How Low Can You Go...Pricing to Sell
All of our comps are changing suddenly. What sold this Spring at short sale/foreclosure is coming back into the market with completely refurbished interior amenities.
Gone is the trad starter home with laminate counters, vanilla appliances, w/w carpet & wood foyer/entryway, a phone jack in kitchen & laundry room, cable (maybe) family room...etc.
Took a peek at one across the street earlier this evening and WoW. Same sq-ft as ours (1368) reverse layout. Blonde bamboo flooring throughout, including bathrooms. Jetted tub in hall bath (termed "guest"). Pale granite counters throughout including bathrooms. White cabinets, too (buyers choice of pulls). Stainless steel appliances w/ OTR microwave. All rooms with phone/cable (including master bath). Sold in May 108; asking 389.
Another one is coming up next week; same scenario. Sold in May 120; asking 399. (May be same investment group from what i've seen.)
And a third, different floor plan w/ 1280 sq-ft is projected for early Sept. Sold April 129; asking probably 350-375. (Ah, the info you can learn walking a dog and visiting with folks!)
Our REA has recommended upgrade the kitchen and lay hardwood on all 3-levels; keeping ceramic tile in baths. And, choosing BM paint from her Neutral Collection. The kitchen had been replaced in 2005/06/07 with black appliances and Formica counters. Cabinets stained/sealed in walnut. Relatively new carpet (less than year old) and refreshed bathrooms. We just finished painting in a lovely, literally neutral white-on-white. (Know how hard it is to find neutral whites *grin*.)
She believes our current appraised value 306 will increase adding new appliances, counters, sink/faucet (current faucet is newish from nov 11, but not fancy), flooring and neutral paint. We passed a pre-list inspection with one hit (no GFI in one bathroom) which was corrected. The property tax assessment is 286.
Honestly, will upgrading the kitchen and hardwood flooring throughout increase an appraised value? We paid to have an Indy appraiser for our own peace of mind. Not we don't trust REAs; it does seem as if they over-value, even based on comps, in this area.
And, honest opinions please, is it that important to home-buyers to have stoned counters, undermount sink w/ high arc fauct & soap dispenser, SS appliances, and three floors of hardwood? Let's not discuss rewiring the house for phone/cable in every room...even our perky REA was subdued by "The Squint" over that recommendation ;-)
At this point we're inclined to ask assessed value and provide clean, clean, squeeeeeeeeeky clean, and 99.9999999...-percent structurally functional.
If you read this far, thank you! I could really use another perspective. The fumes from white vinegar & baking soda have addled my one remaining brain cell...