For anyone out there that knows anything about real estate this post is for you. We need some honest true advice. We've been working really hard to finish up all the projects around our house so that we can get it on the market. We would like to try to sell our house by ourselves first before listing with a realtor to maximize our profits. The profit from selling our current house would go as a down payment for our next house. My question lies with where to price our house and here's why....
Our next door neighbor just put his house for sale yesterday. His house is about 1800 sq feet, 3 bedroom and 2 bath. His yard is about the same size as ours (BIG!!), he has a deck and above ground pool. Also, he has a storage shed. On the flip side, he doesn't have any upgrades to the inside of his house. It's still builder basic with popcorn ceilings and all. He has white appliances and builder carpet. No upgrades inside!! I called the realtor to ask info about his house and she really played up the outside because there isn't anything great about the inside.
Now, our house is 3 bedroom and 2 bath with a formal dining room and is 1500 sq feet. We have a big yard with a flagstone patio. We've done upgrades to our house like new appliances, laminate flooring, new tile in the kitchen and bath, new light fixtures, nice paint colors, scraped the popcorn ceiling off, added crown molding throughout, new faucets, painted our kitchen cabinets a nice color and a brand new 30 year roof...just to name a few things we've done.
Where do we price our house compared to his? Do we price it just a little bit higher than his since our house has the upgrades? Do we price it the same as his or lower? What do you advise? Is it a bad thing to have 2 houses competing against each other that are right beside each other?
Any and all advice is needed! Leave me a comment or send me an email. Either way I want to hear what you think. This is our first time selling a house so we don't know what to expect. I'm not necessarily looking for specific numbers as to what we should actually list our house for but more so how to price it.
I appreciate the help and advice. I'm off to watch the US Women's Soccer!! GO USA!!
4 comments:
We've bought quite a few homes & honestly, I would be inclined to go with the bigger home if your's was priced higher or about the same. My advice is to price it at least $5k lower to really get it sold before them. Good Luck!!!
From our experience of buying and selling houses, upgrades will not necessarily sell for more, just faster (usually). Square footage will be compared on the appraisal...and they usually word the condition of the house as "average", "above average", or some wording like that. (Because it is so vague, you usually don't get as much credit for upgrades as you do for size.) I would price my house lower than his, and hope yours sells faster. Also, you have to keep in mind that a used house will never be compared with a new build....kind of a bummer, but it's all based on appraisal regulations. Good Luck! :)
Why have yall not called Trever silly!! He has said that cosmetic upgrades to the inside of your home usually do not raise the price you can sell a home for successfully. Like the previous poster said the upgrades can just help it sell faster. I wouldnt spend another penny on upgrading your home since you are not going to be there long term. Sellers hardly ever make the money back that they have spent in upgrades. This market is terrible, getting better but terrible. I would price it 5 to 10 K lower or just wait to sell it until his sells.
Our neighbor is taking a loss on his house where he has it priced now. He's the original owner so he paid way more for his house when he bought it years ago brand new. Us on the other hand, we got our house for way cheap 4 years ago. So even if we list our house $5k cheaper than his we'll still be making $10k profit. We would just have to be really firm on the price though.
That's why we wanted to try to sell it ourselves since there isn't a lot of profit area to spare. We need as much as possible to go towards the next house. One of our friends (that y'all know too) sold their house and paid $9k in realtor fees alone.
We just have to pray that the right buyers will come along and have faith that everything will work out as it should.
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