advice on selling a house

[sao95]

hey guys, alot of you have probably heard me yakking about selling our house and moving back to Indy, it looks like it is gonna be a reality, so we have to get the house ready to sell, however I have never sold a house, any info on things to get ready/ take care of/ focus on et cetera, basically any tips of any kind are more than welcome, I'll give all the info I can think of, if you have a question I don't cover ask and I'll answer to the best of my ability....

here's the situation...
We paid too much for our house. I talked to a realtor and she said we can max out what are home is worth inthis area, without doing much to it. But we have already put a lot of money into the house, money I doubt we'll get back since we paid pretty close to what we'll be able to get according to the realtor. We've added a deck, a shed, tons of landscaping, new water heater, and tons of minor improvements. Right now I figure we probably need a new coat of paint on the rooms that are looking shabby, patch nail holes and what not, fix a few screens, and put carpet in the bedrooms as they are not lookin too good. I figured it all up and if I can get remnants that will fit the bedrooms I'm looking at about 400 bucks. Which is cheaper than a carpeting allowance which the realator said people might want if left as it is. $00 bucks isn't god awful bad, but it is a bit much right now and would have to be put on credit cards. Also I want the house to sell as fast as possible. The landscaping doesn't look bad, but it did look better when it was new, the lawn doesn't look good at all but we're in a drought right now in Texas and we live on sand, so even if we put new sod down, which would cost a fortune, if we go to water rationing which is a definate possibility, it would all die anyways. The cabinets are in alright condition, although they are not great cabinets, I had thought about redoing them, but then figuring I could just touch em up and see what happens when it goes on the market.

That's all I can think of right now, again any advice or holes you see in my thinking, please point em out, I need to sell this house fast and not lose my ass doing it....
Pat

[stretch]

Just been through this. Painting is definitely worthwhile, as you can do it yourself for not much investment and it makes a big difference. Ditto cleaning. Really cleaning. If you keep the old carpets, rent a steamer from the local supermarket and deep shampoo them. Wash your windows. Paint your front door if it needs a new coat.

Get as much of your stuff out of the house as possible before showing it. A clean, sparse room looks about twice as big as one with a normal accumulation of everyday junk. Fix up the front yard as much as you can. If the grass isn't great, at least make sure it is neat. Maybe spend a few bucks on some cheap, potted flowers and transplant them ahead of your open house. They only have to live a few months (hopefully).

The bottom line is -- per our agent who got our house sold fast in a turning-down market in DC -- most people ultimately buy based on their gut feeling about a property, not on a sober analysis of its square footage, systems etc. So try and give them as many little things to like, and as few little defects to worry about, as you can. Collectively, these can outweigh some of the larger issues that you don't have the time or the cash to fix.

Good luck.

[Indy]

I've always wondered if it'd be worth fixing up our garage a bit to try and appeal to the guys. Most guys' eyes will glaze over looking at houses, but get their attention and the house might make an impression.

[SideShowCecil]

We’ve bought and sold a few places in the last few years, thankfully we won’t be going through that again for a while. Here’s a few of my opinions based on our experience as buyer and seller.

- Consider getting an independent home inspection done and have any serious deficiencies addressed prior to listing. Make sure the fact sheet includes that the inspection has been done and have the report available at viewings.

- Never be home when the house is viewed. It’s a huge pain in the butt but it gives the clients a bad vibe if the owners are in the house. If you’re waiting around they’ll just cruise through the house real quick to be polite then run away.

- Open houses are a waist of time. They’re more an opportunity for your listing agent to drum up business in your neighbourhood and for your neighbours to snoop through your house while your not home. Serious buyers will have their agent make an appointment for a private viewing.

- Organise, de-clutter and clean, clean, clean! Inside out and upside down. Remove two thirds of the contents of every closet, cupboard, pantry and storage room; neatly organise what’s left behind. That will make the house look like it has storage space to spare and gets you ahead on your packing.

- If the house doesn’t generate any serious offers after two or three months your agent may suggest lowering the price. My own opinion is to take the house off the market for a few months then re-list at the original price. There will be a new group of buyers in the market and your house will show up as a new listing, not a stale old listing with a reduced price. That ‘price reduced’ notation on the fact sheet always made me suspicious.

We did that when we sold our condo. It had been on the market all summer with only a few low-ball offers. We pulled the sale sign in August and re-listed at the end of October. Not only did the condo sell in less than two weeks, it sold for $20,000 more than price we were asking just three months earlier.

Good luck! And hey, once you’re done with the stress and aggravation of selling your home you can enjoy the stress and aggravation of moving :wink:

[Jackson's Dad]

Good ideas. Here's some things we did.

