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Old 09-07-2019, 06:25 PM
 
234 posts, read 144,952 times
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We will be selling one of our home that is currently rented. Tenant is moving out soon.
Before talking to an agent just want to get an input. We want to sell the house as is. It will need new carpet and walls painted

Does it help if we list the house and then giving $3k towards new carpet and paint. Will this attract buyers if not what can attract buyers?
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Old 09-07-2019, 06:46 PM
 
Location: NC
2,209 posts, read 1,229,903 times
Reputation: 5399
You might be able to get by with a flooring allowance, but I'd definitely suggest painting it. Are you selling it as an investment property?
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Old 09-07-2019, 07:39 PM
 
234 posts, read 144,952 times
Reputation: 66
Quote:
Originally Posted by goldenlove View Post
You might be able to get by with a flooring allowance, but I'd definitely suggest painting it. Are you selling it as an investment property?
We had bought the home stayed in it for about 10 yrs and moved to another state. Now we want to sell it.
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Old 09-07-2019, 08:32 PM
 
Location: Rochester, WA
6,192 posts, read 3,451,189 times
Reputation: 16822
Credits for things like carpet used to be popular, but lenders no longer really like the idea of seller credits IF they are to be given at or after close.

They don't like lending money for the seller to give back to the borrower.

It's OK if you plan to actually do the work prior to close. You can do something like offer a few colors the buyer can chose from when they make an offer.

Otherwise, you can just reduce the price or let it become part of the negotiation.
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Old 09-07-2019, 10:04 PM
 
2,224 posts, read 1,296,062 times
Reputation: 1903
Quote:
Originally Posted by Diana Holbrook View Post
Credits for things like carpet used to be popular, but lenders no longer really like the idea of seller credits IF they are to be given at or after close.

They don't like lending money for the seller to give back to the borrower.

It's OK if you plan to actually do the work prior to close. You can do something like offer a few colors the buyer can chose from when they make an offer.

Otherwise, you can just reduce the price or let it become part of the negotiation.
Diana, do you think that is more problematic for FHA loans than conventional...the cash back/credit schemes? Will they allow the money to be escrowed, or does it add to much complexity to the process?
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Old 09-07-2019, 10:32 PM
 
Location: Rochester, WA
6,192 posts, read 3,451,189 times
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Cash credits have become unpopular with both lenders and escrow companies, if there is any other way to handle it.
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Old Yesterday, 09:12 AM
 
Location: Stuck on the East Coast, hoping to head West
3,806 posts, read 9,349,189 times
Reputation: 7402
Talk to a realtor and look at houses just sold in your area vs houses currently for sale and their days on market. Choose your realtor carefully.

In my area, you have to update as much as possible, in very specific ways, or the house will just sit. I've seen some great houses that are priced below market and just need some cosmetic things (like paint or carpet) and they move very slowly. There is one right now that needs paint and carpet and is listed at $330,000 (average w/b $365,000) and still sits...with a new roof (2019). I know this house and owners well, it's a good solid house. But it's not selling. It's approaching 100 days on market.

On the other hand, I've seen houses sell in hours for above market if they have new counters and a fire pit in the back yard. For example, yesterday one sold (in hours) that had gray paint + granite counters+ fire pit (that cost like $80) and it went for $395,000. Also, this house needs new windows and has a 20 year old roof. Another one sold a few weeks ago with those features and, I kid you not, the windows do not match (my previous neighbor couldn't afford to do them all at once) and the roof is easily 20-25 years old.

If you've seen my posts, you know my house hasn't sold and is approaching 60 days on market (average is 57) I have 2 weeks left on my contract with realtor. I lowered the price. My house has new flooring, updated baths, fresh paint (but I chose white and not gray), I offered a warranty, have new windows and roof, HVAC only a few years old, hot water heater 2 years old, etc. Great house. Still didn't sell.

Since then I have pored over the houses that sold and learned the following: my buyers want gray walls, a specific color granite counter top, subway backsplash, stainless steel appliances, and a fire pit in the backyard with those twinkly patio lights. They'd love a hot tub, but that's not happening.

I've run the numbers: I can put under $10,000 into my house on those specific features and make thousands. Sure, it's going to be time consuming and a pita, but I think that's what the buyers are communicating in my market: they value time over money.
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Old Yesterday, 09:24 AM
 
Location: Danbury CT covering all of Fairfield County
2,278 posts, read 6,033,706 times
Reputation: 1094
I've had a few places recently needed new paint & flooring and the owners were not around. Rather than have the owners pick out the colors and material, we just price is well enough and offer out a credit toward closing costs based on my experience for the cost to replace. That way the buyer can get what they want rather than having to replace the new carpeting that the owner purchased if the buyer wants wood. Also, it saved time getting the house on the market therefore decreasing sellers holding costs when selling empty.
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Old Yesterday, 11:27 AM
 
1,855 posts, read 647,987 times
Reputation: 2927
Quote:
Originally Posted by bande1102 View Post
Talk to a realtor and look at houses just sold in your area vs houses currently for sale and their days on market. Choose your realtor carefully.

In my area, you have to update as much as possible, in very specific ways, or the house will just sit. I've seen some great houses that are priced below market and just need some cosmetic things (like paint or carpet) and they move very slowly. There is one right now that needs paint and carpet and is listed at $330,000 (average w/b $365,000) and still sits...with a new roof (2019). I know this house and owners well, it's a good solid house. But it's not selling. It's approaching 100 days on market.

On the other hand, I've seen houses sell in hours for above market if they have new counters and a fire pit in the back yard. For example, yesterday one sold (in hours) that had gray paint + granite counters+ fire pit (that cost like $80) and it went for $395,000. Also, this house needs new windows and has a 20 year old roof. Another one sold a few weeks ago with those features and, I kid you not, the windows do not match (my previous neighbor couldn't afford to do them all at once) and the roof is easily 20-25 years old.

If you've seen my posts, you know my house hasn't sold and is approaching 60 days on market (average is 57) I have 2 weeks left on my contract with realtor. I lowered the price. My house has new flooring, updated baths, fresh paint (but I chose white and not gray), I offered a warranty, have new windows and roof, HVAC only a few years old, hot water heater 2 years old, etc. Great house. Still didn't sell.

Since then I have pored over the houses that sold and learned the following: my buyers want gray walls, a specific color granite counter top, subway backsplash, stainless steel appliances, and a fire pit in the backyard with those twinkly patio lights. They'd love a hot tub, but that's not happening.

I've run the numbers: I can put under $10,000 into my house on those specific features and make thousands. Sure, it's going to be time consuming and a pita, but I think that's what the buyers are communicating in my market: they value time over money.
Great insight knowing your closeby market. Curious...what color granite is prefered? (There's something people like to use where I am that is like granite, but not, still a good stone and all white. I myself find many dark veins jarring.) Interested in the opinions of varieties of the same product.

All the best in your sale.
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Old Yesterday, 11:32 AM
 
Location: Brentwood, Tennessee
44,340 posts, read 42,841,869 times
Reputation: 85723
Can you not just price it for the condition it's in???
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