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I'm selling my primary residence so I can move far away. I've lived in the community for 33 years, and am pretty well known due to my involvement in the public schools.
While I haven't hired the broker yet, I know her, and her kids. she is also very well known in the local community and has a super reputation.
I've done an extensive search of local real estate, and there is literally nothing available in my price range with all the features of my house(Completely renovated, new roof, new water system, 4 bdr, 2bth, etc). But I would be willing to go quite a bit lower, since I'd really like to get out of Dodge and move into retirement.
How much should I tell the Broker about what I plan to do and how low I would actually go? Should I ask what price I should offer it at to get them lining up outside her office?
None of that really matters. Your house will sell for what a ready, willing and and able buyer (and now appraiser) thinks it's worth. If there is nothing like your house available in the marketplace, be prepared for a long sales cycle. The buyer pool for a unique house like that is likely to be quite shallow.
But to answer your question, you are about to enter into a relationship with a trusted professional and share fiduciary responsibilites. Any relationship is only as good as what the partners put into it. Would you hire a CPA and not reveal all of your income/expenses? Write a will and not reveail potential heirs? You expect your agent to be honest with you, but you are hedging on your own honesty? If you feel you need to hide or can't trust that person, you shouldn't enter into that relationship.
None of that really matters. Your house will sell for what a ready, willing and and able buyer (and now appraiser) thinks it's worth. If there is nothing like your house available in the marketplace, be prepared for a long sales cycle. The buyer pool for a unique house like that is likely to be quite shallow.
But to answer your question, you are about to enter into a relationship with a trusted professional and share fiduciary responsibilites. Any relationship is only as good as what the partners put into it. Would you hire a CPA and not reveal all of your income/expenses? Write a will and not reveail potential heirs? You expect your agent to be honest with you, but you are hedging on your own honesty? If you feel you need to hide or can't trust that person, you shouldn't enter into that relationship.
I didn't mean to imply that it was "different". I meant that for the price I need to move, it will stand out. It is not unusual in the sense that its weird unless you think that complete renovation in new rugs and hardwood floors with pastel and white colors, 4 bdrs, two full baths, separate family room, wood stove heat for 72 degrees for 600 bucks total, two decks( 8 x 10 upper, and 10 x 40 lower) all on 1 acre in the cheapest school taxes in the county and with a beautiful country view up on a hill is too weird to sell."
I was hoping that would be the way to go. We sold property in western PA and had a very close relationship with the broker. She knew exactly what we needed to get, and we were very honest with her about everything. Just wanted to double check.
My opinion would be to list it for what s/he recommends, unless that price is lower than your bottom line.
I tell my clients NOT to tell me their bottom price. That is their personal information and I don't need to know that because I will try to negotiate the best price for my sellers.
Besides believe me, it is a moving target for you. You don't know it, but your moving target will change drastically based on the number of offers you receive (or don't receive) when you "underprice" your home.
You can always raise the price, or counter higher. All I am saying is, ask your agent what s/he really believes is a realistic price for your home. If s/he asks you, "what do YOU think your home would likely sell for?", just smile and again ask your question again. If that price is above your absolute bottom, just agree and put it on the market and see what happens.
Personally,I love pastels and white trim. I don't like the heavy Tuscan trend, or Craftsman trend, here in California. It's beautiful, but not for me. I would not buy a home for myself with what I consider dark and gloomy colors in my sunny, beachy community. Of course, my taste is not my clients' taste.
I LOVE white cabinets, ceilings, baseboards and crown moulding with pale yellow and blue walls. Think Diane Keaton's home in "Somethings Gotta Give". Sunshine all year round, surfing, boating, parasailing, in-line skating, the beautiful blue of the ocean, the color of sand, and the fluffy white clouds. Why would would I want small windows and deep red? Blecch.
BUT I live at the beach! You live in Pennsylvania so the tastes of your likely buyers might NOT be pastel and white. They might LOVE hunter green, maroon, warm yellows and dark wood in such a cold state. For someone who loves those warm colors, it might be a fortune to redecorate/remodel your home. Assuming they like the basic floorplan, buyers DO deduct the cost of changing colors from the offering price, of course, before making an offer.
I'm just saying that I would not tell ANYONE what your absolute bottom, deal breaking, no way-no how price is today, or ever. It will likely change in a couple of months if you have no offers. Shhhh....keep it to yourself.
BUT I live at the beach! You live in Pennsylvania so the tastes of your likely buyers might NOT be pastel and white. .
The house I'm moving to is in Bar Harbor, Maine, 1.5 miles from the ocean and 3 miles from the 1500 foot Cadillac Mountain.
I think its easier to sell a house in light airy colors with white trim than in musky dark colors.
As to costing a fortune to paint.... yeah i guess if you hire someone. I've done about $25,000 in renovations over the past 2 years for about $5000 in materials. I put in a complete bathroom and laundry room downstairs for about $1800 in materials and I know that a contractor would have rightly charged by about $6-7,000 to do it. All new Pergo and hardwood and rugs upstairs. All new rugs and grouted tile downstairs. The whole house has has new flooring put in everywhere, including a 10 x 40 foot deck out back.
Paint? I never said anything about paint. Paint, carpet, medicine cabinets and toilet seats are cheap to change. I have changed all of those things in every home I have ever bought. But if your tile is green and your rugs are purple, buyers will probably reduce the value of your home mentally to bring it in line with what they will have to change to suit their personality and color preference. Just to be clear, if your tile is beige and your carpet is beige and they LOVE purple and green, well - same thing.
BUT darling OP, you asked for opinions from real estate agents about sharing your bottom price with your agent. Why are you arguing with me about your decorating style? I actually shared that I like your colors, but that others might not. Depending on where you live, different colors might attract more or less buyers. Nothing personal.
No one on this board knows how your home shows, how wonderfully it is designed, how great the schools are or how good of a handyman you are.
And your new home in Bar Harbor, Maine has absolutely nothing to do with the home you are selling in Pennsylvania. Why did that become a part of your request for opinions about selling your house in PA?
But congratulations. It sounds beautiful. Honestly.
Call the agent over and ask her opinion. You are thinking about relocating and would like her professional opinion on the value of the property and her marketing plan.
I didn't mean to imply that it was "different". I meant that for the price I need to move, it will stand out. It is not unusual in the sense that its weird unless you think that complete renovation in new rugs and hardwood floors with pastel and white colors, 4 bdrs, two full baths, separate family room, wood stove heat for 72 degrees for 600 bucks total, two decks( 8 x 10 upper, and 10 x 40 lower) all on 1 acre in the cheapest school taxes in the county and with a beautiful country view up on a hill is too weird to sell."
I was hoping that would be the way to go. We sold property in western PA and had a very close relationship with the broker. She knew exactly what we needed to get, and we were very honest with her about everything. Just wanted to double check.
The "price that you need to move" and "what we needed to get" have absolutely no bearing on the market value of your house. A potential buyer doesn't care about you or your plans, they are looking to pay as little as possible for the best house available. Good luck.
I rarely know my clients bottom line, quite frankly because it is irrelevant, IMO. I have an opinion about where to list it and I have an opinion about where it will ultimately sell. If those work with a seller's numbers, that's great. If not, they typically don't hire me.
Your bottom line really doesn't matter. It only matters what the market will bear. I have had clients choose to me more aggressive than my pricing recommendation and that sounds like maybe what you are going after?
Hi,
Before working with a real estate agent or broker, you should know the manner in which you'll be charged, and how much the fee or percentage will be. Plus, if the broker or agent charges additional fees for listing the property, performing a search, or for any other purposes, you'll also need to know this in advance.
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