Selling a house that is dated and "worn."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except the higher price isn’t a benefit to the seller if you’ve spent more than the gain on renovations. It is a benefit to the realtor who makes a bigger commission.

You’re not very bright, are you?

The commission difference is negligible. An agent might net 100 basis points on a sale. If they get you another $10,000 for a house, that’s $100 in their pocket. Big wow.

The key there is selling quickly. That benefits both seller and agent. This is why interests align.

The biggest job in selling a home is removing all obstacles. So the real question for OP is do you want to sell it quickly or not? Updates are expensive and you might not recover the cost of them completely. But if it takes longer to sell your home, there is an opportunity cost to that, too.

Your fixation on agent compensation demonstrates just how stupid you are and proves you should not be opinining on these matters in a public forum.

And, since I can predict how your pea brain works, I will just cut off your lame retort by affirming I am not an agent, nor am I connected to the real estate industry in any way.

[Anonymous]

Anonymous wrote: And, since I can predict how your pea brain works, I will just cut off your lame retort by affirming I am not an agent, nor am I connected to the real estate industry in any way.

DP

Ha. I swear, there are people on this forum who would rather be accused of sex trafficking than be accused of being an agent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except the higher price isn’t a benefit to the seller if you’ve spent more than the gain on renovations. It is a benefit to the realtor who makes a bigger commission.

You’re not very bright, are you?

The commission difference is negligible. An agent might net 100 basis points on a sale. If they get you another $10,000 for a house, that’s $100 in their pocket. Big wow.

The key there is selling quickly. That benefits both seller and agent. This is why interests align.

The biggest job in selling a home is removing all obstacles. So the real question for OP is do you want to sell it quickly or not? Updates are expensive and you might not recover the cost of them completely. But if it takes longer to sell your home, there is an opportunity cost to that, too.

Your fixation on agent compensation demonstrates just how stupid you are and proves you should not be opinining on these matters in a public forum.

And, since I can predict how your pea brain works, I will just cut off your lame retort by affirming I am not an agent, nor am I connected to the real estate industry in any way.

DP. Our mortgage is only $2000. So even an extra 2 months on the market isn’t a huge cost vs the 50-75k the agent is trying to convince us to spend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Paint and stage, but do not renovate.

I would not offer allowances but the listing should say something like "price allows you to select your own updates on your schedule."

Why? Some may be looking for a fixer but some may just want to be in the neighborhood and bought the cheapest house. Unless it’s a tear down no need to suggest it needs updates.

That's a fair point, and it depends on how dated it is. Saying something in the listing might prevent buyers coming back with price reductions for the carpet etc. when that’s already priced in. But maybe not.

This. A neighbor of mine bought a house for a steal because it wasn't updated/ weird layout. Granted it didn't need any system updates. She did a kitchen and all bath renovation and took down some walls and it is gorgeous. You can tell it is way better than just a slip, better quality. Another neighbor bought a home flipped and the cabinets, etc look cheaper even though the price was more.

She purchased for $1.2 for a house that would have easily gone for $2-2.5mil if updated, so even with updates she came out ahead. She said the sellers also had no other offers because of the state of the house whereas other homes they put offers in had multiple offers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except the higher price isn’t a benefit to the seller if you’ve spent more than the gain on renovations. It is a benefit to the realtor who makes a bigger commission.

You’re not very bright, are you?

The commission difference is negligible. An agent might net 100 basis points on a sale. If they get you another $10,000 for a house, that’s $100 in their pocket. Big wow.

The key there is selling quickly. That benefits both seller and agent. This is why interests align.

The biggest job in selling a home is removing all obstacles. So the real question for OP is do you want to sell it quickly or not? Updates are expensive and you might not recover the cost of them completely. But if it takes longer to sell your home, there is an opportunity cost to that, too.

Your fixation on agent compensation demonstrates just how stupid you are and proves you should not be opinining on these matters in a public forum.

And, since I can predict how your pea brain works, I will just cut off your lame retort by affirming I am not an agent, nor am I connected to the real estate industry in any way.

DP. Our mortgage is only $2000. So even an extra 2 months on the market isn’t a huge cost vs the 50-75k the agent is trying to convince us to spend.

DP. The problem here is that a house that sits for 2 months might go on to sit for 6 if the reason it doesn't sell sooner is that it has defects that are turn-off for buyers. What happens with houses like this is that they go through several rounds of price cuts and still can't get bites, but instead just get occasional low ball offers from the sorts of buyers who are not put off by these problems -- mostly investors who can take it or leave it.

What you do is say "okay we don't want to spend 50k but we are willing to spend 10k -- let's do the most glaring stuff and really clean it up" and that's your middle ground. It's really not just about having a low mortgage payment because you have to think about the opportunity cost of having your equity tied up in this house for months and months. The goal is to not have to beg people to buy your house (which is what it means to let it sit for months and keep having to lower the price). You don't have to renovate the whole thing but you can do a lot of things that will keep buyers from saying no right away -- in this market it is very worth it to get the house looking as good as possible in the online photos and to present the best possible version to potential buyers without a major lift.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except that the homeowner has to spend money for the renovations so not quite the same net gain as it is for the realtor.

