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Started By
Message
re: My House has been sitting on the market for a month now
Posted on 9/28/22 at 11:34 am to iAmBatman
Posted on 9/28/22 at 11:34 am to iAmBatman
quote:
It doesn't matter that it is priced below where some website thinks it should be.
No one wants to buy a house and then have to spend $20K to fix all the shite that you should have before you decided to sell it.
This is where I am. If I gotta do work, I want a steep discount to account for my labor and time. If it is basically ready to be lived in, I am willing to pay a premium.
It is just how I am wired.
0
Posted on 9/28/22 at 11:37 am to WhiteMandingo
Not in a hurry to unload it.
My interest rate is 2.6 and my total mortgage payment (with escrow) is $1050 a month.
I can keep it for a long time.
My interest rate is 2.6 and my total mortgage payment (with escrow) is $1050 a month.
I can keep it for a long time.
Posted on 9/28/22 at 11:42 am to iAmBatman
quote:
No one wants to buy a house and then have to spend $20K to fix all the shite that you should have before you decided to sell it.
No one? Are house flippers aware of this?
Posted on 9/28/22 at 11:59 am to Northwestern tiger
quote:
I’m taking it off the market in two weeks. Will rent it out.
Unless someone with good income is desperate, that's going to be your best bet (and with home sales falling you should be able to get a good sum for renting). Expect this to be the case for at least the next 6-8 months, if not into 2024.
Posted on 9/28/22 at 12:16 pm to Northwestern tiger
quote:
The feds are getting super aggressive with the interest rate. They will cause a bad rescission
Maybe, but the world in which they don't rein in inflation is much worse.
Also, Zillow estimates are usually pretty over-inflated, at least when the market is trending down.
Posted on 9/28/22 at 12:31 pm to TigerTatorTots
quote:
The bottom is about to fall out of housing. I feel bad for those trying to sell in this market.
Even if you just bought unless you play on staying where you are for a while you're losing money as we speak because prices are going to have to fall. If it gets so bad where people can't get out of a house and at least pay off their mortgage you've got a crisis. I've just accepted that if something comes up where I have to sell I'm probably losing at least a chunk of my original downpayment.
Posted on 9/28/22 at 12:57 pm to AUHighPlainsDrifter
quote:
No one? Are house flippers aware of this?
Is it priced as a flip house? Or is it priced as move-in ready?
If I'm buying a house, I'm fine with doing upgrades on my own so I can personalize those to my taste. But if it needs a new roof, I would expect that to be taken care of on the seller's insurance policy, not my own.
Posted on 9/28/22 at 1:13 pm to Northwestern tiger
Listed with an agent or by owner?
Posted on 9/28/22 at 1:32 pm to Northwestern tiger
quote:Its the roof most likely that’s the real issue. Older HVAC, older roof turn off more buyers than anything, i show 500 plus houses a year so that’s someone who hears it a lot telling you.
Windows are old Siding on garage Roof getting old Etc… But everything is factored in the price. It’s listed below Zillow estimate
To sell it you’re probably going to have to address that.
Also, do NOT trust Zillow zestimates. Those are based off a National average and could be pretty inaccurate depending on the area. This is again someone who buys both Zillow and Realtor.com leads.
A better read on it, IMO will be someone who shows a lot and sells a lot. Realtors who do can give you some pretty good advice as they get a broad read on properties from people looking.
This post was edited on 9/28/22 at 1:52 pm
Posted on 9/28/22 at 1:36 pm to Northwestern tiger
quote:Check with your lender and see if a buyer can assume the note.
My interest rate is 2.6
If so, put it in the public notes and have your realtor spread the word. People will get much less picky about the roof then.
Posted on 9/28/22 at 1:59 pm to Lightning
quote:
Is it priced as a flip house? Or is it priced as move-in ready?
If I'm buying a house, I'm fine with doing upgrades on my own so I can personalize those to my taste. But if it needs a new roof, I would expect that to be taken care of on the seller's insurance policy, not my own.
I believe the OP indicated that these issues were priced in to his asking price. That said, I wasn't referring to the OP's particular situation so much as pointing out that Batman's statement was ridiculous.
Posted on 9/28/22 at 2:17 pm to Northwestern tiger
quote:
My interest rate is 2.6 and my total mortgage payment (with escrow) is $1050 a month
A lot of people are in the same position you are. So why would they jump all over an expensive price vs 2 years ago at double the mortgage when they probably have the same interest rate as you?
