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Old Yesterday, 09:45 AM
 
937 posts, read 258,131 times
Reputation: 2497

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Quote:
Originally Posted by iSudo View Post
Here are some of the types of homes that are going for $400k-$500k in our city:

https://www.redfin.com/city/5155/CO/...ty_id=34155275

https://www.redfin.com/city/5155/CO/...ty_id=34112893

https://www.redfin.com/city/5155/CO/...ty_id=34150298

Not only is our house more than double the square footage of these homes, it is much more updated and at a fraction of the price. We're not overselling ourselves, not in this market.

Your feed back was decor issues though you have had some traffic- that could mean you are getting bargains hunters- buyers who would only buy at the deep discount if given...

Looking in your price range the possible turn offs I saw:
Only 2 bedrooms
Split levels
No garage
Yellow line street- busy? Traffic?
Bars on windows- high crime?
Unfinished projects on photos

Let me illustrate what could be alleged decor issues with the photos from your area.
Attached Thumbnails
Discounts requested for seller's decor, furniture, pet ownership-c14c7320-191a-4e59-855b-8dafc632d2c1.jpeg   Discounts requested for seller's decor, furniture, pet ownership-d29cc055-51c4-4ba7-a225-862967ba7028.jpeg   Discounts requested for seller's decor, furniture, pet ownership-7a6f87dd-2500-4d9b-8197-f1a0a1102da5.jpeg  

Last edited by Nik4me; Yesterday at 10:02 AM..
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Old Yesterday, 10:10 AM
 
119 posts, read 25,000 times
Reputation: 127
Quote:
Originally Posted by Nik4me View Post
Your feed back was decor issues though you have had some traffic- that could mean you are getting bargains hunters- buyers who would only buy at the deep discount if given...

Looking in your price range the possible turn offs I saw:
Only 2 bedrooms
Split levels
No garage
Yellow line street- busy? Traffic?
Bars on windows- high crime?
Unfinished projects on photos

Let me illustrate what could be alleged decor issues with the photos from your area.
I agree, those pictures are terribly unprofessional and that house is very cluttered. Our house, in its current state, is nothing like that. It wasn't bad to begin with, but we've decluttered more and we're having pictures retaken. We're also considering a small price drop, but we're not priced exorbitantly high as it stands.

Furthermore, I don't know what area you think you've pegged us to-Denver Metro is huge, but I have not divulged any personal info to you or anybody else here. So you're mistaken about whichever area you're assuming we live in.

Quote:
Only 2 bedrooms
Probably our biggest shortcoming, but we have room for another bedroom as I have said before. In fact, there was space they semi-walled off and used as a bedroom before we purchased. Lack of a finished bedroom may or may not be a problem, but lack of space is not a problem.

Quote:
Split levels
Not a split level.

Quote:
No garage
We have a garage.

Quote:
Yellow line street- busy? Traffic?
No, we live in a quiet area off a non-busy road.

Quote:
Bars on windows- high crime?
Not in our community.

Quote:
Unfinished projects on photos
The house you pulled is not an accurate comparison to the community we live in. The neighborhood of the house you pulled up is called Barnum, which is a blue collar, pre-gentrified mostly Hispanic community in southwest Denver consisting of mostly small single family detached ranches and bungalows. It's literally the closest thing Denver has to "inner-city", but that's not saying much in comparison to cities with much higher crime rates. Our neighborhood is much nicer, safer, and quieter than Barnum.

Last edited by iSudo; Yesterday at 10:39 AM..
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Old Yesterday, 11:01 AM
 
Location: Raleigh NC
10,044 posts, read 7,545,625 times
Reputation: 8643
Quote:
Originally Posted by iSudo View Post
Just about every real estate blog or journal article I've come across indicates an added value of $5-$10k per additional room assuming similar square footage. Just one example: https://pocketsense.com/value-adding...e-7759437.html. Our home, in comparison to many of these comps, actually has more square footage.

Since we ultimately have a similar layout as the rest of these comps, we have room to build an additional room in the basement where they've added theirs. In fact, since our basement is partially finished, it's really just a matter of framing a couple walls. Electrical is already hooked up. We have not proceeded with this kind of project, because we have not been convinced that the ROI is worth it. Why drop $5k+ on building costs when I could just price drop $5k from asking. Then we'd be $10-$20k below the sales prices for comps with an added room. I'd argue that's more than fair.
that article is of 0 value.