+1

[Anonymous]

Anonymous wrote:Make sure nothing major is broken (heat pumps, leaky faucets, electrical). Deep clean. Take blinds and draperies off. Wash windows.

This. Plus declutter or remove everything if the furnishings aren't in good condition.

[Anonymous]

I sunk about 10k in to my property plus staged it (house was empty). Did the most obvious things to make it look presentable but not a total redo. It sold at a comparable price to others in the market and sold quickly where if it wasn't presented well I don't think it would have gone for as much so fast.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Houses should be renovated every 10-12 years and buyers expect that. No one under 45 wants to have a project they want HGTV move in ready.

that’s mentally deranged. I guess this is why millennials complain about being unable to afford homes.

Why should we cleanup your used up houses that you haven't been maintaining.

Because that’s what you can afford. There is no “we” there’s just lazy you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except the higher price isn’t a benefit to the seller if you’ve spent more than the gain on renovations. It is a benefit to the realtor who makes a bigger commission.

You’re not very bright, are you?

The commission difference is negligible. An agent might net 100 basis points on a sale. If they get you another $10,000 for a house, that’s $100 in their pocket. Big wow.

The key there is selling quickly. That benefits both seller and agent. This is why interests align.

The biggest job in selling a home is removing all obstacles. So the real question for OP is do you want to sell it quickly or not? Updates are expensive and you might not recover the cost of them completely. But if it takes longer to sell your home, there is an opportunity cost to that, too.

Your fixation on agent compensation demonstrates just how stupid you are and proves you should not be opinining on these matters in a public forum.

And, since I can predict how your pea brain works, I will just cut off your lame retort by affirming I am not an agent, nor am I connected to the real estate industry in any way.

DP. Our mortgage is only $2000. So even an extra 2 months on the market isn’t a huge cost vs the 50-75k the agent is trying to convince us to spend.

DP. The problem here is that a house that sits for 2 months might go on to sit for 6 if the reason it doesn't sell sooner is that it has defects that are turn-off for buyers. What happens with houses like this is that they go through several rounds of price cuts and still can't get bites, but instead just get occasional low ball offers from the sorts of buyers who are not put off by these problems -- mostly investors who can take it or leave it.

What you do is say "okay we don't want to spend 50k but we are willing to spend 10k -- let's do the most glaring stuff and really clean it up" and that's your middle ground. It's really not just about having a low mortgage payment because you have to think about the opportunity cost of having your equity tied up in this house for months and months. The goal is to not have to beg people to buy your house (which is what it means to let it sit for months and keep having to lower the price). You don't have to renovate the whole thing but you can do a lot of things that will keep buyers from saying no right away -- in this market it is very worth it to get the house looking as good as possible in the online photos and to present the best possible version to potential buyers without a major lift.

It’s sitting because it’s priced too high not because it wasn’t flipped on the cheap.

[Anonymous]

Price it to sell, expect to get beat up even more during inspections, and make further price concessions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't listen to realtors who tell you to renovate. It only benefits them (easier to sell and higher selling price).

Um, easier to sell at a higher price also benefits the seller, genius

Except the higher price isn’t a benefit to the seller if you’ve spent more than the gain on renovations. It is a benefit to the realtor who makes a bigger commission.

You’re not very bright, are you?

The commission difference is negligible. An agent might net 100 basis points on a sale. If they get you another $10,000 for a house, that’s $100 in their pocket. Big wow.

The key there is selling quickly. That benefits both seller and agent. This is why interests align.

The biggest job in selling a home is removing all obstacles. So the real question for OP is do you want to sell it quickly or not? Updates are expensive and you might not recover the cost of them completely. But if it takes longer to sell your home, there is an opportunity cost to that, too.

Your fixation on agent compensation demonstrates just how stupid you are and proves you should not be opinining on these matters in a public forum.

And, since I can predict how your pea brain works, I will just cut off your lame retort by affirming I am not an agent, nor am I connected to the real estate industry in any way.

Why are you so mean?

[Anonymous]

it depends on how dated the house looks. If your kitchen has a proper range hood built in appliances and working cabinets then you could get away with sprucing it up however if its got the terrible microwave above the oven or the down draft many people will pass

[Anonymous]

Anonymous wrote:it depends on how dated the house looks. If your kitchen has a proper range hood built in appliances and working cabinets then you could get away with sprucing it up however if its got the terrible microwave above the oven or the down draft many people will pass

DP adding on to this, decluttering massively or maybe just using staging furniture can go a long way to making the house look better than it does assuming the furnishings are as tired and dated as the rest of the house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Houses should be renovated every 10-12 years and buyers expect that. No one under 45 wants to have a project they want HGTV move in ready.

that’s mentally deranged. I guess this is why millennials complain about being unable to afford homes.

That is deranged. Who can afford to “renovate” an entire house every 10 years? Two bathrooms and a kitchen cost me over 100k.