Is there a best time of year to sell a house?

[W2R]

A very trying 8 months getting the houses ready to sell, moving twice, and settling into the new place. Glad we did it though. Now down to one home and I told my other half to hit me over the head with a five iron if I ever say we ought to buy another home!

That sounds so miserable! My move last summer was awfully stressful and physically exhausting, too. Like you, I hope I never move again. Luckily, I love my new house and plan to stay here for eternity if not longer.

 

[MichaelB]

But, don't listen to me - - what does your realtor say? He (or she) sells houses in your area all the time and would have a better handle on this than any of us would.

The carpet supplier with the best price is the one she recommended. The carpet is badly worn and stained - no option.

I agree with do what the realtor says, I'm doing a bit more than she suggested, but otherwise I'm following her lead.

 

[MichaelB]

Nope. Get a cheap carpet in a neutral color. I've done that even with expensive homes and it worked fine. Buyers just want to have something OK in there where they don't have to immediately tear out the carpet. And, you want it to look decent while being shown.

That's what the realtor said, also DW.

 

[pb4uski]

Just wondering if it might make sense to include a carpet allowance so the buyer can pick the color they like and upgrade if they want to. Otherwise agree... just put in some cheap carpet to facilitate the sale.

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[MichaelB]

Just wondering if it might make sense to include a carpet allowance so the buyer can pick the color they like and upgrade if they want to. Otherwise agree... just put in some cheap carpet to facilitate the sale.

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Not a bad idea, this is what the realtor suggested for other repairs or work. In this case the carpet is badly stained and run down and really gives a poor first impression.

 

[Bamaman]

We have some local carpet stores that beat Home Depot and Lowes prices by 50% installed. They also have the carpet in stock where H/D-L will have to order theirs in. We can have it in within 3 days.

But we're fortunate to live in the South where they make all the carpet. We buy top quality carpet store in the Dalton area as large as a football field with rolls stacked 30' high. And we have never paid over $5.00 a square yard.

Good luck on your reconditioning.

 

[omni550]

85% of carpet sold is beige.

I'd suggest buying a beige that goes best with your existing wall colors and trim and calling it a day.

Buyers love new carpet -- it looks good, and its one less decision, one less delay, one less expense...and they know it is free of pet and human debris.

omni

 

[braumeister]

My opinion is that no matter what carpet you buy, the buyers are going to hate it and tear it out. So if it was me, I'd go see what the cheapest neutral carpet at Home Depot would cost, installed.

I agree with this completely.

 

[MichaelB]

Update

Time for an update. Two weeks ago the realtor called and said the market was moving and we had to list immediately. The house was ready, I gave the go ahead. In a week we had 3 offers, and now after the second week we have a contract signed, inspection done and price adjustments agreed. The net sales price, after credits, is at the top of the range all the realtors gave when interviewed 4 months ago.

 

[Bestwifeever]

Well, that was easy . Congratulations!!!

 

[travelover]

Time for an update. Two weeks ago the realtor called and said the market was moving and we had to list immediately. The house was ready, I gave the go ahead. In a week we had 3 offers, and now after the second week we have a contract signed, inspection done and price adjustments agreed. The net sales price, after credits, is at the top of the range all the realtors gave when interviewed 4 months ago.

Great, thanks for the update. I'm a few months away from tackling this myself, so I'm all ears. How do you decide "price adjustments"? It kind of seems like a "buckets" sort of price negotiation, but I guess it is all part of the game.

 

[MichaelB]

Great, thanks for the update. I'm a few months away from tackling this myself, so I'm all ears. How do you decide "price adjustments"? It kind of seems like a "buckets" sort of price negotiation, but I guess it is all part of the game.

After accepting a bid and signing the sales contract the buyer hires a home inspector to make sure everything is is "good working order". The inspection is done and a written report is submitted to the buyer, who then can ask for the defects to be repaired or the repair cost credited.

In our case, which seems typical, the inspection items fall into 3 categories: regulatory defect repairs, other repairs, and everything else. Regulatory repairs are things like radon level mitigation, GFI outlets and smoke detectors, which must comply with certain standards. These must be remedied by law or the house cannot be sold. Other repairs are things like a broken water faucet or defective sump pump, where it is reasonable to expect the seller to make good, either repair or credit the cost to do so. This is subject to negotiation.

The third is things like "some aluminum wiring in the panel" or "no outside railing on the stairs". Not a defect, no compelling need to remedy. Some people get greedy and these become an issue, other just ignore.

