Listing Price and Inspections

9 years ago

We are planning on listing our house for sale next month. We live in a small but quickly growing town 30 minutes from Baton Rouge. The market is picking up fast and house price have increased since last summer and fall. Our home is huge for the area. It's 4250 sq. ft on 2.3 acres. It will likely be the most expensive home for sale in this town because 98% of what is on the market is small (1300 sq ft) cookie cutter houses in subdivisions. Those homes are selling for about $115/sq ft.

Since last Spring, we have gone through this house and fixed tons of little things (you know, those things that you can live with for years and have never been an issue but now suddenly needs fixing as you look at it from a buyers viewpoint). I've done tons of caulking, painting, repairs, new granite countertops, etc. The house is 12 years old. I'm not sure how we should price it. If we price it at $399K, that's $94/sq ft which is very low compared to the other homes. I know the inspection will make a buyer want to renegotiate....... because it's a 12 year old home, there's bound to be a 30 page report by an inspector that makes our home seem like it's falling to pieces. So if we price the home lower to sell, then buyers still want to renegotiate due to repairs needed, I feel like it would be double dipping so to speak. I'm just nervous about crossing that $400K threshold for this area. The only other houses I've seen at less than $100/sq ft are fixer uppers or mobile homes. I'm so confused. I've spoke to one agent so far who think the $400K range is good to list at but that was before we redid the kitchen.

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Comments (6)

C Marlin
9 years ago
I don't know your area, but I believe your home will be less per sq ft than the smaller ones.
I wouldn't worry about the inspection now. Those other homes are older also. I'm guessing your buyer wants a house your size, not the smaller ones.
Interview several agents questioning them about their reason for pricing.
sylviatexas1
9 years ago
Smaller houses often sell for more per square foot than larger ones.

Part of it has to do with the price of the lots or land (same for a small house as for a large one), & part of it is the fact that the additional square footage in your house is space that's cheaper to build.

ie, every house has 1 kitchen & at least 1 bathroom, whether the house is 1000 square feet or 4000.

Bedrooms, home offices, formal dining rooms, etc are basically sheetrock & electric outlets, which are much cheaper than sinks & cabinets & appliances & fixtures.

If you know of problems that will flash red flags to a buyer, fix them now.

Otherwise, as cmarlin says, don't worry about the inspection (unless you want to get one yourself & fix everything on it).

The main thing is to get the house on the market.

I wish you the best!
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hollynla
Original Author
9 years ago
Thanks for all the info and help. I definitely know I won't get that much per sq. foot, but I'd be thrilled to get somewhere near $100. I am trying to get everything in pristine shape, the latest being recaulking around doors and windows. This is something I have been planning and working on for almost a full year, so that fact that it is getting so close now, I'm getting a little nervous. We had originally planned on moving in 2016 and somehow it goes moved up a year. I also didn't foresee that increase in property here, but that's a good thing. About 6 weeks to go and we'll be ready.
Elmer J Fudd
9 years ago
I don't think there's a general rule about house size and price per square foot. In my area, larger houses tend to sell for MUCH MORE per square foot because they tend to be more modern in style, be in better condition, have more amenities, and be located in nicer neighborhoods (with better schools) on larger lots.

When dealing with properties that aren't like others, using a realtor who knows the market can really pay off.
sylviatexas1
9 years ago
sorry, I should have stipulated;
when comparing properties in close or similar neighborhoods, in the same or equally desireable school districts, of similar ages, or when compaing new homes in a new subdivision, smaller ones tend to sell for more per square foot.
zippity1
9 years ago
i would advise you to get a realtor 6 months ago i would not have said the same thing
we got about 1/3 of the total price of the house MORE than we would have asked had we sold it on our own...