If you have 2 BR's, then you should be using 2 BR's as comps. You can't just say a 3rd BR is worth only $5-10K. Even if ALL the 3 BR comps have the 3rd BR in the basement - a space you could convert to a BR (it has a window or door to exterior, a method of egress, yes?) - then you can't simply say "well, it would cost me $5-10K to do that, so I'll just price myself that much less".
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Old Yesterday, 11:07 AM
 
Location: Northern Virginia
5,206 posts, read 5,557,071 times
Reputation: 12939
Quote:
Originally Posted by Okey Dokie View Post
If Iíve got this straight...you have a 2 bedroom townhouse? The 2 bedrooms is very limiting. Even a married couple with no kids would probably pass if they had plans for a family in the future. Empty nesters might pass if they are sleeping in separate rooms due to snoring/sleep issues and wanted a guest room or study/den/office too.

Someone who is looking for a single family home is not going to consider a townhouse if the supply of single family homes is adequate.

So your target buyer is a single who wants a townhouse. A fairly small pool.
But that would be obvious before anyone even views the home. Yet they've had 30+ showings in three weeks. If a buyer is looking for a 3BD home, it's unlikely this home would result in any of their searches and no one would waste their time looking at a 2BD home when they know it doesn't fit their needs.

OP, I would not recommend adding the third bedroom yourself. While it would open your home to a deeper pool of buyers (those looking for a 3 bedroom), it's unlikely you'd get a return on your investment. If you're willing to spend X amount of dollars for installing a bedroom, just lower your asking price by X amount of dollars. In the long run, it would be less hassle for you.

And reading your other thread about what makes an agent a great agent - I suspect your agent is a dud.
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Old Yesterday, 11:12 AM
 
Location: Raleigh NC
10,044 posts, read 7,545,625 times
Reputation: 8643
find out what HAS been selling, if anything, in your price range.

find out the % of 2 BR townhomes that have sold, if any. Find out the same for 3 BR.

30 people have come through the doors. Have they bought something else, or not?
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Old Yesterday, 11:19 AM
 
1,888 posts, read 852,559 times
Reputation: 3465
Quote:
Originally Posted by iSudo View Post
In our recent home selling experience, I've noticed a trend in people expecting deep discounts because of the way you've decorated a home, or the furniture you've arranged, or the fact that you own a pet. Keep in mind, all of these things are temporary attributes inside the home and would be leaving with the owner once they move out. Even as it pertains to the pets, it's not as if the home has taken on damage from the pets; it's their mere existence that provokes this request. Obviously, we'd be open to offering minor credits at closing for any cleaning/repairs that may be required as result of our own doing.

I've had a number of people tell me I should drop the price significantly because of these factors. Is this normal behavior? As someone with more of an engineer mindset, this seems completely impractical and unreasonable to me. These are not things being sold with the home; the home itself is what is being sold and should be valued based on its own condition. Am I crazy for thinking this way?
Anyone who asks for a price reduction due to decor or furniture arrangement is out of their ever loving minds and would probably get a pretty nasty reply from me. Having a pet, if you can smell it (and often the owners cannot smell it) may mean taking up carpet which might justify a small discount even if the carpet looks good still; a house of a smoker would definitely require some sort of discount if the property wasn't already listed below market. I think people push these requests more if you are in a slow selling area. I can recall that my friend when selling her house a potential buyer asked her to drop the price by $50K in South Carolina because they lost $50k on their house in New England. She told them where to go. I don't know what goes through some buyers heads. I wouldn't seriously discount my house if I were you; however, if after talking with your realtor and others if something like a painting allowance or lighting allowance might be warranted you might offer something like that at closing. Sometimes, a seller, rather than repainting to more neutral colors or replacing outdated fixtures will offer an allowance.
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Old Yesterday, 11:21 AM
 