 

[travelover]

After accepting a bid and signing the sales contract the buyer hires a home inspector to make sure everything is is "good working order". The inspection is done and a written report is submitted to the buyer, who then can ask for the defects to be repaired or the repair cost credited. .......

Thanks - interesting. How do you keep someone from submitting a winning bid, but then nickel and diming you to a lower ultimate cost? Some things seems like they are subjective (your third category) , i.e. the roof is not new, but then it doesn't leak either. Does it need to be replaced? Is this where you tell them to accept it or pound sand?

 

[W2R]

In our case, which seems typical, the inspection items fall into 3 categories: regulatory defect repairs, other repairs, and everything else. Regulatory repairs are things like radon level mitigation, GFI outlets and smoke detectors, which must comply with certain standards. These must be remedied by law or the house cannot be sold.

Yes, I think that is interesting and that is how it is done here, too. Regulatory repairs are something that I did not know about prior to purchasing my present home. Due to problems first revealed by my plumbing inspections, the sellers were required by law to replace ALL the plumbing under the slab with brand new plumbing. What a windfall for me, and what a blow to them since the issues were previously unknown. This was a regulatory repair which cost them (and saved me) more than $25,000.

I also had a few other minor things repaired that weren't regulatory repairs, so those would be considered other repairs and were negotiable.

 

[MichaelB]

In this case the buyer's inspection missed a big item which I knew about; the oven doesn't work. In our negotiation I pointed this out and upped the credit accordingly.

Yes, I think that is interesting and that is how it is done here, too. Regulatory repairs are something that I did not know about prior to purchasing my present home. Due to problems first revealed by my plumbing inspections, the sellers were required by law to replace ALL the plumbing under the slab with brand new plumbing. What a windfall for me, and what a blow to them since the issues were previously unknown. This was a regulatory repair which cost them (and saved me) more than $25,000.

I also had a few other minor things repaired that weren't regulatory repairs, so those would be considered other repairs and were negotiable.

You are very fortunate this was discovered during the inspection. This is a real dream house.

Thanks - interesting. How do you keep someone from submitting a winning bid, but then nickel and diming you to a lower ultimate cost? Some things seems like they are subjective (your third category) , i.e. the roof is not new, but then it doesn't leak either. Does it need to be replaced? Is this where you tell them to accept it or pound sand?

Nickle and diming can be a problem. That's what our buyer did when we sold in NY in '03. Even though the sales contract stated 'as is" and there were no regulatory issues, the buyer made repeated visits to inspect and then submit petty requests for compensation, including during the closing. They even called us directly to argue some requests. A buyers agent we used told us that the ugly side of some folks takes over during this process.

An old roof is not a leaking roof. The buyer was fully informed of the roof age when the offer was made. Same with a stair with no railing (our case). We didn't tell them to walk, just limited our discussion of repair and credit to defects and real items. As sellers we have the option to do the repair, credit is when we choose just to pay for it.

 

[kimcdougc]

In the Seattle area, anytime. Houses are flying off the market here for more than the asking price. If you list a house in the winter, most people who are looking at this time are serious buyers.

 

[hurricane harry]

now

 

[Katsmeow]

Thanks - interesting. How do you keep someone from submitting a winning bid, but then nickel and diming you to a lower ultimate cost? Some things seems like they are subjective (your third category) , i.e. the roof is not new, but then it doesn't leak either. Does it need to be replaced? Is this where you tell them to accept it or pound sand?

I'm in a different state, but here people can and do ask after inspections either for repairs are dollar credits. As both a buyer and seller I prefer the dollar credit in any event. As a seller, I would rather credit the buyer money and then they can get (after closing) whatever repairs they want and I don't have to worry about them not liking the repairs I make. As a buyer, I would rather get a credit and do the repairs myself and not worry about the seller doing a poor job.

As far as amount, typically the buyer usually makes the first offer on repairs (or whatever else they want), then the seller comes back with a counter offer which might be a different amount and then the seller signs off or comes back with another offer.

 

[38Chevy454]

Travelover, if the buyers are unreasonable, you as buyer can just tell them to get lost (or some other less nice words) and the purchase contract is cancelled. As seller you do not have to just bend over to their every demand. Sure you want to sell your place, but it does not mean you have no ability to fight back. Of course it can also mean having to find another buyer.

 

[MichaelB]

Just to close this, the house listed in late Jan, had a contract a week later, and closed last week.