Should I put up my house (Woodinville) on the market? (Seattle: hardwood floors, sale)

[RVD90277]

I may be moving out of the area so I guess I'll probably call some agents to get an idea on price but if the price is right, I'm thinking of selling or renting it out.

How much do you think we can get for a sale or rent (per month)?

Location is in Woodinville in the Hollywood Hill area just above the wineries (i.e., you can walk down our neighborhood hill to the wineries in about 5-10 minutes).

It's a pretty big house. Lots of updates like hardwood floors, new high end appliances (sub zero refrigerator, etc.), new paint, new carpet, high quality millwork, etc.

6900 sq ft
7 bedrooms / 7 bathrooms
4 car garage
some decent views
built in 1987
2 acre lot (grape vines, japanese maple trees, mostly flat, etc.)
good schools, good neighborhood

There is an attached but slightly separated 1 bedroom/1 bath (included in above specs) unit with it's own laundry room, living room that can be used as an in-law or nanny unit. We actually rent it out for $1150/mo to a friend (which I think is actually a little lower than market price).

Any thoughts?

[Tall Traveler]

You should talk to some experts to go over your financial situation and how either scenario plays into your situation. I do think the price has escalated so quickly that there is a risk of some down pressure at some point which I think will be tied to getting some more development of new house and condos. That is a great location within walking distance of the Woodinville wineries (I love that area).

[homesinseattle]

The market for selling homes is truly better than it ever has been. Woodinville, with its proximity to the tech corridors of this area, is quite popular. Hollywood Hills's combination of serenity and reasonable commute is hard to beat. Your place sounds lovely, are the views you mention expansive over the wineries? It would indeed be helpful to have the address. I imagine being on 2 acres, your place is rather quiet? Sounds like you have extensive upgrades, any challenges or problems that the home/location has? Are there any restrictive neighborhood covenants that would preclude someone, for example, from keeping their horse on the property?

I have just analyzed some current comps and market info, looks like we would list in the neighborhood of $2.7mil. One thing that is helpful about this seller's market, within reason you can't choose poorly with list price. We generally bring the home to market and review offers, if any, about a week later. If the market bears $2.7, offers will reflect it, sometimes you even get a bit more than list. If it doesn't, we won't see offers right away but start to get a gauge of actual value. This might sound unscientific, but there is subjectivity when it comes to value. Cash buyers are willing to pay more than "market value" for special properties. I hope this is helpful.

[Hemlock140]

E have a friend living in that area, and Without looking at any data, just based on rents for smaller houses here in Sammamish, I would say that you could get at least 4 times what you are charging your friends. There are not many large sf homes available to rent, and many are on corporate contracts for relocating new employees.

[cmswazey]

Originally Posted by RVD90277

I may be moving out of the area so I guess I'll probably call some agents to get an idea on price but if the price is right, I'm thinking of selling or renting it out.

How much do you think we can get for a sale or rent (per month)?

Location is in Woodinville in the Hollywood Hill area just above the wineries (i.e., you can walk down our neighborhood hill to the wineries in about 5-10 minutes).

It's a pretty big house. Lots of updates like hardwood floors, new high end appliances (sub zero refrigerator, etc.), new paint, new carpet, high quality millwork, etc.

6900 sq ft
7 bedrooms / 7 bathrooms
4 car garage
some decent views
built in 1987
2 acre lot (grape vines, japanese maple trees, mostly flat, etc.)
good schools, good neighborhood

There is an attached but slightly separated 1 bedroom/1 bath (included in above specs) unit with it's own laundry room, living room that can be used as an in-law or nanny unit. We actually rent it out for $1150/mo to a friend (which I think is actually a little lower than market price).

Any thoughts?

1150.00 is incredibly low. Triple that amount would be low.

[jakebarnes]

I think he is saying he rents the 1 bedroom 1 bath in law unit for 1150, not the whole house. But if he is, I'd like to sign up for that deal! :-)

[RVD90277]

Originally Posted by jakebarnes

I think he is saying he rents the 1 bedroom 1 bath in law unit for 1150, not the whole house. But if he is, I'd like to sign up for that deal! :-)

sorry that i was unclear. the 1150 is just for the 1 bed 1 bath in law unit as this poster mentioned.

we live in the main house right now.

i only mentioned that because you can offset some of your mortgage/property taxes by having this part of the house rented out.

with that said, in the winter our utility bill is around $1k/month or so so it really just covers that. these days our utilities are around $300-$400 and in the summer is more like $250-$300.

[Thom52]

Renting out the entire big house will likely result in heavy wear and tear on the house. A 1987 house is likely to deteriorate fairly rapidly with the inevitable neglect and "its just a rental" attitude from renters.

NOW is when to get it on the market, if you decide to sell. Greater Seattle area is a very seasonal market. Spring will get you a much better price than waiting around until August or later and then getting around to put it on the market.

I hope you have determined where you will move to, and can you get a place on par with your current expectations for size of house, size of lot, and privacy. That is a lot of house. Do you want to walk away with a money in pocket, or a straight across trade, or are you downsizing? Prices are going up just about everywhere that is desirable to live. Very few people were moving out of my former neighborhood in Kirkland, even though house value was skyrocketing, because of the issue of where to move to.

[Hemlock140]

Originally Posted by RVD90277

sorry that i was unclear. the 1150 is just for the 1 bed 1 bath in law unit as this poster mentioned.

we live in the main house right now.

i only mentioned that because you can offset some of your mortgage/property taxes by having this part of the house rented out.

with that said, in the winter our utility bill is around $1k/month or so so it really just covers that. these days our utilities are around $300-$400 and in the summer is more like $250-$300.

Whew, glad that you clarified, but probably still a good deal for the tenant.

[RVD90277]

due to the nature of the in-law unit (it's not totally separate so the renter can open the door and walk around the rest of the house), we have a renter who is a relative of a friend so not a complete stranger. for that peace of mind, we're willing to take a little less than market.

unfortunately the move would be to a much crazier real estate market (SF bay area) where $2m if you're lucky will get you about 3-4 bedrooms / 2-3 baths and around 1700 sq ft. yeah, there are areas if you go further away where you can get a little more for your money.

i'll probably get a few realtors out to see what they say.

trivia: the house was once owned by seahawks coach Rusty Tillman. he sold it to a guy who had a company that he sold to microsoft (then spent all of his money and the house went into foreclosure) was sold at auction and then i bought it from the company who bought it at auction and then poured in some money to fix it up, etc.

anyway, thanks for the opinions.