of the state-mandated disclosure form and review it to determine what you must disclose.

Buyer/Seller Advisories | Oregon Association of REALTORS
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Old 04-08-2018, 09:53 AM
 
1,512 posts, read 565,559 times
Reputation: 2944
If $350K is what the market says is fair for the home, then an offer of $350K is what you should expect.

Given the fact that most of the work that has been done is on the systems and structure, I don’t think that you need to do anything more than clean and make it available.
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Old 04-08-2018, 11:33 AM
 
91 posts, read 29,823 times
Reputation: 171
Quote:
Originally Posted by sayulita View Post
Asking RE pro's out there. If a person could not for a number of reasons - ill health, financial restraints etc., get their house in tip-top condition for sale, what might they expect to sell the house for?

For example - based on local sales, the house in pristine condition, would sell for $350,000. City is a big draw and selection is low. Sales and rental market extremely tight and expensive.

House is well maintained, mature landscape, desirable neighborhood etc.

But house cannot be brought to current expectations - no kitchen remodel, no remodeling of any kind really. Everything is clean, in working order and appliances are within the last 2-15 years - all in good condition. Countertops fine, but 25 years old. Flooring in kitchen and bathrooms - ditto.

Appliances all white. Kitchen cupboards painted white. No pulls.

Newish vinyl windows (15 years?)

No horrible wall paper anywhere. Neutral paint everywhere. Needs a few touchups.

New roof (6 years)
New furnace and A/C - 2 years
Carpeting throughout that can be replaced with wood (like) flooring, but that's about it.
Nicks and chips around, but nothing major. Some can be fixed.
Light fixtures dated but working fine.

If asking $350 with deficiencies listed above, what might a good offer be?

Probably not answering all questions, so feel free to ask.

Thanks for any input.
I assume that by "as-is", you mean you won't be doing any upgrading to the property before putting it on the market.

Obviously there are a lot of variables: how quickly are homes going in your area, is the buyer anxious to buy, etc. For me personally, I'm not paying the high end of my market's range if I'm going to be spending the money to update it anyways. So if you're selling the property in current condition, be fair about your asking price and don't compare it to the identical house across the street that has tons of upgrades.

OTOH, I've looked at open houses where the realtor says "that light fixture was just put in and cost $1,000", to which I've responded "I wouldn't pay $300 for that fixture and I don't really care about a light fixture in that spot anyways". In other words, if you're going to put money into the house now in order to get top dollar, make sure you stick to basic colors/fixtures/appliances (you are trying to attract a buyer, not put your own individual, unique taste into it), and understand that just because you paid for the most expensive stuff, doesn't mean a bargain-hunting buyer is going to care.
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Old 04-08-2018, 11:42 AM
 
3,287 posts, read 4,938,689 times
Reputation: 6046
Quote:
Originally Posted by buggzy702 View Post
I assume that by "as-is", you mean you won't be doing any upgrading to the property before putting it on the market.

Obviously there are a lot of variables: how quickly are homes going in your area, is the buyer anxious to buy, etc. For me personally, I'm not paying the high end of my market's range if I'm going to be spending the money to update it anyways. So if you're selling the property in current condition, be fair about your asking price and don't compare it to the identical house across the street that has tons of upgrades.

OTOH, I've looked at open houses where the realtor says "that light fixture was just put in and cost $1,000", to which I've responded "I wouldn't pay $300 for that fixture and I don't really care about a light fixture in that spot anyways". In other words, if you're going to put money into the house now in order to get top dollar, make sure you stick to basic colors/fixtures/appliances (you are trying to attract a buyer, not put your own individual, unique taste into it), and understand that just because you paid for the most expensive stuff, doesn't mean a bargain-hunting buyer is going to care.
As I said in my OP, I am NOT going to put money into the house to upgrade it. I don't have the money. Thus the question about "as-is". Right now the house is in all neutral boring white and beige from when I tried to sell it 10 years ago. Other than the furnishings and the art on the walls, it has nothing of my own taste in it.
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Old 04-08-2018, 11:56 AM
 
91 posts, read 29,823 times
Reputation: 171
Quote:
Originally Posted by sayulita View Post
As I said in my OP, I am NOT going to put money into the house to upgrade it. I don't have the money. Thus the question about "as-is". Right now the house is in all neutral boring white and beige from when I tried to sell it 10 years ago. Other than the furnishings and the art on the walls, it has nothing of my own taste in it.
As I said, if the house is in good but "plain" condition, assume that a buyer is going to want to put additional funds into the home to spruce it up to their liking. You should factor that into your listing price, unless you live in an area where homes are getting snatched up immediately in bidding wars.
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Old 04-08-2018, 12:13 PM
 
Location: Danbury CT covering all of Fairfield County
2,179 posts, read 5,758,129 times
Reputation: 956
My gut tells me $309,000 list, but I'm not in the Portland Market. Clean is the most imporant thing as well and address any health/safety issues.
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Old 04-08-2018, 12:17 PM
 
3,287 posts, read 4,938,689 times
Reputation: 6046
Quote:
Originally Posted by jdhall1 View Post
My gut tells me $309,000 list, but I'm not in the Portland Market. Clean is the most imporant thing as well and address any health/safety issues.
$41,000 UNDER market price!?! Just because it isn't up to the minute? I don't think so! Not in this market.
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