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Hi all. We are really trying to sell our house in Florida (aren't we all? LOL). Anyway, we have an 8-year old house with approximately 150 feet of marshfront on 1/2 acre. My question is, how important are upgrades? When we built the house we just put in the standard laminate, vinyl, etc. Would it be better to drop the price of the house or do the upgrades and try to sell at a higher price? Or in this market, will we have to do the upgrades just to be able to sell at a lower price? My concern, is with the drastic reductions in the market from month-to-month it seems, I don't want to take the time (probably 3-4 months) to do upgrades and then have to reduce my home for even more money. Hope this makes sense. Any opinions from those of you looking to buy a house --would you rather get a better deal and do the upgrades yourself or must they be done in order for you to buy? We have been told by many realtors and even the appraiser that our house is a hard one to evaluate because we have a beautiful lot, but most people would have built a much nicer home on it. We have the standard 2,000 sq. ft. 3 Bed/2BA. Thanks in advance for any insight you might have.
My first question would be-- how many homes are there like yours in your neighborhood?
If you're surrounded by granite countertops and fancy finishes, upgrading won't get you as much bang for your buck since the competition has plenty of it already. On the other hand, if most homes around look like yours, upgrading would make you stand out (which is a good thing in this market).
In a neighborhood full of fancy countertops, etc, I'd leave a laminate and vinyl home alone. Some buyers might be looking for "value" (the same types who purchase a Toyota instead of a BMW. It has four wheels and it drives. Your house a roof and a toilet, granite won't matter to them.) Frugality is going to be very popular soon. Your vinyl and laminate could be a plus.
The other type who might like it are the ones who want to customize to their own tastes. They get what they want without the premium price tag. To those eyes, granite looks pretty "generic" these days.
All that said, don't expect to get your money "back" if you do upgrade. I don't think the returns are what they used to be. Bottom line in my opinion: In a glutted market, choose based on what will make your home the most DIFFERENT from the competition. If that's upgrades, great, if it's vinyl, go for it. Then PRICE IT RIGHT.
Actually, what makes our house the most different isn't the house, but the lot. It's really beautiful. Marshfront with tons of oaks, palms, hickorys, etc. It's also very private, especially in back. When standing in the backyard, there are no homes that are immediately seen for several hundred feet away. We're in a small subdivision with only about 30 homes. It's not a cookie-cutter neighborhood, although the homes are nice. People who come to look at our house just sit in the great room and stare out at the marsh with a view of intercoastal as well. I guess the problem all along has been the price. But since we have had it appraised, we are pricing well below that and hopefully that will make a difference. Thanks for your reply.
IIWY I'd go out to every "comparable" open house in your area, and look at what they've got. Also, google the local listings (most agents have their listings online), and study the photographs. This will give you a pretty good idea of your competition. BTW, the first thing that popped into my head when I read "Florida" and "marshland," was mosquitoes. I'd be looking for a screened porch, screened windows, and screened doors.
Actually, what makes our house the most different isn't the house, but the lot. It's really beautiful. Marshfront with tons of oaks, palms, hickorys, etc. It's also very private, especially in back. When standing in the backyard, there are no homes that are immediately seen for several hundred feet away. People who come to look at our house just sit in the great room and stare out at the marsh with a view of intercoastal as well.
The location sounds truly spectacular. If people are that taken with your views, I really wouldn't worry about the vinyl.
Depending on the answers, upgrading may work. But in most cases, I'll not upgrade. Buyers are very price sensitive these days. Keeping the price low will sell your house faster.
I wouldn't upgrade either....if an investor would be interested, he/she will probable rent it out and the more upgrades the more can be ruined by a tenant.
For me the amount of bedrooms (+size) and bathrooms (at least one with a seperate shower) and a 2 car garage are the most important.
The other thing is that what you like can be totally different to what another person who have liked as far as the colors or material.
Just price it competitive and if you sell it FSBO point out the nice lot and other positive things on your house.
Good Luck!...don't forget to offer commission to a buyers agent if you decide to go FSBO...you need the buyer!
Pricing in many areas is really tough. There aren't that many buyers out there. I'm in the camp that feels that price is the real motivator in this market. If you need to sell then the sooner you get it under contract the better, unless you are in the we've reached bottom camp.
Study the market paying primary attention to what has sold. Don't concentrate on the price range where you feel your home should sell. Find out what the price ranges are that people are buying and look at what their purchasing. How does your property compare to what has sold?
Whatever price range your in, with a limited number of buyers, your property must be best in class. If every property in your price range is loaded with features and yours is not then you need to be lower. While your lot may be special most people don't want to pay for view. But I think you're right the gain you may get from having the special features you'll loose over the remodel time.
A couple people have mentioned looking at homes already sold in your neighborhood.
We sold with a very good realtor. Her advice was to only look at comps from the last 3 months (and she half-joked last 30 days). Anything older is no longer relevant.
My husband and I had the same question and we decided to fix those things that are broken or ugly looking but leave other things alone. So the fire-damaged kitchen cabinets (just a few scorch marks, really) will get refaced, but the tile countertop will stay. I think I'd rather reduce my listing price more rather than put more money into the house.
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