Agent urged us to underprice our house now we regret it

[Anonymous]

Anonymous wrote:I have seen several houses relisted at higher prices and only one made sense (they did renovations)

https://www.redfin.com/VA/Arlington/2115-Military-Rd-22207/home/11232946

This house just relisted higher. It is beautifully staged but it is small and cramped with low ceilings. We knew the owners prior to the ones selling now.

I think that they are crazy. You are on main street and across from a gas station.

Lol this is my new favorite horrible room, wtf kind of brain blender produces this.

[Anonymous]

Also the real victims here are the poor people who made a good faith full price offer but possibly the house is cursed and that’s what happened to OP so I kind of hope they get away.

[Anonymous]

I don't see any information about the OP's house. It is in a desirable neighborhood? Are we talking about a $500->450k drop or a $1000->950k drop? That matters a lot.

I can't imagine a short delisting with a price increase would help here. As a buyer in the current market, I'd see the original price, assume there was no offers, and never put in a higher offer.

A long delisting might be fine. There's not as many buyers right now, depending on the demographics, so waiting until the Spring might work. But, there's similar odds that the OP would end up paying more for the new house, too.

It sounds like the house is getting decent foot traffic. If that's the case, and there's only been one offer, it seems pretty clear that's what the current market has priced it at. If it had been slow, I might have said the OP just hasn't found the right buyer yet.

[Anonymous]

I think you just missed the only chance to sell this year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op don’t listen to posters telling you your house is obviously not worth what you want.
I posted a while back and was told the same thing.
They were wrong and we got our price.
Timing is everything.
This is not a great time of year to be selling and certainly not a reliable time for bidding wars.
I don’t know the answer to your predicament, but I think you start with a harsh conversation with your realtor. She needs to make this right and put money where her mouth is.

Oh Lord! Here comes idiot number two !
timing, location, all of that factors into whether or not a home is priced correctly and considering all the factors most especially at the supposedly low price she’s only has one offer that her ass is evidently priced either just right or too damn HIGH!
WTF do you not understand?

NP here- calm down psycho agent or know-it-all. Timing IS important.

[Anonymous]

-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.

Can you share your contractor name and contact info?

[Anonymous]

Anonymous wrote:

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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.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op don’t listen to posters telling you your house is obviously not worth what you want.
I posted a while back and was told the same thing.
They were wrong and we got our price.
Timing is everything.
This is not a great time of year to be selling and certainly not a reliable time for bidding wars.
I don’t know the answer to your predicament, but I think you start with a harsh conversation with your realtor. She needs to make this right and put money where her mouth is.

Oh Lord! Here comes idiot number two !
timing, location, all of that factors into whether or not a home is priced correctly and considering all the factors most especially at the supposedly low price she’s only has one offer that her ass is evidently priced either just right or too damn HIGH!
WTF do you not understand?

NP here- calm down psycho agent or know-it-all. Timing IS important.

Can you read? I said timing was also a factor. Geez

[Anonymous]

Agree that timing is a factor. Because the time of year, OP is not selling as high as she could, but presumably she’s also not buying her new home at peak price. It seems like a wash to me. As someone who just bought in the spring, I can tell you that you’re going to be bidding over list, waiving contingencies, and definitely not getting anything with a home sale contingency.

Is it worth a higher sales price OP if you can’t get a home sale contingency for a new place and have to take out a bridge loan or move somewhere temporarily?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

[Anonymous]

My agent did this to me, OP, except she convinced me to list 50k lower than I wanted and then brought me a buyer through a pocket listing (someone using her same agency) the same day. I was stupid and agreed with it. Yes, I got screwed because I never even got the possibility of competing bids. When a nearly identical house one street over sold for $50k higher the next month (April versus May) I was furious.

This isn’t what happened to you. The open market has spoken.

[Anonymous]

Anonymous wrote:Op don’t listen to posters telling you your house is obviously not worth what you want.
I posted a while back and was told the same thing.
They were wrong and we got our price.
Timing is everything.
This is not a great time of year to be selling and certainly not a reliable time for bidding wars.
I don’t know the answer to your predicament, but I think you start with a harsh conversation with your realtor. She needs to make this right and put money where her mouth is.

But did you list at the lower price and then delist and relist at the higher price? Or did you start out at the higher price and get it? If the latter, your scenario is completely different than the Op’s. Also, even though Op claims her realtor told her she could reject a full price offer without owing a commission, I would read the listing agreement carefully before doing so. Also, as a pp said, you should also check what your contract on your new home says about what type of offer you need to accept and whether you will lose your deposit on that home if you don’t accept this offer. I have found (I’m not a realtor but have moved a lot) that the first offer is usually the best offer, especially when you don’t have a multi offer situation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

I'm pretty handy, use a handyman for bigger projects when needed (vs a contractor), and get multiple quotes for projects actually requiring contractors. $18K is an insanely low amount for something that requires foundation, electrical, walls, insulation, roofing, etc. My guess is that the neighbor got shoddy work or a friends/family deal.

The people paying $75K for kitchens are spending $30-40K on cabinets, $10K on appliances, $10K on flooring, etc

I interned for a high end architecture firm many many years ago when I was in college. Typical architecture fee is 15% for residential project. So $100K addition would cost $15K, $1M house $150K, etc. I doubt your project that required $4K architect is same scope as $30K architect.