How early to contact agents? (RE market, recommendation, square footage, countertop)

[rubytue]

So it looks like we will be moving in the next 6 months. *sigh* This move just didn't work out as planned (its been 2.5 years). We are expecting a big influx of people locally in the next 1-3 years due to BRAC, but I don't think I can take a 70 mile (one-way) commute for that long. That said, we will definitely wait until spring/summer. When would be good to start talking to agents to get a feel for the best strategy?

It makes me so sad to have to sell. We updated/remodeled almost the entire house as we planned to stay here much longer. But life doesn't always work out the way you plan. Logically, I try to remind myself that our old house (townhouse neighborhood) would now comp out about $100k less than we sold for, so any money we lose was fake bubble money anyway.

[2bindenver]

What's the market like now?

[rubytue]

In my neighborhood, not so great. We had one house sell 14 months ago. Three were on the market, one was pulled, one keeps dropping their price, the other hasn't dropped in price, but has only been on the market about two months. My neighborhood is full of older (~40 years) homes that traditionally has had very little turnover (we are the third owner in 43 years, original owners surround us).

In the newer McMansions behind us (about $100k more than us, but we can see them from our backyard), there are a couple of foreclosures. One listed at $280k and sold for $440k. The regular sales (~$480k) aren't moving. But I don't think they - too new?

Overall, the market in our county has been relatively flat. It doesn't seem to have seen more than a 10% drop since the prices we saw back in 2007. At this point, our main goal is to get our downpayment back. The logic half of my brain is saying the renovations were bubble money that went poof. I'm hoping the extra bathroom, new systems, and extra square footage we added in the laundry room will give us enough to cover commission and get back what we paid. I'd like to think I'm not unrealistic.

We do, however, need an opinion on if we should put the bedroom back into the basement. We were a 4/2 and turned into a 3/3, but the 4th bedroom was in the basement. We opened up the basement into a large area. We made it so its only one wall to make the bedroom back (and put the closet in a much better place). And, of course, we have a laundry list of things to do (finish rewiring the AL, replace the countertops, restain the deck, paint a couple rooms, do something with our aging asphalt driveway, etc).

[nsumner]

I think it's never too early to start talking to agents, get recommendations on what to do to prepare when you're ready. Interview a few, follow their current listings and how they are marketing them, then when you find the one you feel is the right one, get market trends between now and spring.

Naima

[middle-aged mom]

Get opinions of local agents relative to what you can do to increase your chances of selling as well as what the market would likely pay for your home, right now.

Your desire to recover your down payment may or may not be realistic, depending on what's going on or not in your local market.

Best of luck to you.

[rubytue]

Originally Posted by middle-aged mom

Your desire to recover your down payment may or may not be realistic, depending on what's going on or not in your local market.

I know, I know. I am trying to be realistic. We did, however, have 20% down on our purchase price and appraised higher than we paid. One can hope *fingers crossed* Just from what I have seen, things haven't dropped enough around here that we would have to bring cash to the table.

[Cofga]

Call one ASAP. We were putting off listing ours and expecting to place the house on the market in late Sept. and then have to relist it next spring. Our agent came in 2 weeks ago and emplored us to get it on by Labor day weekend--essentially guaranteed a quick sale. We worked our butts off and got it listed last Sat. We were under contract by Monday afternoon at full price and no closing costs, with a backup offer as well, had the survey Wed, the appraisal today, and the inspection tomorrow. Right now we are in a sellers market with folks jumping on conventional sales as soon as they hit the MLS listings. The new homebuyers have a narrow window of opportunity to get a house closed by late Nov. or lose the $8K tax credit. So they can't wait for a short sale of foreclosure negotiation that might take months to settle. We are not an anomaly, a house up the street sold in 3 days and one around the corner sold last week in 2 days. Recent reports indicate that we're looking at a new wave of foreclosures due to ARMs that will start resetting soon and extend over the next 2 years. Jump in there and talk to an agent soon.

PS: we are in Northern VA, not that far from you.

[middle-aged mom]

Originally Posted by Cofga

Right now we are in a sellers market with folks jumping on conventional sales as soon as they hit the MLS listings. The new homebuyers have a narrow window of opportunity to get a house closed by late Nov. or lose the $8K tax credit. So they can't wait for a short sale of foreclosure negotiation that might take months to settle. We are not an anomaly, a house up the street sold in 3 days and one around the corner sold last week in 2 days.

So much depends on the price point of the neighborhood. If it's attractive to first time home buyers, it's more likely a hot spot market.

If it's not, it's business as ( has been) usual. In theory, the frenzy being seen in some areas, should put more buyers into the move up market.

[MMichelle]

There's no time like NOW!
It's true that each market it local. Only a good local real estate agent can tell you where your home fits into your market. However, I'd start interviewing agents ASAP.

[chet everett]

I am great believer in the value of getting agents involved as early as possible. If two or more local agents know of your desire to list / sell in the next couple of months they will often do a little leg work to find a buyer that has a similar timeline. These are the kinds of sales that recorded as "sold prior to MLS listing" which are not as common as they were when the market was red hot, but still do happen.

The other thing that happens in such cases is the sellers will take the extra steps to make their home the STAR listing in its price category -- I can't tell you how big a difference this can make in even the WORST market. If a home is prepped professionally, has all the little things completely taken care of and knocks the socks off of even timid buyers the odds of needing to discount fall WAY OFF.

In contrast a place that looks like a "take it or leave it" sad excuse of a place is going to attract only low ball offers if any.


The sad fact is that time on market is way way way higher in the upper reaches than it EVER has been -- the shear number of choices that people are presented with CLIMBS to unmanageable levels and even the folks with money to spend (and sadly there are too few of them) are faced with the "31 flavors" dilemma -- "If I buy this place I will miss out on SOME MANY OTHERS" -- your only hope is that the "cool creamy deliciousness" that you can "put in a cone" will go to close QUICKLY and the others will get "freezer burn"...