[ctviggen]

If so, did you do anything "special", such as use one of those home stagers?  Did you have a list of items you replace/did to the house?  (We have a very extensive list, including new roof, two sets of sliding glass doors, redid family room in basement, replace oil furnace with a combination oil furnace/40 gallon water tank that is incredibly efficient, installed a wired whole house network/TV/phone, it goes on and on and on....)  Do you have any other tips?

We have a list of things to do on the house but were planning on trying to sell beginning Spring of next year.  It'll take that long, though to finish our list.  And we'll only sell if we can get somewhere near the value of the house.  If we lose 50 grand or so, we realistically can't sell and come up with a 20% down payment.  Houses where I live, for the places we want to move, really haven't come down as much as I'd like them to come down.  And because I have a "starter" home, these homes went up in value faster, but have come down in value faster. 

Thanks for any tips.

[gooberdude]

Home sales have been really strong in 2012 around my area, St Louis and Illinois in general.  IL just published their first quarter report & volume is up significantly compared to the last 3 yrs.   

Sounds like you're all set to impress potential buyers.  Of what I see, buyers no longer want credits at the Closing for needed upgrades, they just want the homes to be perfect - requiring little expense after the sale. 

Staging is important, just not as important as price & quality.  YMMV

GLWS   The sooner you put it on the market the better, IMO. 

[TomS]

Home sales have been really strong in 2012 around my area, St Louis and Illinois in general.  IL just published their first quarter report & volume is up significantly compared to the last 3 yrs.   

Sounds like you're all set to impress potential buyers.  Of what I see, buyers no longer want credits at the Closing for needed upgrades, they just want the homes to be perfect - requiring little expense after the sale. 

Staging is important, just not as important as price & quality.  YMMV

GLWS   The sooner you put it on the market the better, IMO.

Same here. 3 homes adjacent to ours sold in 1, 4, and 6 days on the market last month and none were distressed situations in any way. All were 35+ years old but maintained and upgraded adequately such that nothing was needed at move in. Of course homes here in Northern Indiana didn't suffer from gross inflation of values over the years, so that helped a lot.

Best of luck with the sale.

[Photon46]

My wife & I inherited a small home in Huntsville Al. that took three years to sell. We were always chasing the market downwards and people in the income bracket that would buy that sort of home could never get qualified for a loan. We finally threw in the towel and sold it to an investor for 2/3 of market value and now it will become a rental while the new owner waits for the market to turn around, whenever that will be. 

[saisunil]

Remember when you sell low, you also buy low ... also think about the value of the new place you would be buying ... it's a wash ...

De-cluttering and keeping the home clean and neutral - not too many personal, religious, hobby items ...
Keep the kitchen generally free of excessive smell - what is appetizing for one could be offensive to others ...

Generally providing open space - at the same time showing example of where dining, extra bed-room is ... people prefer to see more bedrooms instead of an office - one can mention that it can be converted to an office space ... apparently - more number of bed-rooms increases the perception of value of a place ...

You want to do enough staging (which is usually by how you live) and give enough room for imagination for potential buyer to customize ...

Making a list of improvements and putting on a piece of paper for people to take is a good thing in addition to the facts - square footage, taxes, number of room ...

Keep yard nicely trimmed is a must ...
Light, air and noise are some common factors that buyers consider ....

Also remember Spring is the peak season (we are in summer now).

Good Luck

[avta]

We've sold and bought a number of houses over the years. I've gotten into the habit of having a home inspection done by a licensed home inspector before listing the property. That way we know if there are any significant defects that would be detected when the home is inspected for purchase. We generally take care of those items ourselves. Having a good realtor is also very important. We usually interview 2 or 3 before we chose one. Ask around the neighborhood for peoples experiences with realtors. Its crucial. The realtor should provide you with comparable sales so you can accurately set the selling price. This is a critical issue. You can definately sell low and buy low if you chose an area carefully. We recently went through this process and are now living in a beautiful area we would have never been able to afford 5 yrs. ago. Good luck

[Phil A]

Remember when you sell low, you also buy low ... also think about the value of the new place you would be buying ... it's a wash ...

