Home Selling in 19460>Question Details

Laura, Home Seller in Oaks, PA

Nuisance Location, old house...what's the best sale strategy?

Asked by Laura, Oaks, PA Sat Apr 23, 2011

I have an old house from 1903 that is next to a bar. What's the best sale strategy? Is it worth it to spend money for upgrades (new windows, floors, appliances etc), or just list it for the "rock bottom price" & hope someone of limited means will be in the market for a cheap house? (ps. that's why we could afford it in the first place.)

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Don't overthink the situation too much. Prepare the property for market, and since you're already prepared for feedback, price it fairly. As you mentioned, there are buyers looking for affordable housing. Just a question of how much they have at their disposal to make it their own. Good hunting!
1 vote Thank Flag Link Sat Apr 23, 2011
I believe you have answered your own question.......plus, Phil's "tongue'n cheek" comment may be one with merit. onsider becoming a regular for "happy hour."

Bill
0 votes Thank Flag Link Sat Apr 23, 2011
Hi Laura,

I agree with my colleagues, don't spend money on expensive upgrades because you more than likely will not get that money back when you sell. If you present your home slightly below market value to accomadate for it's location and present it as best as possible you should be able to sell it. Definitely focus on all the positives the home has to offer, there are alot of home buyers that love "old houses" for the many architectural features that newer or remodeled homes no longer have. It maybe best to hire a professional stager as well, this will increase the possiblity of buyers being able to envision themselves in your home despite the location. If you would like me to run some comparables for you I'd be more than happy to.

Best of Luck!
Angela Weber
Keller Williams Realty Group
610-792-5900
email: angelaweber@kw.com
0 votes Thank Flag Link Sat Apr 23, 2011
Hi Laura,
I to live in Montgomery County. I agree you should improve the property with the least amount of money spent. Do declutter, paint where needed, clean clean clean, spruce up the yard, paint the front door and porch if you have one. Al;so adding some inexpensive spring flowers for curb appeal. Talk up the good points...you are close to 422, 23, 29, 476, 76 for comuting purposes. Are you close to shopping, restaurants etc. Are they within walking distance? Also talk to the bar, they may want to expand or need more space for patron parking.
Bev Kalb
Century 21 Longacre Realty
610-845-6000 x 208
610-442-6897 cell
http://www.century21longacre.com
0 votes Thank Flag Link Sat Apr 23, 2011
Laura, Not knowing the area, let me just offer this. Are there other commercial properties on that block? If so, you might be able to change the zoning and sell it for commercial use, which may give you a higher price than residential would. Call the planning and zoning department in your jurisdiction and ask what is the highest and best use of that area. Ask what future plans there are for that area. An appraiser can provide you with some guidance, as well. I once had a single-family home, next to commercial, which we sold with the buyer obtaining an FHA loan. The appraiser came back with the highest and best use as commercial, therefore the buyer could not get an FHA loan which was strictly residential. Keep in mind that commercial can be anything from offices to heavy manufacturing. In RIchmond, we have many old buildings which have been turned into offices, restaurants, B&Bs, etc.. Additionally some localities have historical preservation groups that will step in and purchase homes of significant architecture, or history in order to restore them exactly as they were built. Preserving the "then" while serving the" now" is a good balance for older cities. I would explore all possibilities before throwing in the towel.
0 votes Thank Flag Link Sat Apr 23, 2011
Maybe the bar would like to expand??
Or maybe a patron of the bar would like to live next door??
Might be worth looking into.....
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Apr 23, 2011
Make it look as good as you can for the least amount of money, and price it right and it will sell. This is what you did, and there will be someone out there just like you who will want it for the same reason. You will never get the dollar value of what you spend on upgrades back in return. At least put it on the market to see what people have to say before doing anything.
0 votes Thank Flag Link Sat Apr 23, 2011
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