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We're in the Huntsville, AL area preparing to list our home. Our house is only 7 yrs old, but "old" by our neighborhood standards as it was one of the first ones built. The subdivision is close to being complete, but not quite. One of the builders is offering huge perks on their new homes. LIke stainless steel fridge and washer & dryer if you sign a contract this month, plus 1.75% of your closing costs paid if you use one of their preferred lenders. Also found out that they're offering $3000 bonus at closing to agents who bring them a contract this month. On top of that, they're also priced incredibly well because it's a big volume builder and they can afford it. How can someone trying to sell an existing home compete with that, short of giving their home away?
We do have a few things going for us...since we're in the older section of the neighborhood, the lot sizes are larger than the newer homes. We have a 3-car, side entry garage, versus 2-car front-load garages on the newer ones. Our home has a lot more trim & detail work than the newer houses (different builder). And we have some nice upgrades in the master bath....extra large jetted tub, cultured marble shower (as opposed to fiberglass insert), etc. Everything else I would consider equal to the new construction.
We're interviewing realtors right now. Any suggestions on picking an agent in this environment, or anything else? Should we offer extra incentive to buyer's agent? Offer to pay all or part of closing costs? I"m asking our prospective realtors these questions also...just wanted to ask a broader audience as well
ps...we've already put about 1/3 of our furniture & "stuff" in a storage unit, painted everything a current neutral color, replaced worn & stained carpet, and will have the remaining floors professionally cleaned just before the MLS pictures are made.
What does "priced incredibly well" mean? What is the pricing compared to what you paid 7 years ago? What is the size of your house compared with the new ones? (not just the lot)
Our house size is right smack in the middle. Price per sq ft on new construction is in the 80s. Dirt cheap! New houses comparable to ours are priced around $230k. Hubby paid $270k 7 yrs ago. So we will lose money on price but will still walk away with cash because of our low mortgage balance. Just makes DH sick that he bought at height of market. The most recent resale was in June. House very similar to ours. It went in the $240s. If we get 240k we will be thrilled. Sadly.
Hey, TN. As you probably know, I'm also in your area. Any way you can turn it into a rental? That's what we've been advising some of our clients that bought in the same time frame as you. Let someone else pay your mortgage for a while until the neighborhood is built out.
If new, similar houses are $230k, you will have a tough time selling for $240k. Like it or not people put a premium on new construction.
Is your lot significantly bigger and better? Do you have nice window treatments? How about a fabulously landscaped yard? Those are the things that might sway someone to your home vs a new one, but not likely to get a higher price than new.
Hey, TN. As you probably know, I'm also in your area. Any way you can turn it into a rental? That's what we've been advising some of our clients that bought in the same time frame as you. Let someone else pay your mortgage for a while until the neighborhood is built out.
No I didn't know you were in my area! I'm in Madison. Creek side/Hardiman Place to be exact. Is the rental market really that strong? Thing is....we are looking fir a larger house. Need more space. Not crazy about the thought of 2 mortgages.
Discounted price is key. Also do you have a better view? More closet space? Many new homes have smaller sq footage than older models. Your never going to be able to compete with the new models but if you have a rare key feature inside or outside you will find a buyer.
No I didn't know you were in my area! I'm in Madison. Creek side/Hardiman Place to be exact. Is the rental market really that strong? Thing is....we are looking fir a larger house. Need more space. Not crazy about the thought of 2 mortgages.
The rental market is doing well in Madison although you have missed the summer-time rush (that's true for the sales market as well though). I understand about not wanting 2 mortgages but it might be preferable to taking such a big hit.
A nicer trim package won't really entice a buyer to choose you over new construction. The bigger lot and 3-car garage will be your best features. The problem is that you're not just competing with Creekside but ALL of the new neighborhoods in Madison. And there are plenty of those (with more to come).
You'll need an agent with a really strong marketing plan and maybe some creative incentives. Make your yard look amazing so that it compares well to the standard sod-only builder grade lawn package. Your house will have to be unbelievably clean. That's what I hear so often about new construction: "It's so nice that everything's new. We're the first people to use the oven/toilet/shower!" No deferred maintenance! After that, it's going to be price.
Good luck!
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