Agent urged us to underprice our house now we regret it

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08/24/2019 18:19

Subject: Agent urged us to underprice our house now we regret i

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Anonymous wrote:Are you sure it’s not priced correctly? Do you really think you’d get more offers if it was priced higher?

Yes a very similar house same layout a few doors down sold for 75k over our list price last month. That one has a bonus screened in porch so we mentally discounted 25k from what we would expect

A screened porch costs $40k bare bones.

It’s a very small one so we thought 25k was reasonable

I’m pricing a small screened porch now. Starts at $40k.

+1. I don’t think the folks saying $20 live in the DC area or have built anything lately.

Agreed. $15K buys you a deck in DC and surrounding area.

-2. Literally just last week we had a slate patio (20x20) installed in our Del Ray backyard for $8400. Our across the street neighbors had a mudroom/ back porch added for 18k.

You people must be the suckers that keep Harry Braswell in business.

I agree. DCUM is filled with suckers that overpay on household improvements all the time. It is crazy. If you spend the time talking to contractors and reading reviews it works out. But don't hire the contractor driving the pricey car and ridiculous prices.

Patios are much much cheaper than decks FYI, since decks are raised structures requiring footings. Patios are ground level and require no foundation

If anything- unless the patio was considerably large (which is not likely since we are talking about del Ray), that poster overpaid for her patio.

Yeah they essentially just laid down stones for a patio, and that cost 8K. A screen in porch requires footings, structure, and wiring as well as the roof and shingles. From their price, it sounds like the foundation would cost 8000 just to begin with.

PP says neighbor got porch and mud room for $18k. That’s seems more reasonable. My friend in DC paid $25k for huge sunroom with skylights. I paid $125k for a 2 level 700 square foot addition most DC contractors and neighbors say would cost me $300k minimum. I am always dumbfounded by the price people pay in DC. $75k kitchens etc. Paying $30k for an architect that I paid $4k for.

So majority of contractor said addition would be $300k, and you found someone to do it for $125k? Permitted and inspected? With licensed subs? Please recommend. In Nova, permits alone can be $25k for an addition, is that is amazing.

Major contractors/design build firms like Case and Landis won’t even bid on a job under $200k (they say $100k but haven’t heard of anyone getting one under $200). I have a neighbor that spent $200k on kitchen with same cabinets and counter finish that I have and a powder room with them. Yes, my addition in upper NWDC was fully contracted, full permits, and subs. Very nice finishes. I can sell my house for the same or more than my neighbor that just sold for $1.3m. Many subs work for the same larger firms that my neighbors pay $300k for. Design build contractors and high end architectural firms with high overhead expect to get 15% of an already inflated job. Times have been good for them the last 5 years. It won’t last. $200/square foot is absolute high end finishes in a traditional market. Contractors in DC don’t pay their subs much more than what my brother pays his subs for in Atlanta. But in DC they know that your addition is going to net you $400/square foot more in value as literally want to just charge you that. I have received quotes that were nearly double from properties I own in SE vs NW. My good friend is an architect and his firm averages $30k of work for that takes about 20-30 hours, most of which is consulting time. He says he loves additions because they are he easiest to duplicate from prior jobs. Even if they include kitchen and bathroom. The expensive fancy software they have does most of the work for them.