How is the house selling season going?

<p>We are pretty much done...</p>

<p>So how is it going?</p>

<p>Congrats, dstark! I was just thinking about your house story today!</p>

<p>To answer your question: dunno, our house is not for sale, but a house down the road sold in less than 2 weeks. There are 3 others in the neighborhood that have been on the market for more than 2 months. Last fall, a house on my street (horse property) had a small bidding war the first day it went on the market, and another couple of houses (I’d say, compounds, due to their multiple outbuildings and MIL quarters) sold quickly. It if it priced right and in the right condition, it will sell!</p>

<p>Congrats dstark! I remember your thread – glad to hear you’re almost done!</p>

<p>I work in the mortgage industry, and I have found a definite uptick in activity lately (over the past couple of weeks). The weather in the Northeast was so cold and yucky I think people didn’t go out and look at houses, so the traditional “spring selling season” was pushed back to May. Rates are still very low, so if any CCers are thinking of putting their homes on the market, now is still a good time.</p>

<p>We hope to sell our house next year but things here aren’t looking great. There are three houses on my street for sale. They’ve been sitting for months. The owners across from me recently dropped their asking price by $21,000. They’ve gotten more lookers but still no takers. Ugh. Hope things get better.</p>

<p>Things are picking up here also. And I agree, if the house is in good condition and priced right, it will sell. I am constantly amazed that people still refuse to list their house at the right price. People need to understand that there are certain psychological barriers for buyers. Listing a house that will most likely sell in the upper $200’s for over $299,999 is a complete waste of time. You are limiting a lot of potential buyers that will be looking under $300,000. I listened to a couple argue with their agent because they wanted to list their home for $310,000. The agent explained to them in simple to understand terms, using market analysis to bolster her position that they should list for $299,000 yet these people would not budge! Then when their house doesn’t move, because they have missed the search parameters for their potential buyers, they will blame and bad mouth the agent.</p>

<p>Ah-h-h-h, hope to have good news to share in the near future …</p>

<p>My late dad’s house is on the market. Its in a good location but it needs updating and some gentle loving care. So, while there have been lookers, no action. I really don’t want to have to keep putting $$ into it. Would like to sell it “as is”. But this remains to be seen… :(</p>

<p>After a flurry of activity when we first listed our house things here have slowed down. We are at the upper end of the local market, with a rather unusual house, so we are just waiting for that one right person. Fortunately, we plan to build and won’t break ground until the money’s in the bank so we are not too stressed out.</p>

<p>We still haven’t sold. House is in good shape, staged, etc. After listening to several real estate agents, we listed it at 5% less than any of their lowest suggested numbers. Still hasn’t sold. The real estate agent tells me the market is very slow where we are, and she says we’re already the lowest-price house in our description, so we’re discouraged. I have asked them to re-do the outside pictures of the house for the web, so that the pictures keep up with the seasons. Even though the agent says not to drop the price, I’m going to drop the price again before next weekend. We’ll see.</p>

<p>Details of the home sale please (also the new purchase)!</p>

<p>One home in our neighborhood was on the market for two months and apparently sold as I saw some activity in the place last week. The flooded out place (foreclosure) is still empty - I don’t think that will ever sell until the bank cleans it up. I haven’t really watched the local news on home sales but I do know that the mall parking lots are quite busy.</p>

Did you do any significaant updates and such before putting it on the market? My dads house is in good shape-- just a bit dated. I’ve put $$ into getting necessary repairs done and getting it cleaned out, so I am reticent to do more, though I am guessing the realtor may suggest some carpet replacement and wallpaper removal, with a fresh coat of paint. I am not sure the expense will help much. Thoughts?</p>

<p>One house in the neighborhood has sold, a few blocks away. An unusual house, that has a nice condition, with its own entrance, that connects the original house with the original detached garage. Very nice glass door on that addition, giving the impression that one walks into a foyer. It was not on the market very long, as I would have loved to go inside and see how they did it. </p>

<p>Nicest house on the block, owned by an elderly lady, priced higher than the other houses on the block because it’s in excellent condition, is now going through price reductions. It’s the same model as my house, so dying to go inside for ideas. </p>

<p>But, I’m having a feeling it’s not updated, because of the age of the owner, and will probably sit for a long time unless the family puts in money to update it.</p>

<p>To jym, perhaps you may have to update your dad’s house to sell. We went through the same thing. After my mom went into assisted living, we did post Katrina renovations, but only put it back to the way it was. We did not want to spend more than the insurance settlement for the fancy kitchen and carpet and updates. We started out way too high on price and the house sat for two years before it sold at a 25 percent loss. </p>

