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I think part of the disagreement here is stemming from posters in vastly different markets than I am in. Like I initially stated this is not in a hot side of town and the overall "quadrant" is trending downwards. There are parts of Jacksonville where a home like this will sell within a week, this is not one of them. These houses are overpriced for the market AND need tons of work, that is the frustration that I was venting.
Are you guys seeing things like this in your area as well? Please check out the pics on the attached listing, I am seeing houses in this condition all over my area listed at ridiculous prices for the area.
This area is in a gated community within a "pocket community" of Jacksonville that is trending downwards due to many issues. The development was the place to be when it was built but over time better "trendier" areas have been built that people now flock to. This house in particular is selling for 100k higher than the average house in its peer group in the community.
HOWEVER, as you can see by the pictures the fixtures and decor are literally untouched from the original builders' construction. I am seeing this left and right while home searching in my area but these houses virtually need to be gutted and completely redone, however they are listed in the 200k+ brackets! I get that homeowners are still underwater from pre 2008 but if youre going to list your home at least put some effort into the interior!
The house is over 3k sq ft on the largest lot in that section of the community. It doesn't look to be in disrepair. It could use some freshened up paint, new carpets, new appliances, and new light fixtures. You could do all that in a house that size for under 30k.
I'm not seeing the issue. If you want a turnkey home, buy a new house.
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The house is over 3k sq ft on the largest lot in that section of the community. It doesn't look to be in disrepair. It could use some freshened up paint, new carpets, new appliances, and new light fixtures. You could do all that in a house that size for under 30k.
I'm not seeing the issue. If you want a turnkey home, buy a new house.
First house has been on the market 63 days. For a larger more expensive house, considering those days overlapped Christmas, that is not quite so damning.
These houses don't really need anything. They could maybe use some things, but they are perfectly livable. The seller should not feel obligated to update them. Let the buyer do it the way they want, or choose not to and live in it as is and save some money. The list price is just asking. People can always offer less.
You are just upset because you think these houses drag down your home value...which actually doesn't make sense if you think it is overpriced. Them cutting the price is not going to help you.
First house has been on the market 63 days. For a larger more expensive house, considering those days overlapped Christmas, that is not quite so damning.
These houses don't really need anything. They could maybe use some things, but they are perfectly livable. The seller should not feel obligated to update them. Let the buyer do it the way they want, or choose not to and live in it as is and save some money. The list price is just asking. People can always offer less.
You are just upset because you think these houses drag down your home value...which actually doesn't make sense if you think it is overpriced. Them cutting the price is not going to help you.
I am home shopping, I dont even own a home on this side of the city so it has nothing to do with my homes value. Many of you guys are going to have a rude awakening when the millennials finally get enough income/cash to start buying homes en mass. These homes are going to plummet in "value" because they havent been kept up to date. Millennials are currently renting and are used to turn key living, they will not pay 300k+ for a home that hasnt had a dollar put into it in 30 years.
Not true in my area. While an updated house will get more, the non-updated homes aren't selling cheaply either. Something about large wooded lots and being custom that make people wade into the renovation pool should they desire to and many 60-80 year olds see no need to make splashy upgrades. The value trend is upwards, actually.
Personally I like having so many original owners still living in the subdivision.
I wasn't commenting about your area or even real estate in general. My response to the OP was about his area and he specifically stated the trend was downward. My question to him was why would anyone put money into a home to sell it if they had no chance of recouping the money in a downward market.
I am home shopping, I dont even own a home on this side of the city so it has nothing to do with my homes value. Many of you guys are going to have a rude awakening when the millennials finally get enough income/cash to start buying homes en mass. These homes are going to plummet in "value" because they havent been kept up to date. Millennials are currently renting and are used to turn key living, they will not pay 300k+ for a home that hasnt had a dollar put into it in 30 years.
Then why are you complaining? If you don't like the house, don't buy it. It's that easy. And your dislike of the home has nothing to do with millenials. I see a lot of value inherent in a large older home. New houses often have a lot of flash and little substance. That home is probably built with a more solid foundation. I love the dark wood also. It also has a huge yard, and most new tract homes are built so close together you can hear your neighbors' conversations. I see a lot of value in this hidden gem. It's not all about stainless steel appliances, new carpet, and fresh paint. As for your rant about why unupgraded homes are listed, listed homes run the gamut in terms of condition: from brand new to 200+ years old, unupgraded to totally restored and renovated. Many homes on the market are foreclosures or short sales. I've even seen some on the market that have been vandalized and not been fixed. Now THOSE are a huge eyesore
I am home shopping, I dont even own a home on this side of the city so it has nothing to do with my homes value. Many of you guys are going to have a rude awakening when the millennials finally get enough income/cash to start buying homes en mass. These homes are going to plummet in "value" because they havent been kept up to date. Millennials are currently renting and are used to turn key living, they will not pay 300k+ for a home that hasnt had a dollar put into it in 30 years.
Um....you don't understand supply and demand at all. If the millennials start buying homes "en mass", as you seem to believe they will, the supply of homes for sale will not be sufficient thus driving up the demand and the prices right along with it. In a high demand (sellers) market, buyers snap up properties despite them being less than turn key. Now, if older people decide to sell "en mass" when few millennials are interested in buying, that would increase the housing supply and create a buyers market where things like condition do matter.
This house in particular is selling for 100k higher than the average house in its peer group in the community.
No, it's not SELLING for 100K higher than the average house. It's LISTED for 100K higher. Doesn't mean it's going to sell. In fact, looks like they've already dropped the price.
I could put my house on the market for $10 Million. Doesn't mean that's what it's selling for.
No, it's not SELLING for 100K higher than the average house. It's LISTED for 100K higher. Doesn't mean it's going to sell. In fact, looks like they've already dropped the price.
I could put my house on the market for $10 Million. Doesn't mean that's what it's selling for.
Semantics. "What is the selling price" is a very common expression in most industries. Sorry if that offends you.
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