Experience and advice marketing our home

[TargaDave]

Built our current house 14 years ago and just put it on the market since we’re headed to a “semi-ER” place we recently bought in NC. Our local modestly priced college town market is not horrible but it has definitely slowed. Interviewed 3 well known brokers (different agencies) with a suggested price range of $450k to $500k. Toured 2 other homes for sale in the nicer section of our neighborhood. One just sold after 2 price drops and the other is still on after one price drop. We bought one of the last remaining “challenge” lots in the neighborhood, designed the house, did the site-plan and did most of the interior-exterior trim/finish/landscaping work ourselves (call it a love hate relationship with home design). Sort of a period colonial with a few comptemp features an modest dose of moulding work (my hobby). With 2 kids and a biz I’ve been way behind on upkeep (too cheap to contract out) so the last 3 months I’ve been cranking full time on serious fixing-prepping-staging to sell. Our house is not your standard spec house but we figured that buyers might not share our tastes and doesn’t everyone consider a house they build “special”. Actually after 14 years I tended to focus on the flaws like a typical engineer. We listed this Tues in the high 470's, at the beginning of a two day snow storm (Murphy's law).

Sitting here right now with 3 offers after 20 some showings feeling pretty wiped out. One slightly below list, one at list and the other a few k above. All preapproved professionals with 20% down and deposits of 10 to 25k and no selling contingencies. DW and I talked and we don’t care to promote a bidding thing for a few extra bucks, basically just choose and move to close ASAP (wouldn’t you in this market?). We anticipated at least a month or two on the market so we’ll have to scramble for temp living since the kids need to finish the school year. Kinda quesy about the idea of a two month lease back though one offer mentioned something. Need to respond today assuming they don’t just disappear.

Never all roses. I messed up my back during the floor refinishing and our NC beach box is surely worth less than what we paid for it. Oh well. DW said I just need to have confidence in our rehab-design skills one more time and 30+ years from now it won’t matter any way.

 

[thefed]

good luck....be happy you got offers so quickly!!

 

[Martha]

Judging from the offers, it sounds like it was priced just right. Congratulations! I too would pick the high offer and close, even if the timing isn't perfect.

 

[OAG]

Wonder if the new owners would entertain closing and letting you rent back for a month (or 2) paying their PI on the mortgage or some other agreed upon figure. That way it is closed and no one needs to rush. I did that a few years ago and it worked out fine for everyone. Just a thought!

 

[Moemg]

Congratulations ! Take the money and run !

 

[DangerMouse]

Congrats on such a quick sale. However, one thing your tale does prove, is if something is appropriately priced it will sell. So many sellers seem delusional about their decorating skills or the condition of their house, that they feel entitled to charge extra.

 

[lazygood4nothinbum]

if you do not mind, please, sending your two rejections to me.

 

[TargaDave]

Well I guess waiting overnight (we got the offers at 9:30 PM) prompted one buyer to up the number again before we could even get back to choose. So we said enough and signed this morning along with cancelling a bunch of scheduled showings. Decided against trying a lease back (just seemed too messy). I think the poor buyer was 3X as frazzled as me at the brokers office about almost missing the deal. I suppose there's a chance something could always still go south before closing but not much we can do about it. Guess my Dewalt sliding compound miter saw has really paid for itself.

I give it about 2 days before the 17 yr old's bathroom goes back to war zone status

 

[TargaDave]

if you do not mind, please, sending your two rejections to me.

LG4NB, our NC canal front beach box would be in a same situation as your place if we were to try and sell it today, maybe even worse since your place is very unique. Our only saving grace is that it will be our kids issue to deal with XX years from now when they dump us into a nursing home (unless a cat 5, tsunami, mega-Nor-easter, or rising water level doesn't wipe it out first).

 

[calmloki]

TargaDave - Congrats! You interviewed three brokers - did you sign an agreement with one, or did you just get their sale price estimates and do a private sale? Did you chose the price, or were you guided by their suggestions? If guided, were their estimates higher or lower than your anticipated price going in? What was the deciding factor in chosing (if you did) a broker? Highest estimated price? reputation? worked with them before?
Thanks - we are closing in on selling a 5-plex and I'm curious - we've always bought through an agent, but i've only used a sales agent on the first property i owned and did private sales on the last six houses. Have wondered if i'm leaving money on the table or saving it...

 

[TargaDave]

TargaDave - Congrats! You interviewed three brokers - did you sign an agreement with one, or did you just get their sale price estimates and do a private sale? Did you chose the price, or were you guided by their suggestions? If guided, were their estimates higher or lower than your anticipated price going in? What was the deciding factor in chosing (if you did) a broker? Highest estimated price? reputation? worked with them before?
Thanks - we are closing in on selling a 5-plex and I'm curious - we've always bought through an agent, but i've only used a sales agent on the first property i owned and did private sales on the last six houses. Have wondered if i'm leaving money on the table or saving it...

All three gave us suggested listing prices based on comps and their review of our house as part of the interview. All experienced well known brokers in our area. We signed with one we had worked with 14 years ago at the full 6% based on a lot of factors and a bit of gut feel. We chose the price based on all the input and even our own reveiw of the comps. I think the biggest unkown for all of us was the curb appeal of our non spec looking home. As an example one broker told us our kitchen needed updating. We didn't quite agree but when it's you're own design and sweat putting half of it together you actually start to wonder if your being biased. The buyers really loved it as is. I guess this whole curb appeal factor is really hard to judge.

 

[calmloki]

All three gave us suggested listing prices based on comps and their review of our house as part of the interview. All experienced well known brokers in our area. We signed with one we had worked with 14 years ago at the full 6% based on a lot of factors and a bit of gut feel. We chose the price based on all the input and even our own reveiw of the comps. I think the biggest unkown for all of us was the curb appeal of our non spec looking home. As an example one broker told us our kitchen needed updating. We didn't quite agree but when it's you're own design and sweat putting half of it together you actually start to wonder if your being biased. The buyers really loved it as is. I guess this whole curb appeal factor is really hard to judge.

Thanks Dave - the kitchen looks great! Styles and tastes differ, but you only need one buyer - sounds like you had three at the ready. All that crown moulding and detail had 'em scrambling for their checkbooks! Good work - installing crown is not easy - specially if the room corners are less than perfect.