<p>If we had either started low and/or put in the updates, like the granite counter tops and stainless steel appliances, we may have moved it quicker. We probably should have just gutted it and sold it for the price of the lot. We would have gotten the same price we wound up getting after the renovation. </p>

<p>I don’t know what insurance/taxes are like in your dad’s area, but take into account that the longer it sits, the more you’re investing in it cost wise in that regard, so whether you’re paying for updates or insurance, it’s costing you money to sit. </p>

<p>Unfortunately, in today’s market, no matter how cheap the house is, it’s not going to sell.</p>

<p>There are houses for sale in my neighborhood asking for half what they would have sold for a couple of years ago, and they’re still not moving. And we live in a good school district, too, so houses usually don’t stay on the market when they do go up for sale in our neighborhood.</p>

<p>jym, I think wallpaper removal is critical for the house to sell. It is a sad, messy, and tedious job, and many a potential buyer will be deterred by the thought of going through this process. If the carpets are in fairly good condition, not shaggy green or orange, giving a new owner some $$ allowance for carpet replacement might work (I, for instance, am picky about the carpet colors - they have to match the cats). Good luck to you with the process.</p>

<p>It seems like flooring and kitchen is the deal breaker in selling a house. We live in a flood prone area, so we thought buyers would be happy with my mother’s totally tile house. No, instead they wanted expensive hardwood floors and carpeting. And the houses with the expensive kitchens were the first to go. My mom’s neighbor, much smaller house and yard, got even more money than my mom, was only on the market for a couple of months, because she had expensive kitchen appliances, Subzero?, granite countertops, and hardwood floors throughout. We were flabbergasted, as she had no garage, only a carport, where my mom was the only house on the block with a two car garage. When we bought the house for my mom, we were assured that we’d have no trouble reselling it when my mom eventually moved into assisted living because everyone would jump at the chance to have that big two car garage, which was bigger than my husband’s first apartment.</p>

<p>Is it too early in the day to pour myself a drink??</p>

<p>The kitchen was updated (thank heavens) about 10 or so years ago, so has granite countertops and newer cabinets with matching fronts on the dishwasher. The problem is, I live 1000 mi away, so doing this remotely is no easy task. There are hardwoods (very pretty) in the living room, dining room, downstairs hallway and master bath, but the den has very dated carpet. I’d prefer to give an allowance than to have to pay to have all this done, but yes…I just got the notice yesterday that the veterans discount on his taxes is now gone :(</p>

<p>Not good here. Neighbor’s house which is staged to show room perfection still hasn’t sold. I guess they are asking too much for it, but that means the market isn’t there yet. My realtor friend tells me that the lower priced homes are moving rather well. Anything requiring a jumbo loan is still dead here.</p>

<p>Paint is the biggest payback…you can get back more than your costs…</p>

<p>I think floors are the second biggest payoff…and I think you will get back more than the cost…</p>

<p>I can’t go into too much more detail…we sold the house in a week…because we priced it right and did a lot of work in the house…and the painting and redoing the flooring helped…I am sure…</p>

<p>The buyers don’t have to do much but move in…they do eventually have to replaster the pool and redo the tile in the pool etc…</p>

<p>I heard the buyers are going to make changes though…</p>

<p>One thing that did happen is while we were in negotiations…my pool heater went on the blink…and since I told the buyer they were getting a pool heater that works…I am eating the cost and installation of a new pool heater…the pool heater breaking …that was kind of bad timing…;)</p>

<p>My wife and I don’t agree on what to buy…I thought we did, but we don’t…we agree on the area…but I want to downsize more than she does…so…I think we are going to rent for awhile. There is nothing out there for sale that we want anyway.</p>

<p>My vision is very cloudy right now. I can’t tell what the real estate market is doing…I think homes that are fixed up and priced right do sell well…but they really have to be fixed up and priced well…There are some neighborhoods where homes sell in a few days…and others where I see nothing but overpriced stuff…</p>

<p>I did see a condo that was underpriced at $180,000 and it sold for $330,000…I think $330,000 was right.</p>

<p>I’m sorry to read that some posters are having problems selling…</p>

<p>One thing I do have is access to information, in the area, on sale prices and what is sales pending…quicker than the general public…</p>

<p>And I see that 90% of the time…the sold homes were offered within 3% of the final sales price or better…</p>

<p>Make that a double… on the rocks :(</p>

<p>Jym, the paint and decluttering and staging can make a difference, but the house next door is primo, a 10 out of 10 in all of the points, just not price and it would have been snapped up at that price before the down turn and is being taxed at that value. For our neighbors there is absolutely not a thing they could do to improve that house. It is that nice. It has to be the price.</p>