My house is completely remolded. Everything is under 3 years old. We're offering all appliances, it's already been appraised for $252,000 (asking $230,000). Everything is done, termite, home inspection, etc. Everyone who sees it loves it but can't get over having only one full bath. Not sure what else to do. Any suggestions?
As a buyer with 2 children, I personally would not consider a 1 bath house.
Cut the price back to $199 and it will sell.
Casey,
What some people think is the problem sometimes is not the main issue. Are you sure this is the reason your home is not selling?
Anything will sell if it's priced right....try lowering the price or allowing a bathroom conversion allowance for the amount it would cost to have the work done...get a real estimate from a contractor and go with it.
Good luck
Convert one of the half baths to a full. Could cost < $5K and achieve a ROI right off the bat.
Yes, what the other agents are saying is true about price being important here..and without seeing your home and knowing what comps have sold that are identical to yours I cannot give you a 100% answer of that being your only issue. What I can ask you is how are you marketing it? I just recently sold a home in Virginia Beach that had an issue of functional obsolescence. Basically the home was listed as having a downstairs bedroom and two upstairs master suites. The home was beautifully staged and newly updated but the flow of the floor plan on the main level turned many buyers off. The 1st floor bedroom was directly open to the front door of the home and the living room and the bathroom was on the other side near the kitchen. So we changed our marketing plan..took the bed out of the room and replaced it with a chaise lounge. Instead of describing the room as a bedroom we gave buyers OPTIONS. Rephrasing it as an optional guest room/media room we got our offer..and it wasn't a low ball one:)
Your home is possibly not priced correctly. Whenever a house is priced correctly, it willl sell.
Regardless of the functionality, you have a Pricing issue. Simply put, if it was that great of a price, someone would have bought it by now. You can either spend money and fix it so that it will get market value, or slash the price so it is more appealing to buyers.
Good luck,
Jeremy Lehman
Your house is what an appraiser might call "functionally obselencent." There are plenty of houses that sell with only one full bathroom but is yours unusual for your area? The appraised value of your home does not have anything to do with the market value of your home.
If you are working with a listing agent they should be able to show you all of the other homes in a one mile area of yours that are for sale and what features they have. If they are priced lower than yours with more bathrooms then you need to adjust your price accordingly. I'm not sure I would invest in putting in converting one of the bathrooms to a full bath but getting the estimate might help a buyer understand what it would cost them to do if they go ahead and make an offer.
"My house is completely remolded."
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Get rid of the mold. That doesn't help a house sell. :)
On a more serious note, to expand on Shannon's post, I would get some contractors' estimates on options regarding one of the two half baths. I would have one ready for the conversion to 3/4 and one for a conversion to full. I would offer the home at one price basically as is, and also at a price for both remodeled versions with the estimates to back up the higher prices. Chances are that in negotiations you will be asked to include the full bath remodel for the "as is" price, or a credit for that amount. Counter with the 3/4 estimate price, assuming that it would be the cheaper option. Start re-crunching some numbers.
After reading all that, it may sound like a better idea to take advantage of what us generally considered a slow time of the year for RE sales, and do a bath re-model now, and be done with it.
BTW, while the link below is directed mainly towards FSBO's, there may be some ideas in the blog attached to help with the sale even if you are represented. However, if represented you must advise your agent of any marketing you plan to do on your own, and use the agent for all contact purposes in any ads. Good luck.
http://www.trulia.com/blog/rockinblu/2008/08/thinking_about_
How many bedrooms are in the home? Is it feasible to convert the half baths, or at least one of them, to a full bathroom, even if you added in just a shower stall?
Also, have you compared your home to others in the area that are similar to yours? How are they fairing in the market? Is it possible your home is listed a bit too high? The home may be appraised at $252,000, but it's only valued at what someone is willing to pay for it!
I would definitely considering renovating the half baths, or at least one of them to include a bathtub or shower stall.
Good Luck! If you have any other questions regarding marketing your home with Real Estate Staging and Photography, please feel free to contact me.
It may come down to price if things aren't working out. Everything will sell at the right price. And maybe it's going to take a better price for a buyer to forego having 2 half baths. Is there a possibilty to convert a half bath into a full bath? The cost wouldn't be too substantial, it all depends. But you can look at it this way, $5,000 (approx) to convert to a full bath, or $10,000 off the price. If you think the property is getting proper exposure then it just comes down to the price or waiting for the right buyer to come along. You've got to remember, when you are selling a house, you need that exact person who sees the potential for them to live in your neighborhood, your school district, your house. It's sometimes hard to match up those things, after all your asking for someone to want to buy your house at the exact time you're looking to sell. That's why sometimes it takes a bit longer. I just got done with 2 remodels where we added a half bath, so that it was a 3 bedroom 1.5 bath. Another project we took a 4 bedroom 1 bath and converted a room into a master bathroom and laundry room on the other half. So it's about trying to make your property work for the masses out there. Sometimes it just doesn't work.
Hi Casey,
While having only 1 full bath can present a challenge when marketing and selling a home, I have several suggestions that can make it more palatable. If you are not currently working with a Real Estate Agent I would be happy to assist you. Please email me at: fullercarl2@cox.net or call me at 757 560-4213.
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