828 posts, read 267,311 times
Reputation: 2229
We went to a open house and the realtor advised her clients to put their furniture in storage and have it staged. She said old furniture and pets was a immediate price reduction. I find that ridiculous. The last four times we moved out and sold the house empty. We have Maltese and they have never caused any damage. We have all hard flooring so no carpet. If we ever sell I guess we will take all evidence of them with us for showing if this is the new thinking.
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Old Yesterday, 11:28 AM
 
952 posts, read 558,787 times
Reputation: 4053
Quote:
Originally Posted by Teacher Terry View Post
We went to a open house and the realtor advised her clients to put their furniture in storage and have it staged. She said old furniture and pets was a immediate price reduction. I find that ridiculous. The last four times we moved out and sold the house empty. We have Maltese and they have never caused any damage. We have all hard flooring so no carpet. If we ever sell I guess we will take all evidence of them with us for showing if this is the new thinking.
You have to understand with HGTV and the internet buyers have a mental standard of what is acceptable. Before the internet or home shows you had to physically visit houses to see what was out there so you had very little to compare to as far as trends in decor, kitchen design, etc.
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Old Yesterday, 11:29 AM
 
836 posts, read 585,947 times
Reputation: 1050
Quote:
Originally Posted by BoBromhal View Post
that article is of 0 value.

If you have 2 BR's, then you should be using 2 BR's as comps. You can't just say a 3rd BR is worth only $5-10K. Even if ALL the 3 BR comps have the 3rd BR in the basement - a space you could convert to a BR (it has a window or door to exterior, a method of egress, yes?) - then you can't simply say "well, it would cost me $5-10K to do that, so I'll just price myself that much less".
Agree with Bo. If you have 2 bdr/1.5 bath you need to compare to other 2bdr/1.5 baths.
In some cities the price difference between a 2 bedroom and a 3 bedroom is huge but maybe its not in Denver because 5-10K is nothing. Who wouldn't want an extra bedroom - that's like an extra $25-40 a month!
Many people do not want to put their children in the basement and would immediately not consider that option.
What is the very nicest, not new construction or flip, 2 bedroom selling for? Is yours just as nice?
If it were me, I'd ask my agent to take me to the 4 houses that are the closest comps to take a look around myself.
If you live in a great neighborhood, on a quiet street, and the house is updated, then the only reason is isn't selling because it is priced to high, is missing a key feature (attached garage, closet space) or smells like animal.
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Old Yesterday, 11:50 AM
 
119 posts, read 25,000 times
Reputation: 127
Quote:
Originally Posted by foodyum View Post
Agree with Bo. If you have 2 bdr/1.5 bath you need to compare to other 2bdr/1.5 baths.
In some cities the price difference between a 2 bedroom and a 3 bedroom is huge but maybe its not in Denver because 5-10K is nothing. Who wouldn't want an extra bedroom - that's like an extra $25-40 a month!
Many people do not want to put their children in the basement and would immediately not consider that option.
What is the very nicest, not new construction or flip, 2 bedroom selling for? Is yours just as nice?
If it were me, I'd ask my agent to take me to the 4 houses that are the closest comps to take a look around myself.
If you live in a great neighborhood, on a quiet street, and the house is updated, then the only reason is isn't selling because it is priced to high, is missing a key feature (attached garage, closet space) or smells like animal.
I don't disagree with what either of you are saying. We live in a townhome community. Most of the units are about the same size and layout, with the exception of +/- a couple hundred square feet of space. We have one of the larger units at nearly 1900 sq ft; 2 full finished bedrooms and 2 full finished bathrooms. Some units in the community added a 3rd bedroom in the basement. When we bought our unit, a bedroom was crafted in the basement for one of their children. It wasn't fully framed or dry walled, but they had put up some ad-hoc walling to close it off and create a closet. We have not used it for a bedroom ourselves, but rather have purposed for a use that was relevant to us. However, we are considering framing and finishing a bedroom in the basement if the cost is not too high.

We have a garage, it's not attached. I've asked a number of different people other than ourselves if they could smell our cat, and nobody has indicated they could. Even so, that's worthy of a minor credit for cleaning, not a major price reduction. Our cat is potty trained, it doesn't pee on the flooring, and the litter is concealed and stored in a concrete space in the basement. It's a bogus excuse, and only 1 individual commented on that during our 30+ showings.
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