Shop Products
Houzz Logo Print
cagardenerwestelle

How to price

CA Kate z9
9 years ago

Hi! I've been mostly lurking, but have already learned quite bit. Now I have questions.

In the next couple of years I will probably be selling this house - built in 1989. We've owned it 2 years. The kitchen was redone- just so-so - around 2006, and the bathrooms are original. All is in really good condition, just dated.

Q. If I don't want to do any updating myself, is it better to price the house lower to start out, or price it higher but be willing to negotiate a lower offer when a buyer brings it up? Or, is it really worth the money and effort to do the updating before hand? The carpeting needs to be replaced, so should that be done too?

Comments (9)

  • eggshellfinish
    9 years ago

    Might one ask, why you're selling your house after only two years?

  • kirkhall
    9 years ago

    You price it right--not high and not low. Priced like other homes with the same sort of deficiencies, or lower than homes with nicer bathrooms and new carpet.

  • stolenidentity
    9 years ago

    I think I'd wait until you are ready to sell the place and then ask those questions. So much will depend on the market at that time.

  • pixie_lou
    9 years ago

    As for updates - a lot depends on the actual condition of your home and who your targeted buyers are. If you tend to attract young families and first time home buyers, they tend to place more emphasis on move in ready with no big ticket deficiencies. So you need to know your market, and your competition. Will similar homes have updated kitchens and baths? A lot of this is hard to say since you don't plan on selling for a couple years. If you were planning 10 years in the home, then I would say do the updates for you and screw resale. But in 2 years time, there is no predicting the market so hard to say if you would recoup your cost.

  • lucillle
    9 years ago

    Your realtor can get you 'comps', comparable homes in the area and what they are selling for, and can help answer your questions about carpet and so on as well based on her experience of how quickly homes in the area sell. If the area is slow for sales you may want to update to make the home more attractive, if it is a hot selling area you might could get by selling it as is.

  • Mmmbeeer
    9 years ago

    Updates depend on your market and what the general expectations are for similar homes in your price range. First time, younger buyers have different expectations from retirees who have different needs from established families etc. Figure out what category you fall into. Then make your home the absolutely cleanest home compared to the competition.

    Sign up for Zillow and Trulia alerts for every home that falls into a certain broad range that you believe your home falls into. Look at home pics, stats and learn what features are "expected" in your price range. Also check what buyers can get on the way of new construction in your area. Look at those homes and argue why they are better than yours--it helps you see your own homes good points and bad points in a more realistic fashion.

    Get a home inspection BEFORE you sell. It's a small investment but, if your home passes with flying colors, you've effectively removed objections and/or further price negotiations. If it doesn't, you can take the time to fix (or decide not to) whatever issues come up.

    Pricing low worked for us. The market took care of the rest for us--the potential buyers bid against each other to raise our home to market value in an extremely short time, which meant we had very little in carrying costs. Most sellers don't have the stomach for it, however.

  • GreenDesigns
    9 years ago

    Worry about it in a few years. The market changes too much to predict what will work then.

  • Mmmbeeer
    9 years ago

    I think you're smart to start thinking of these things now. Lack of prep and lack of knowledge of market conditions is a major contributor to why sellers overprice.

    Keeping an eye on your market as it's progressing toward the time you will be selling gives you a MUCH better overview as to where your market is headed upgrade wise/price wise/new construction wise than trying to learn about your market a few weeks before you sell. It's helpful knowledge to have whether you will be selling FSBO or trying to decide on a Realtor.

  • CA Kate z9
    Original Author
    9 years ago

    First, thank you all for your opinions and ideas.

    Eggshellfinish: we moved to this house because it was the closest to being disabled-accessable we could find. My DH has a severely disabling neurological disease and is in declining health. I really don't know how much longer he will live... days, months, years? When he passes I'll sell this house and move closer to one of our children... I think.

    Mmmbeeer: I'll use a realtor. And, I think I agree with your suggestion to get a good home inspection done before putting the house on the market, and making those repairs upfront.