I'm getting ready to list my house. I spoke to the realtor today and he told me a few things: - My lot size is 6000 and the value of that is $200k - just what lots that size are selling for in the Heights. - The house is 1600 square feet (fairly large for the area) but it doesn't have some of the things that would up value - high ceilings, granite counters, etc. - Housing sales have slowed slightly the last three months but values have not dropped at all for this area. I did some looking around and re-modeled houses smaller than mine are going for $365k and up, so I'm guessing I will list mine in the upper 200's to around $300k - just a wild guess based on everything. Not sure what I'm willing to take yet. That will depend on what I hear from the realtor. So, any suggestions on what to expect? How long does it take for houses to sell? How big of a pain in the ass is it? Oh, and I'm having my big ass yard sale on January 17th, yo!
Selling a house can be a pain in the ass, or a breeze, depending on a lot of situations. If you don't want it to be a pain in the ass, you have to have everything looking fantastic, and then priced to sell. In a good market, with a great house, this could still mean a full price. In today's market, not so much. Priced to sell in today's market would be a severe discount to "fair value" (note the quotes). The current market is one of the worst to be selling a house in years for Houston. The market is in a quasi-state of stalemate. It's a buyers market and they know it. Plus, the buyer pool in the first place is considerably smaller. Conversely, sellers haven't started severely (or at all) discounting prices yet. They are waiting for the market to return. They are waiting for the historically low mortgage rates and the TARP money given to banks to spur home sales again. The theory being that homes in Houston really aren't overvalued, never spiked in price, etc. That is, why should a seller lower their price when it's truly listed at a fair value? Who will crack first? Who knows. I expect to see some of both ways. I've had my house on the market since mid-October. Some showings, some interest, but no offers. Every situation is unique. You really can't afford to miss that 1 buyer who really wants it, and if that person comes along early in the process, great. I haven't lowered my price yet, but it is on my mind, and may happen in the next month or so. Oh, and I would also suggest, in today's market, that while negotiating should still take place, once you do have that potential buyer, don't over-negotiate the transaction. If they just won't come close to your listing price and you think you can do better, that's fine...but if you are haggling over a few thousand, or there is something during inspection, even if a major item, that impacts cash to you, think about it carefully - any buyer will notice the inspection items and you will feel better having the house sold than sitting and waiting for the next buyer and negotiation process....just my two cents.
how many bdrms and bthrms? garage? the lot is actually pretty big for the heights and that size home. can a buyer add onto it in the future? my husband and i are in the heights and looking for a home but our current townhome is 1600 ft2 so we would only buy a house that small if the price were good and there are yard/landscape possibilities to expand. that's my 2 cents from a prospective Heights buyer. i think i asked you before tho and the elem school is not to Harvard or Travis, right? i think you said you are west of Heights Blvd.
It's impossible to say right now how long it's going to take. I sold my house last year in NE Austin in 1 month in a neighborhood that averaged 6 month listings. I think one of the most important things is to keep the house clean. Every morning before you leave, make sure it looks like a maid came through. My wife and I did this. It gets easier the more you do it because you're keeping up with it so well. I couldn't understand for the life of me the people who didn't clean their house while it was on the market. Some of them were just plain disgusting. I'm not buying a house when it's clear you don't keep it with it on a day to day basis. Also, if you have pets, it's best to relocate them if possible.
Imo, the most important thing in selling your house is to have the right realtor. He/she should be very experienced in your area so that the comps are right, initial listing price is right, what a fair offer is, etc.
I'm looking to buy and perhaps many people are thinking like me. I know it's a buyer's market. I'm one of the few people who would qualify for a loan so I feel that makes me rare. And even rarer still I can put down 30% on the houses in my range and don't need to sell my current house to do so. So I can move quick or slow. And even though I know the houses in Houston haven't appreciated that much, I'm looking for a real good deal so I'm only going to buy something heavily discounted. If that means I have to buy from someone who just lost their job, that's what I'll do. I'm not going to gloat over it but those are the type of opportunities I'm looking for. I think there are plenty who think like this. As a seller, I hope you can sell it quick. As a buyer, I have patience that the market won't turn around anytime soon and will use my leverage accordingly.
One thing to remember more than anything about selling a home. Price sells homes. If your house is priced what it is worth and not what you think its worth, it'll sell. If you've lived in the house for a significant amount of time and its appreciated over your original purchase price, there is no excuse for not being able to sell your house if you aren't greedy. Also, when running comps in your area, look at what comps have SOLD for, not what houses still on the market are LISTED for.
Damn Jeff, why are you leaving the Heights!? I live in a neighborhood of new development, right at Shepherd and 13th. The new houses in our area have sold fairly quickly, though I'm not sure for how low they went. My house is 1,725 sq feet and was listed at 250k, and I got it for 235. I do know the older houses like you have tend to go for more though.
It is 3 bedrooms 1 bath. The garage was torn down and replaced with a finished out space that could double as living space. It also has a full bath in it. There should be no problem adding on. The converted attic in fact would be PERFECT for a master suite. The yard is all native plants - no grass - so it would be easy to expand on the property and there are no restrictions. The elementary would be Love Elementary. I'm one block from there.
I'm not leaving the Heights. I'm just moving out of my house. It's just time for me. The value is high and it's time for me to divest. Thanks for the info.
