Put House on market THEN do upgrades?

10 years ago

Spring selling here in Boston is brisk below my price point yet stagnant where I sit. 2 of my closets comps left over from last year are in the opposite of a bidding war, one lowering their price, the other reacting by lowering their price even lower than that.

Both of these houses are "snappier" and smaller than mine but they get extra square footage by having finished basements (bar, media room, exercise area) so in MLS we look equal. I would be the only 3500 sf house in my town on an acre if a buyer cares about that.

To be competitive with them I need to dig up and replace driveway, refinish kitchen floors, put down 10 yards of mulch (takes weeks), paint a 3 story foyer due to one small settling crack (ouch!), put a floor in the bonus room and put down oak treads on a stairway we never bothered to finish.

Should I put house on the market while doing the updates to not miss a potential buyer in the spring or wait to complete (mid June) with the added benefit of having those 2 comps possibly off the market? Thanks to all who take the time to help.

Comments (8)

allen456
10 years ago
Traditional wisdom dictates doing all repairs prior to listing your house for sale.
nancylouise5me
10 years ago
Do most of your upgrading before you put it on the market. You will loose potential buyers with so much work to do on the house. I would prioritize what really needs to be done. (Mulching isn't that important. I'd have the house on the market before I did that) You will also loose out on the amount of money you get for your home. Buyers will start pinging off money from your asking price seeing the repairs they will have to do. NancyLouise
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ltlfromgardenweb
10 years ago
Noooo--those looking to buy a house would be very unnerved to show up at a listing and find it in the middle of various messy renovation projects! Plus when people are looking in a particular area, like I was, we notice right away (or our realtor lets us know right away) when a new house comes on the market. We'd want to go look right away, so our impression would be formed with the way it looks "before" anyway.
pixie_lou
10 years ago
I'm also in Boston - MetroWest. Anything in my town under $1mil is under contract in about 4-5 days, over $1.5mil is stagnant. Even though I'm in the quick sell price point, I'm still doing all my upgrades/maintenance prior to listing in the hopes of getting every dollar possible out of a sale - hoping for a bidding war!

Though you are in the stagnant market, I would still do all the interior upgrades prior to listing. Since you are 3,500 sf on an acre, I'm guessing you are in a multi-million price point. Buyers won't necessarily take the time to see the note you left that the floors will be refinished or the stairway will be done. They will get an impression of poor maintenance, or will think you will be putting in the cheapest options since you are selling. And off they go to the next house.

As for the exterior - a lot will depend on curb appeal. Can you get the fresh mulch in front of the house (and why does it take weeks
to do mulch? My landscape contractor can get the whole front yard and gardens cleared and mulched in an afternoon) How bad is the driveway? Can you get the photos taken not showing the driveway? And make a note in the listing saying "Driveway being replaced in May".

In a stagnant market, you really can't risk turning off a buyer due to delayed maintenance
scullery
10 years ago
I am guessing the reason for the delay in mulching is that the landscapers are so heavily booked. There was so much winter damage in our area that they are still overwhelmed removing branches and debris. We just got our branches cleared ten days ago, and our landscaper warned us that he won't be able to deliver our mulch until May. I think buyers will understand that, and I wouldn't wait for mulch.

That being said, I totally agree that you should finish all the repairs you intend to make BEFORE listing the house. There's no point in making every buyer and agent in the area tag you as a fixer-upper if you're going to do the fixes anyway. You only get one chance to make a first impression. Focus on the things that look unfinished or neglected -- you need those floors and stair treads. If it really is a small crack in the hallway, I would not bother repainting. Chances are the buyer will want to choose new paint colors anyway, and that's a big expense for little return, IMO. On the other hand, if the crack needs fixing, definitely repaint the whole wall, because a mismatched paint fix looks really unappealing.
BelfastBound
Original Author
10 years ago
Thanks everyone. I will keep my eye on the ball and not panic about missing possible buyers.

Pixie- Wish I could get those West of Boston prices; grew up in Weston - never understood why the south shore with access to the ocean (we have 7 public beaches in Scituate) was priced 50% less. A high price to pay for a nice commute into town. Good luck with your sale. I will watch for your posts. I am FSBO so I will be back :)
pixie_lou
10 years ago
Gosh - I can think of a couple reasons why the south shore is priced less. Rt 3. Southeast Expressway. Braintree split.

My DH Has a Pike commute. We are just a couple minutes from the Weston tolls and since DH works in the Pru tower, it's right off the Pike and into the parking garage. Not only do we pay a premium in RE prices, we pay $4 a day in tolls!
Mmmbeeer
10 years ago
Putting a home on the market with the intention of (maybe) doing some updates is the equivalent of going out for a night on the town with the intention of attracting a desirable partner but deciding that it'd be easier to just skip taking a shower and changing into nice clothes.