One thing that pops out at me is "should I finish.." if you have any "unfinished" work in the house you should definitely finish it before listing/selling. Any improvements you can do prior to list that makes your home stand out is always something you should do. Particularly if there are any exposed studs or unfinished walls etc, you could have appraisal issues. Again, a good realtor can tell you what would be needed on the spot.
Don't expect too much of a value "pop" from below grade (under street level) improvements. Even though it improves the function of your home, they still appraise kind of funny. They will show up in a report as a 2/1 with improvements- and the value will be adjusted, but they are still treated sort of different. (I know from personal experience on this one). Best of Luck to you. its a brutal market for sellers so, get your property right, get your mind right, get a good realtor, don't take any of it personally.
email me for a reference to a realtor. I know some FANTASTIC people who have lots of experience in the Tabor area. email@example.com
What's normal in the neighborhood? If a 2/1 is normal then leave it at that and just pretty up the basement. If 3/2 is more the norm, I think you know the answer. Howard
Tom Inglesby, Broker
RE/MAX Equity Group
Given the means and the medians you can rough out the distribution of prices. In addition to the average price difference, it looks like the 3/2s have a longer tail to the higher priced side, and the 2/1's have a longer tail to the lower price side. So a more desirable 2/1 (e.g. great condition or location) can't get much past a certain price. Likewise a less desirable 3/2 still holds value; it won't drop in value like a 2/1 might. Interesting.
13 homes SOLD 3/2's Average List $320,000, Average Sold $314,222, Median List $339,00 Median Sold $335,000. For the 22 homes SOLD that were 2/1's Average List 280,947, Average Sold $280,137, Median List $272,475 and Median Sold $284,750. This amounts to a Median price of $50,000 greater for the 3/2 vs 2/1. Also, the median square footage of the 3/2's was 1972 vs a median square footage of 1546 for the 2/1's a differance of 426 square feet. I can run the numbers in a number of different scenarios. Just ask. Thank you again, Howard Page 503-516-7121
Thanks for both of your responses. I like the idea of visiting other homes with basement bedrooms. There is a house down the street with the exact floor plan as mine. It has a legal bedroom and shoddy kitchenette in the basement and recently sold for quit a bit more than I would have expected.
Make sure any contractors you hire are licensed and bonded, check status will CCB. The window you install should be done by a professional to insure that it doesn not leak.
If you would like additonal consultation, please fee free to contact me. I have 20 years experience in this business in Portland. Lynn Mattecheck , CRS, Principal Broker, 503-704-7313
I have been struggling with that question personally and have decided to move forward and finish a remodel that will significantly enlarge my master bedroom and bathroom. There is no question it will increase the salability of your home and selling price. My only caution is hold tight to your construction costs and do not get caught up in personalizing things like a high end sinks or toilets that a buyer will likely not pay for. I have not found much of a drop in construction costs, but do feel there will be more competition this winter. Also, don't forget to go the extra mile and obtain permits on the work. It will not only protect the investment you are making, but again give you an edge on someone else that cannot offer the assurances to a buyer.
I just sold a home in Tabor and the market is moving for well positioned properties. If you are buying up, this is a spectacular time to obtain deals on homes and some of the lowest interest rates the country has ever seen. Your timing could be viewed in hind sight as perfect! Good Luck!
In our case the "not finished" means the basement bedroom has a closet, ceiling, is painted and has trim; it simply lacks an egress to make it legal. It also has a door to the unfinished utility room which, I'm guessing, was the intended bathroom location. So we could certainly have the house in fine saleable condition (just as we bought it) without doing any of this work.
Plan now is to find an agent interested in the listing and get a some sale price estimates with and without the additions. James, I'll be in touch regarding the agents you know who work in the area.
The best way to determine if its a good idea is to have a Realtor come out and give you your market value at today's condition, and then with the additions. Any Realtor would be happy to do it, but of course you would want someone very familiar with the Tabor neighborhood.
Its a pretty simple decision once you have the numbers in front of you, then you can make an informed choice. I would be happy to help if you give me a call, as my office and business is in the inner city neighborhoods.
Best to you,
I've been a real estate broker and amateur "serial home remodeler" for nearly 20 years.
Hope that helps!
PS. We'll have more info soon at http://www.fearlesshomebuyer.com