Consumption and Real Estate
Upside Down – Should we throw more money at it?
Question : Upside Down – Should we throw more money at it?
We are trying to sell our empty house and after six months have found no one to buy it at our break even price, thus we are upside down. It is in very good condition but could be made perfect – repainting interior, fixing cracks in driveway, staging each room in stylish rental furniture, etc.. We are paying $ 1600 a month to have the house remain empty. Should we put more money into our house to try to make it more appealing and raise the price or are we wasting our money, now throwing good money after bad?
I was using a realtor, yes. I actually went through two of them.
staging furniture rental
Best answer:
Answer by MiniCooper
Unfortunately, unless you are in an area that has skiing it may not be the best time to sell. I would tell you to be patient but have also had experiences selling my house in the past. If you can hold out until spring that would be best as most people buy in warmer weather. Good luck. :>)
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#2 written by Mary B 1 year ago
Are you using a Realtor? If you are not, that was your first mistake.
You have already spent $ 9,600 in keeping the home. A Realtor would have told you that an empty home is difficult enough to sell, but one that is not painted and has other minor defects (without anything drawing attention away from it) will always command a lower price.
My advice is to consult with a Realtor to give you advice and actually come out to view the home. It may be the home or the market…and you need a professional to tell you which.
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#4 written by mudslide_23511 1 year ago
Think about a short sale. Call the mortgage company. Negotiate a price. Often times they will take less then the loan value. Find a real estate agent familiar with short sells. It cost mortgage companies more to foreclose on a property , then rehab it to sell. So with the economy being as crappy as it is right now, your mortgage company may consider a short sell.
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#5 written by edwardc3000 1 year ago
Why not make the repairs and then RENT it for a year?
That way you’re not continuing to pour money HOPING for a sale, which, in this market, is probably 10-20% LESS than you need.If you can handle being a landlord, it’s can be a better choice than sitting and waiting for a sale. As others have mentioned, location and timing are important. Spring brings out the buyers, but depending on your location, you need to consider the existing inventory and therefore what is your competition.
Find a GOOD real estate agent.
Good Luck
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#6 written by Ginny 1 year ago
I wouldn’t blow money on “stylish rental furniture” (we liked the empty houses the best when we looked for a house!) but you would be amazed at what a difference a bit of cosmetic work can do. A little spackle, a little paint…
Also look at the bathroom(s) and kitchen. If they’re updated, in good shape, and have a classic appeal, this can sell the house. Keep the lawn mowed and landscaped (this doesn’t mean importing lots of plants, either, though a couple of inexpensive shrubs may complete the look).
Find inexpensive ways to highlight the positive and disguise the negative. Make sure it is VERY clean. If this means coming by every couple of weeks to clean, so be it.
Do you have a realtor or are you trying to sell it yourself? Maybe you need to reevaluate your marketing techniques – if you really don’t want a realtor, you could at least seek some professional advice from one. At least watch a few hours of HGTV shows to get an idea of the kind of stuff they do to “flip” houses.
Hope some of this helps. Good luck.
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#7 written by robert w 1 year ago
since u don’t say where ur at . it is hard for avalid answer.
however after january start serious sales push. have a quality realtor find the days on market and sales prices of local (5 miles) area. make adjustment from there.
contact mortgage ask about short sale.
visit daveramsey.com to learn about ur hard lessons from others mistakes.
banks prefer short sales over foreclosures. - Comment Feed for this Post
Ditch the rental furniture. If it has been sitting this long, someone else’s tastes are not in line with your potential buyers.
My rules of thumb:
If it is not being shown, the price is too high.
If it is being shown and there are no offers, the price is a bit too high.
I wouldn’t throw more money at this. Ask your Realtor for a current assessment of market value and price appropriately without emotional involvement.