Rent it out. You've missed the sellers party and there probably won't be one for another decade.
Posted on 9/28/22 at 2:27 pm to Billy Blanks
quote:
Listed with an agent or by owner?
Agent
She had 5 open houses so far
Posted on 9/28/22 at 2:44 pm to AUHighPlainsDrifter
quote:
pointing out that Batman's statement was ridiculous.
what was ridiculous about my statement?
I can't imagine many buyers that intend on living in the home would want to move into a house that they immediately have to update/fix seller issues that should have been addressed before the house was put on the market.
The problem with the OP is that he jumped too late and thought he could sell his rundown house but he missed the sellers market and now he's stuck.
Posted on 9/28/22 at 3:20 pm to Northwestern tiger
quote:I sell a fair bit. Know how many open houses I’ve had this year?
Agent She had 5 open houses so far
One. 37 sales, one open house.
Open houses IMO won’t get you the attention you want (again your area may be different and it works there).
Our association has meetings. Some we specifically have realtors present their current or upcoming listings where we get feedback. Remember your agent (unless they’re bringing a buyer) isn’t selling your house. The buyer’s agent is.
I talk with other agents a lot, some sell a lot more than I do, but they have connections I don’t which help immensely. I REALLY listen to my fellow busy agents, and I’m talking with one or more daily about things.
I took their feedback from one of those meetings to one client who priced his house well above my suggestion, didn’t get a single showing for a month. So he’s renting it because he couldn’t get his price. No law he has to sell at what the market thinks his house is worth today.
Posted on 9/28/22 at 3:34 pm to iAmBatman
quote:
what was ridiculous about my statement?
By stating that "no one" wants to buy a house that needs fixing up, you left out a large segment of home buyers...people that flip houses. Per The Motley Fool's website, "House flipping has become increasingly popular over the last few years. In 2017, just 5.7% of all home sales were flips. By the first quarter of 2022, that share jumped to 9.6%."
Not to mention that there are many buyers that purchase homes that need some work simply because the work needed makes the house more affordable to them. i.e. - They may want to live in a nice neighborhood, but can't afford a home in that hood unless there are other factors, such as needing a new roof or HVAC, that brings down the value of a house.
Posted on 9/28/22 at 3:48 pm to AUHighPlainsDrifter
quote:
No one wants to buy a house and then have to spend $20K to fix all the shite that you should have before you decided to sell it.
No one? Are house flippers aware of this?
The key for a flipper traditionally was they paid less than the market value. The OP is not interested in that trade off.
The combination of that margin (plus the renovations to show well and attract a buyer) are basis for a real flipping business. Because buyers will pay at or above market value for a move in ready home and expect to get a bargain on a home that needs work.
quote:
My interest rate is 2.6 and my total mortgage payment (with escrow) is $1050 a month.
I can keep it for a long time.
This is an option. But it depends on who you are and what you really want.
Big picture that's a great interest rate if you really know what you are doing renting. It also depends on where you live. Some places have aggressive renter protection that would scare me off.
You probably want to do it through a LLC and have a manager you trust manage the property so you won't be legally vulnerable or unplugging toilets on a Saturday night.
This is a long term decision for an owner. I rented a property out back in 2009 and in retrospect wish I just sold the thing for whatever I could get. Dealing with management, insurance, deadbeats, etc is just a PITA and not worth doing IMO unless you have multiple properties because this is your intentionally chosen business.
Your interest rate is fantastic though. If you can find an investor who will assume the mortgage and pay you the difference. That would be a win win
Posted on 9/28/22 at 3:54 pm to molsusports
quote:
The key for a flipper traditionally was they paid less than the market value. The OP is not interested in that trade off.
The combination of that margin (plus the renovations to show well and attract a buyer) are basis for a real flipping business. Because buyers will pay at or above market value for a move in ready home and expect to get a bargain on a home that needs work.
agreed...a flipper isn't going to give 2 shits that you knocked $10K off your ask. They're going to want to see significant cuts so they can still make the repairs and have some meat on the bone for a profit.
Posted on 9/28/22 at 3:55 pm to molsusports
If you rent it, what are the chances you have to address some of the issues you listed before you try to sell again? Also, if you rent for too long, you lose your cap gains exemption.
Posted on 9/28/22 at 4:05 pm to Northwestern tiger
quote:
She had 5 open houses so far
Open houses don't usually attract buyers. Just nosey people that want to see the inside of the house.
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