Clean, and streamline your furniture. Don't empty the rooms of furniture, but be smart about "staging" what you have. Make sure the living room has a couch and a TV, and the dining room has a table and chairs, etc. Many people seem to have a hard time visualizing how a house will work without furniture. If your furniture it's in great shape, do quick fixes: get slip covers, polish the wood, etc.

The idea of putting potted cheap flowers in the yard works -- we bought a place where they did that. They just dug a hole and dropped the petunias into it, plastic pot and all. You're not trying to fool anyone, it just helps people see the potential.

Painting: we hired a couple guys and asked them to touch up the paint all around the house. In an afternoon, they had the house looking much better. They didn't paint full rooms, just matched the paint and touched up where it was needed. They painted one outside wall of the house that was blistering more than the others. And so on. All that work would've taken me days.

There are two ways to price your house: ask what you want (and expect to get a few offers), or ask a lower price and try to get a bidding war. Which was you go depends on your market, your house, your needs.

That's all I can think of for now.

[jeffus]

Market the house outside of the area you are living now. We had a condo at the beach (which anyone living there would never pay for knowing the history, value, etc.).

We advertised in NYC - 40 to 50 miles away, but LOADED with LOADED people looking for a place at the beach, a getaway destination, etc.

Works well if you have Resort/Residential property to unload, but the concept is there. Locals may not appreciate the property, you may need to expand your "customer base".

Of course, the timing issue is there as well. Families may want to wait until April, May, June to start shopping so the kids start the new school year at the new home in September.

Good Luck! :D

[sao95]

some good info guys, thanks :D confirmed some of the things I was thinking and others like the couch slipcovers, to name just one, I hadn't thought of, but will probably do :D if anyone else has something throw it in, I'm open to suggestions for at least the next two weeks, then it's hopefully gonna be on the market :D
Pat

[dad2jeff]

first why do you think you paid to much for the house? and if you do nothing to the house and can max out the price. then do nothing. I only say that because why throw money down the drain so to speak. how did the agent come up with the value for your house. how long have you owned the house. I ask because im trying to understand why the price for homes is flat where you live. and a lack of water will reduce prices. it should also slow or stop the construction of new homes if prices are flat.

[sao95]

dad2jeff you got pm :)

[Dr. Goldfoot]

If something needs to be repaired...repair it.

I just bought and sold in the last year. I've been working non-stop on both of these houses for what seems like forever. The painting in my old house...did it in my new house. The installation of hardwoods in my old house...ripped up carpet and pulled a million staples out of the floor at my new house. Extra yardwork at the old house...extra yardwork at the new house. I think you get the picture, don't go overboard. I'm sure the people who bought my old house are doing the same thing.


*Have your driveway re-sealed. It'll look all black and new and be very appealing....dare I say curb appealing

[Anonymous]

Just noticed this.

So happens I know a teensy-weensy bit about this subject. If it's still of interest, ask....

Tokie

[Anonymous]

first why do you think you paid to much for the house? and if you do nothing to the house and can max out the price. then do nothing. I only say that because why throw money down the drain so to speak. how did the agent come up with the value for your house. how long have you owned the house. I ask because im trying to understand why the price for homes is flat where you live. and a lack of water will reduce prices. it should also slow or stop the construction of new homes if prices are flat.

Agents (RE) don't come up with "value" they come up with price. They may well have paid too much. Lots of buyers of homes buy based on emotions, rather than thinking. I paid $5,000 too much for my house and I and my wife have been in "The Bidness" for over 25 years.

Of course, we KNEW we were paying too much and why (it is close to our kids' school).

Despite what prices are doing in CA, FLA, AZ, NV, and perhaps NY (that's only 5 of the 50 states), prices for homes in lots of areas are flat, or worse. Where I live, though we are screamed at daily in the papers and on the cheerleading TV news, that things are just a-booming, I happen to work in a side of RE that gives me access on a daily bases to large-scale data mining and the fact of the matter is, home values are DE-preciating precipitously and we are seeing an upsurge in reposessions not experienced here since the 1980s.

Tokie

[dad2jeff]

Hey tokie not here to argue with you on this, but agents do come up with a value. they take three or four homes like the one for sale. and come up with a value range for the sale of the home. its up to the owner to set the price given the info or just there own needs.

But you are right many people buy on emotion, but thats in part because they just like the home. sometimes it has nothing to do with budgets or price. its hard for most to look at is as an investment. until its time to sell.

And thats where sao seems to be right now. so all im trying to do is get some info to help him with the sale of his home. if he wants the help.

its free advise and we get what we pay for. :wink:

[Don-Dad]

No use arguing with Tokie, he won't be visitin here anymore :D

[Bollux]

lol... The tribe has spoken!