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We have decided to fix up the kitchen in our condo so that it is on par with the rest of our condo. This will take about 2 months, and we are looking to list in January. Our RE agent said that things are slower over the holidays and then pick up in Feb. Is this a normal thing across the US or more a local thing (Baltimore MD)? I know that the term "pick up" may be used loosely (as in a couple more buyers, but I'm just wondering.
They are speaking in general terms which may apply to your market
in general. However, real estate is specific. You never know when
that grandparent visiting for the holidays might want to see your
property. Also, many people planning for a end of school change
will begin looking in advance. So, don't worry about the season,
just be ready for the buyers.
All the condos here are dropping prices and there are few buyers. There are none that are really nice and move-in ready, so we're hoping to corner the market on the "Wow" factor as soon as our kitchen is ready (We have has the appliances, but the don't match our low end 1989 white laminate cabinets)
If the market is noticibly dropping in your area (and you are in a condo which is easier to compare to other models than with SFH's), if you don't have loads of equity and wiggle room I would recommend that you be very careful not to sink too much money into the kitchen. The odds of you getting that money back are minimal. Focus on cosmetic changes.
If the market is noticibly dropping in your area (and you are in a condo which is easier to compare to other models than with SFH's), if you don't have loads of equity and wiggle room I would recommend that you be very careful not to sink too much money into the kitchen. The odds of you getting that money back are minimal. Focus on cosmetic changes.
I absolutely agree with AnthonyB! It is extremely difficult to overimprove a property (as compared to the other units) and have any hopes of recouping your costs. If you wanted to do those improvements and keep the price the same as what the other condo sellers were asking, then yours would probably be the first to sell. However, if you're planning on pricing yours higher to reflect your upgrades, you'll be sitting on it for a very long time. The problem is buyers look at all the condos for sale. They'll like yours best, but they won't be willing to pay more than about $5k max over the other units because they'll think "I could buy the cheapest one in here for $15k less and spend $5k-$10k to make it look like the really nice one.
If your kitchen looks like all the other kitchens in your complex, then save your money and drop the price you're thinking of asking by 1/2 the amount the new kitchen would cost. You'll get it sold MUCH faster and save yourself some money, too.
As far as things picking up in the early spring, that's probably true. However, you'll be seeing a lot more homes coming on the market then, so you'll have more competition. If you list now, there are fewer buyers, but the ones that are out there are serious buyers and you also have less competition right now. One thing's for sure - if there's a buyer looking to buy in your complex and yours isn't on the market, he'll be buying one of the other units instead of yours.
We are going towards nice but inexpensive for the cost. The thing is, we already had the high end appliances, so we just need to help the kitchen reflect this. We knew e couldn't get top price with the kitchen the way it is - we are being very realistic. We know we won't get more than the price the other condos are asking. We plan to be nicer than the highest priced condo, but priced the same.
We are going towards nice but inexpensive for the cost. The thing is, we already had the high end appliances, so we just need to help the kitchen reflect this. We knew e couldn't get top price with the kitchen the way it is - we are being very realistic. We know we won't get more than the price the other condos are asking. We plan to be nicer than the highest priced condo, but priced the same.
Koofie - if that's your plan, then go for it. If you can re-do the kitchen economically and still keep your condo at the same price as the other "for sales", then yours is practically guaranteed to sell first. Sounds like you're being practical. I have a friend here that just went overboard on the improvements: custom paint, hardwood floors, granite counters, extra windows, re-done bath. Probably $50k in upgrades. At the time (Jan 2006), the condos with the same floorplan were on the market for $200k-$220k and sitting. He priced his at $310k! and couldn't get it sold. (He listed with another agent because I was honest with him and told him top $$ on it would be about $250k.) Finally he lowered to $269k by fall 2006 and tried to sell it FSBO. Still didn't sell. In the meantime, one nice condo sold for $220k, the others for about $200k. And the for sale ones are now priced under $200k. He'd be doing good to get $215k now. He could have had it sold for about $240k if he would have been realistic a year and a half ago. Oh well.
So . . . I'm glad to hear you're being practical and not like my friend.
Thanks! As long as the condo prices don't drop significantly, I think we are making the correct decision. Luckily it really should be only about 2 months to finish it up
usually things slow down in the fall/winter and pick up in the spring..it could depend what state/market though..
what market are you in?
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and couldn't get it sold. (He listed with another agent because I was honest with him and told him top $$ on it would be about $250k.) Finally he lowered to $269k by fall 2006 and tried to sell it FSBO. Still didn't sell. In the meantime, one nice condo sold for $220k, the others for about $200k. And the for sale ones are now priced under $200k. He'd be doing good to get $215k now. He could have had it sold for about $240k if he would have been realistic a year and a half ago.
Oh well.
