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OK, there are a few comps (sold, not listed) out there, that seem relatively comparable to my house. Similar age (50 yrs), sq. ft., # BRs, baths, etc. Of course there are adjustments, but not too drastic.
Now I have discovered some things about my house that, well, really make it kind of a POS for trying to sell. Nothing REALLY serious (structural), but more than just cosmetic. Some old water damage from a leak (now fixed) around the chimney. Really difficult to get all the "remnants" from the ivy off of the exterior walls, window screens, etc. Bathtubs need refinishing. Stuff like that.
I have done lots of work on the house myself, and hired contractors to do more. But some of these things I just don't want to be bothered fixing. I'm willing to have the price reflect that. But what I don't know is, did any of these "comps" have similar issues? There is no way to find this out without interviewing their owners, I guess. Should I assume that a "comp" at the lower end of the price range probably had some issues, and that's why the price was low? But perhaps it even had major structural issues; I know a friend of mine discovered an expensive foundation problem through a house inspection (which she paid to have fixed, after that potential buyer walked - but she could just as easily have simply lowered the price accordingly, and her listing would not reflect the reason for the lower price [or would it?]).
I guess there's no way to tell which of the "comps" (if any) is truly comparable to my house, with respect to some of these "older house"-type issues. Should I just assume all comps are in "perfect" condition? I'm sure that's not so, around here. ???
I would go to open houses whenever I could. That way, I get a look inside without wasting a realtor time since I really wasn't interested in buying.
Good luck!
Quote:
Originally Posted by Sweetbeet
OK, there are a few comps (sold, not listed) out there, that seem relatively comparable to my house. Similar age (50 yrs), sq. ft., # BRs, baths, etc. Of course there are adjustments, but not too drastic.
Now I have discovered some things about my house that, well, really make it kind of a POS for trying to sell. Nothing REALLY serious (structural), but more than just cosmetic. Some old water damage from a leak (now fixed) around the chimney. Really difficult to get all the "remnants" from the ivy off of the exterior walls, window screens, etc. Bathtubs need refinishing. Stuff like that.
I have done lots of work on the house myself, and hired contractors to do more. But some of these things I just don't want to be bothered fixing. I'm willing to have the price reflect that. But what I don't know is, did any of these "comps" have similar issues? There is no way to find this out without interviewing their owners, I guess. Should I assume that a "comp" at the lower end of the price range probably had some issues, and that's why the price was low? But perhaps it even had major structural issues; I know a friend of mine discovered an expensive foundation problem through a house inspection (which she paid to have fixed, after that potential buyer walked - but she could just as easily have simply lowered the price accordingly, and her listing would not reflect the reason for the lower price [or would it?]).
I guess there's no way to tell which of the "comps" (if any) is truly comparable to my house, with respect to some of these "older house"-type issues. Should I just assume all comps are in "perfect" condition? I'm sure that's not so, around here. ???
That is a good question and one that we deal with often in Hawaii because of the number of older plantation-style homes we have here (1940s era). Some of these homes have been beautifully maintained...some are full of termite damage, water-damaged ceilings, etc...and often you can't really tell from the photos or descriptions in the MLS. "Needs a little TLC" can mean anything from "the decor is outdated" to "this house has paper thin floors and you can see through the walls to the outside".
The agents who watch the market closely and who have been through many inspections on these houses eventually gain a sharp sense of what to look for when evaluating a home like this--especially if they have been through a remodel of their own or have had repeat clients who have bought and sold these homes after renovating.
Not knowing exactly what kind of older homes you are using as comps, I would say that if you are "priced well" initially for your market, that any of these issues you mention would be things to address during negotiations when a buyer comes along who thinks your property might work well for them. If you begin to get feedback that you are over-priced for your market, then you will need to respond to that generally and then use the negotiation process to address the more minor repairs/cosmetic issues.
To answer your question more specifically...unless you can go into old listings and see if the homes were advertised as completely renovated and in "pristine" condiiton, I wouldn't assume that they were all perfect. Many older homes will have a "to-do" list for the potential buyer to evaluate.
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