Great advice in the whole post.  I'm getting mine ready for sale, slowly cleaning up and fixing things with the intent of some time in perhaps just a bit under 18 months, give or take, put it on the market.

I've already bought (the next house) low.  It isn't built yet.  Over the next few months, I'll be picking out countertops, flooring, etc. and deciding and getting pricing on extras. It likely will be started around October and finished around next April with the intent to move in a bit less than a year after it is completed.

[saisunil]

Re: pricing there are two schools of thought:
1. Price is high enough - as people like to negotiate
2. Price it right - market price, or in this market slightly below market price

I believe that in this market pricing it right is the best way to go - as the buyers for that price would come to see you place - if the price is too high - even though negotiable - you will get less foot traffic ...

Buyers are very price sensitive ... we have a friend who had listed her apartment too high and no one came to see the apartment for weeks ... not until the price came down did they find some foot traffic ... regardless - it is buyers market ... there is plenty of inventory of new and old houses / apartments ...

Cheers

[Big Red Machine]

Folks here in Michigan will not barter down the home price.  If it is too high, they pass.

I'll lose at least $200k on this house.  The market could care less if it has more features and finished space than any others.  Price per square foot and comps, no matter how crappy, drive the pricing.

We always leave it spotless for showings.  Most don't even know we have 2 dogs and a cat until they see the cat box and dog bowls.  I leave out 3 PowerPoint pages - area/neighborhood philosophy/intent/features, reminders of what is in the listing, and all the hidden upgrades we added as experienced houseowners (7th house for us).  Nothing left to chance since most realtors do not know your neighborhood or builder or even read the listing fully!

[TheChairGuy]

Price it right, ctviggen/Bob.  There aren't too many fools around anymore and banks are restrictive in their lending - far more so than when you bought your place.

My biz partner had his home for sale in Redondo Beach, CA in early 2010...one that he bought in early 2002 just as the zaniness was cranking up in L.A. He spent probably $100K in upgrades over that time inside so he was probably in it for $900K or thereabouts ($800K purchase + upgrades/changes)

His agent, his sister, advised him to put it up at $1,100,000....and crickets could be heard chirping for 4 months   It was simply priced wrong for the market and the market responded with appropriate yawns.

After a few months, my partner decided to get serious and dropped the price a rather steep $200K back down to $900K.  It was sold inside of 3 days from the time he did that.

Lesson learned - price it right - not high or low in this market environment. If you cannot afford to do this, then stay put where you are.

[sts9fan]

No issues here in MA. Market is cranking.  I am surprised and jazzed at the prices homes are going for. 
Saisunil is exactly right though. Everyone I talk to expects to sell for a profit and buy super low. It just don't work that way. Be happy you can sell low and buy low(er).

[walkern]

We had our little ranch home listed last year for 8 months, and had a grand total of 8 'showings', and no real interest what so ever.  We met with our realtor this spring and he said 'flippers' had been buying up all the foreclosures and short sale properties in January and February, and that there was 1/10 the available houses now.  We dropped our price a little, and sold the place in 1 week, with more showings during that time than we had all last year.  I guess what I'm saying is that it is essential to have the place presentable, and marketed well, but timing seems crucial too.  If the market in your area is swamped with bargain basement stuff, you might be well advised to hold off until investors feel the market has bottomed out and snapped up the flippable places.

[Phil A]

The local market conditions also impact things.  My local area as of a few months ago was in the top 20 in the country as are many of the surrounding areas.  The little section I'm in is also in demand.  On a regular basis local realtors have clients wanting the section and there are no houses available.  I'm hoping that with my timing and buying the next house in a buyer favorable market that the market picks up a bit when I'm ready to sell.  I'm actually downsizing a bit (although my main audit room is about the same size and the master bedroom will be much bigger and the new place will have more modern and better features - e.g. solar) and moving to an area that is cheaper.

