we just renovated our mid century modern home, kitchen and bathrooms, and did cosmetic up dates throughout. the house previously had not been updated since the 70s. when the realtor walked through they said to price it at what we bought it for almost $50K under the traditional home comps in the neighbor hood b/c of the slow selling history, before any renovations. understanding the market is harsh right now, our house has smart updates, is this accurate or should we get another opinion? don't know what to do?
Hannah- I just cringe when I hear stories like this! Some realtors are clueless about mid century modern homes. I specialize in mid century modern homes in Charlotte NC and my homes are keeping pace in sales price to their traditional counterparts and even surpassing them. These homes are in demand and popularity is growing! I hope you can find a realtor that values these homes and knows how to market them! Go to http://www.lottaliving.com and you can post your home and also check out the message board for discussions on various topics. Please take a look at my web site http://www.ModernCharlotte.com to see how I market these listings. It may give you some ideas. From your replies, it looks like you already have some interest! Good luck and don't you dare sell your house for $50K less than the traditional comps! Also check out http://www.MoveModern.com which is another free listing site.
I am considering moving to Shreveport, and your house sounds a lot like what I am looking for. Send more info to me at stevestehr@sbcglobal.net please?
Hannah:
Here's what I know is going on in my market. There's a HUGE demand for Mid-Century Modern homes, and a very limited supply. They're selling much faster than more traditional homes and at a premium. Though the target market is smaller, it's much more motivated and committed to the product than the typical buyer trying to choose between beige boxes and white boxes.
Find an agent in your area with a track record and a personal affinity for modern architecture. If you need help in that, drop me a line and I'll ask my connections about it.
Good luck, and I hope your MCM home finds a great new owner.
Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group
317 413.8501
In addition to the good advice offered, you might want to check out the Dwell Magazine site http://www.dwell.com and even consider registering there to see if there are any local Realtors in your market who specialize in mid-century moderns. I found the site a quick way to connect to the mid-century modern community when I listed these wonderful gems in Santa Fe, NM. Good luck, Emily Medvec
Hannah:
We have been actively looking for a nice mid-century modern home in Shreveport for awhile, and would love to see some images or hear some details about your property. Please feel free to email us via our website when you put it on the market.
Randall Ross
Hannah,
Homes that have appeal, in looks, location, and layout sell in any market. Price is a factor but a bargain is not a bargain if it is something you don't want. If your home does not have appeal then the only two factors you can change in the above is looks and layout. Realtors(R) are good at what they do and they know what it takes beyond just pricing to help make a sale. Ask for another opinion.
Hannah- In very basic terms, the market is "sick"...
It's like when you go to the doctor for something really serious.
Get at least 3 opinions.
If you want a competitive edge in comparison to the traditional homes in the area...
be creative...think outside the box...
Barbara Q.
Hi Hannah,
Every home has a market. A traditional home will usually sell faster since more people lean to the side of tradition. There is a market for modern homes. It will take more advertising, maybe a longer time on the market to find the special buyer, and more creativity in finding a buyer and making the deal. You are correct in that our market is a little soft. But we have some great incentives for buyers: low interest rates, up to $8,000 rebate to first time home buyers (Not having lived in a principal residence they owned within the last 3 years), many nice homes on the market, and some motivated sellers.
The Shreveport/Bossier City real estate market is more stable than other parts of the country that you hear about on the news.
Contact me for a FREE Comparative Market Analysis and additional information on selling in a down market.
Hi Hannah, it's really difficult to give any advice without knowing more specifics. I'm assuming the agent did what is called a Comparative Market Analysis - you might want to ask. To determine whether it was the fact that the house hadn't been updated or because it is too different from the rest of the houses would require actually seeing the house, the history, etc.
I hope this was helpful. I can be reached at 465.6746 if you have more questions.
Heather
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