Hey there! So we are finally selling and have been getting the house ready for pictures next week. Home was purchased for 217k, current valuation is 272k and we owe 172 on loan. Agent believes because of the great area next to schools and major business away from highways as well as its proximity to an aerospace headquarters, the sqft being over 2k and amount of bedrooms we should go for 275k. She noted no sales in our area for awhile so we don’t have a lot of data to go off, last purchase was 6 months ago in our area and was smaller with fewer features and went for around 250.
We painted kitchen cabinets, one bathroom, three bedrooms, bathroom cabinets, kitchen, and dining room. The house has all new siding and roof, replaced central air, water heater, comes with all stainless steel appliances which are five years old. Finished basement with huge living area and nonconforming bedroom. 4 bed 3 bath. It also has a two-stall garage with opener and a large fenced-in backyard with back patio.
Given everything we’ve updated, replaced, put in, etc., we are kind of bummed at numbers. Agent went over fees, and after everything, if we accept an offer at our asking price, we pocket a decent amount less than what we were planning on.
We really are considering asking her if we can start at 290 or 300k - is this okay to do and reasonable? We are nervous about doing it but are just really kind of bummed.
You can request to list at whatever price you want. That doesn’t mean your house will sell for that much. ‘Kind of bummed’ — You want to net more from the purchase, which is a very reasonable desire, but why would your house go up so much? The market speaks.
All great points. Considering that it really makes no sense for us to be upset at the price she suggested. We want to sell quickly as Christmas is approaching, and the loan is in an ex’s name who still cohabits with us.
Sellers need an agent; the data tells you what your home is likely worth. Remember, if no comparable sales support a $300k price, how can a buyer get a loan for that amount?
Listing over what the comps provide is risky heading into a winter market. Price it competitively to see some competition, which may drive the price up.
You also have to keep in mind if it’ll pass appraisal. Unless you’re in a hot area, you can try to sell for $400k, but if the appraisal doesn’t hit that value, you’ll have to renegotiate.
You need to ask yourself how long you’re willing to deal with the stress of having your home on the market. I always insist on pricing where we think we will be under contract within 30 days.
Starting at $290K or $300K is definitely something you can do—it’ll give you room to negotiate down if needed. Just have a straight-up talk with your agent.