[ctviggen]

Sorry for my delay in responding; I've been busy getting this house ready for sale.  The market here is depressing in more ways than one.   Can't build, as that's too expensive.  We're going to lose a realistic 100,000 on my house (Paid $350,000 for it, will be lucky to get $280,00 for it with all the work we've done -- see below);  I'll have to come to the table with about $20,000 in cash.  Good news: we've seen many 600,000+ homes that have been on the market for years and are hundreds of thousands dollars cheaper than they used to be.  Bad news:  they're still 600,000+.  We went to see a home in a "prestigious" area; it was $670,000, and needed a new roof and a heck of a lot more work!  Yikes!!  Can't live in that area.  Saw another $700,000 home that needed to be completely gutted, and that's not in a "prestigious" area. 

Anyway, here's a partial list of what we've done to this house.  Instead of making the "bones" of the house better, I should've just "polished a turd" as my friend used to say. 

Whole house highlights:
New roof with 30 year shingles, transferrable warranty (2011) ($9,500)
New gutters ($2,500)
200 Amp service upgrade from 100A (2009) ($2,500)
New, very efficient furnace with 40 gallon hot water tank (2009)  ($8,000)
Completely redid family room (way, way too much, $15,000+)
Both sliding glass doors replaced (well over 3,000) including replacing header for bottom sliders
Whole house wired network, phone, and cable (way too much)
8 inches of insulation added to attic -- added platforms for storage while still having insulation underneath
Future AC:  240V box added outside for AC unit and 20A circuit added in attic for air handler
Outside circuits (1 circuit, 2 outlets) for, e.g., Christmas lights
Garage door trim completely replaced, including header above one of the garages
Well:  all wiring, all piping, and well pump replaced (2010)
Generator connection installed outside (2012)
240 volt box added in garage, 6 new 120 volt outlets installed in/near garage.
Speakers in garage, outside for deck
Closet organizers in every closet
Front and rear screen/glass doors
Quiet bathroom fans in both upstairs bathrooms, on timers, vent outside
Placard above door for home number
New mailbox with home and street information
Replaced almost every light fixture

Garage:
240V box installed (new)
120V circuit installed around garage (new)
Shelf above oil tank (new)
Shelving system and cabinets (new)
Shelving system near garage door (new)
Outlets inside and outside between garage doors (new)
Garage door trim completely replaced
Part of house between garages now sits on concrete (new)
Wood shelving near door to inside (new)
Replaced door between garage and house (new)

Deck:
Decking flashed (new)
Outdoor speakers (new)

Kitchen
Low voltage lighting (new)
Microwave/convection oven (new, vents to outside)
Replaced all appliances with stainless steel appliances
Sliding trash/recycling cans (new)
Garbage/recycling under sink (new)
Two levels of shelving under sink (new)
Knobs and handles on cabinets (new)
Additional cabinets (new)
Fan and fan box; (replaced both)
Hanging knife rack (new)

Master bedroom
Closet organizer (new)
Ceiling fan (replaced)
Network/cable/phone (new)

Corner bedroom
Ceiling fan (new)
Closet organizer (new)
Network/cable/phone (new)

Middle bedroom
Ceiling fan (new)
Closet organizer (new)
Network/cable/phone (new)

Family room
Completely revised
7/9 channel surround sound
Projector/screen
Black out cellular shades, including cellular shade for sliding glass door
Can reverse room (can put front/center speakers near sliding glass door or near front of house)
Installed tubes to front of house and to projector location so that cables can be replaced/added
Light controller with four zones (can be operated by any programmable remote)

Laundry Room
New cabinets and crown molding

[ctviggen]

Old family room (those fans were remote-controlled and worked horribly):




Revised family room:




It's even nicer, now, as there's a wood frame with crown molding around the projector screen.  7.x channels, the wood is prefinished flooring, so it's super hard; includes a lighting controller that's remote controlled (4 zones, 16 or so different "scenes").   New insulation in the walls and ceiling (R-15). 

[ctviggen]

So, we replaced all of the carpeting, had wood floor installed in the dining room, took as much as possible to a storage area, took all of the paintings/pictures off the walls, replaced a vanity in the bathroom, and had most of the interior of the house repainted.  Spent another 8,000 or so. 

The realtor also wanted us to have all the trim painted white (currently, the trim is stained wood).   The painter said that would be quite expensive and would take a while, as all the dents, nail holes, etc., would have to patched and sanded first.  Personally, I like the wood trim, as you can see the grain of the wood.  White trim, you just see paint.  We did not have the trim repainted. 

Still going to lose 70,000 relative to what we paid for the house, and will have to bring another 20k or so to the table to get out of this house.  We need an in-law apartment, however, and this land isn't suitable to build one.  We need another house. 

[django11]

From watching the shows like House Hunters I noticed that a lot of people have a very emotional reaction when they visit a house.  They like the color of the walls or the appliances or they don't.  What gets the most comments:  appliances, counter tops, light fixtures and faucets  .  They have trouble seeing the space and layout instead of seeing the decoration which is easy to change.  Which is why I would paint the trim...   (Unless you are living somewhere where  trim is must have item.  What is your location btw.)

[Nick77]

We sold our 5yr old house last fall and lost about 30k. Building a new home on our acre lot this spring and just wanted out.

Word of advise is de-clutter big time, people aren't interested in multi purpose rooms.

[johzel]

Sold our house within the past month and are moving to our new location in 12 days.  We were in the upper end of our market and yet were lucky enough to choose between two offers within 60 days of the listing.  We priced the house fairly and did come down some but didn't take too much of a hit - only about $10K.  We did three things that I feel "sold" the house.  First, we fixed/replaced/updated any item that we didn't like ourselves.  For example, our 2nd bathroom's countertop was dated, we put in new granite.  Next, we really decluttered.  That required a fair bit of boxing and throwing - Goodwill etc. are your friends   And finally, our house was spotless whenever we showed it. 

At the end of the day - this might be a market dependent issue???

Break over . . . back to packing.  Boxes . . . boxes . . . boxes!! 

[jackman]

Great advice, guys.  I don't have a thing new to add except to reinforce the recommendations to de-clutter, especially during a showing or open house.  This means store all nonessential stuff you have laying around (kid's toys, pictures if your family, anything with religious or political messages, etc).  I'd also put your large stereo system in storage or in the basement.  99% of women (and most men, although not guys on this site or me for that matter) are put off by large speakers in the house and they make your room look small.

Also, painting the trim is tedious but something you can do yourself if you have the time.  While you are at it, paint the walls a neutral color.  When we were looking at houses, I was amazed at how many people painted their walls funky colors. Purple kid's room, dark cranberry family room, funky fruit wallpaper in bathroom, etc.  these are distractions to potential buyers.  Your home should be spotless and completely free of clutter and things like large speakers and on-ceiling projectors (unless they are in a basement or man cave).   It sucks but its the truth.  Your room will look larger and less cluttered without these items.

Also, we replaced all of our dated light fixtures, faucets and kitchen hardware - drawer pulls, cabinet knobs, etc., when we sold our last house and it made a huge difference.  Paint is the cheapest thing you can do to improve the looks of your place but make sure you go neutral in every room. 

It might be boring to you but light neutral colors are unlikely to put off a y buyers and the paint will make your house look brighter and your rooms larger.   Unless you are really lucky, potential buyers are not going to be impressed by funky colored walls and ceilings and giant speakers in the family room; even ones with carpethian burlwood or some exotic veneer.  To potential buyers, they are just large ugly wooden boxes taking up space, and making your room look smaller.   Please note, I think your speakers are beautiful but I'm not the typical buyer.  Don't take unnecessary chances.

Good luck

Jack