Home Selling in Midtown>Question Details

Heath Bailey, Home Seller in Atlanta, GA

Is adding a bedroom to a 2/2 a good investment.?

Asked by Heath Bailey, Atlanta, GA Sat Dec 29, 2007

I have been trying to sell my loft in Midtown for 2 years now. I am thinking of adding a bedroom to make it a 3/2. Would this help me get this property sold or is my money best spent elsewhere?

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Sondra Classey’s answer
When a property has not sold in two years then I would suggest taking a hard look at the pricing structure. When you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, (Marketing), price is often the first thing he or she sees. Prospective buyers disregard many homes because the home fails to fall into the appropriate price range. It's not even given the chance of a showing.
Your asking price is often your home's "first impression." If you want to realize the most money you can for your home, it's imperative that you make a good first impression. Making a good first impression can mean the difference between receiving serious offers for your home and being subjected to months of people dropping by but never buying. After you get them in the door a whole new set of issues arise.
What makes your property stand out? How does it outshine all the other lofts that are available in your complex? Have you personally viewed the properties available within your complex? Why are they selling but yours is not? Have you considered staging?
In today’s buyers market you and your agent need to work extra hard if you want your property to sell. As for the answer to your question. No! Find the answers to the above questions and you'll find your problem.
0 votes Thank Flag Link Mon Dec 31, 2007
Hi Heath,

I counsel my sellers to enure their homes are squared away and as appealing as possible, all of the deferred maintenance should be taken care of. When it comes do doing major work to the home, we take a step back and evaluate things on a case by case situation. Anything we do better add value, enhance appeal, and return close to or more than it costs in time and money.

In your situation - just sell the unit. A loft condo is designed for a particular buyer; the open spaces are appealing. While not tremendously complicated, this will cost you time and money, with no real guarantee of either a sale or higher sale price. It's much better for you to price very well and be aggressive in that manner. Given the horrible Atlanta condo market you MUST have it well exposed to buyers - NOT JUST AGENTS. That means being all over the internet on quality sites for buyers to find it. Strong exposure and a very attractive "too good to pass" price will bring you activity. The last thing is an agent that's able to take the buyer and show them that this is a good purchase - an agent that actually SELLS the unit as opposed to just listing it.

Remember the three keys to selling - PRICE / EXPOSURE / APPEAL

Let me know if I can help -

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
REMAX Greater Atlanta
Web Reference: http://www.hrmiller.com
5 votes Thank Flag Link Sat Dec 29, 2007
Hank, Lorie and Don offered great advice, but let me ask a few questions...What compels you to believe that adding a third bedroom makes sense? Are you simply seeking a sale? If so, how many showings have you had in 2 years? How many competitors have come and gone in 2 years? How many actually sold? How many of those sales were flat or depressed based on their initial purchase values? Do you have architectural plans that vividly help you envision a remarkably more efficient space by simply adding a third bedroom for $10,000-$20,000 or more? Who has been advising you over the past two years? Do you have buyer feedback from the showings in 2006 and 2007 that lead you to believe that you have a "killer app" by simply adding a bedroom?

Heath, a simple question like your's, answered by astute people at Trulia Voices, may give you you the answer that you seek, but probably not. I suggest that you identify 3 or 4 real estate professionals who actually sell properties in Intown Atlanta and who can help you with understanding the dynamics of price, terms and time. Interview them, hire one for 90 days, and get the place sold. I conclude that right now, after 2 years, you are just about fed up with this process, and I'll bet that adding a bedroom is not the answer.

My business partner Greg and I will be glad to meet with you, but if your price is wrong, and you expect to compete in 2008's even more compressed market, then any more money spent on your loft is going to add to the capital losses that you've already suffered, and lets face it, your price in 2008 is far less than what you were led to believe you could get in 2006, isn't it?
1 vote Thank Flag Link Sat Dec 29, 2007
The Atlanta Condo market has been hard hit for many years now. It has seen depreciation for the past 5 years. When you look at the sold condos, you will see that most are sellling for the same price they sold for 5 years ago and in some cases lower. Are you trying to make more money than the market will bear?

With that being said, if you look at the solds for the past few months and only three bedrooms are selling then adding a bedroom may help you sell granted that you are then priced right for a three bedroom and for the square footage that your three bedroom would have compared to the other three bedrooms that have sold.

With you being in Midtown... chances are it is your price and not the number of bedrooms. What does you agent say and recommend? Whether you are a two bedroom or a three bedroom if you are not priced to sell then you will not sell. The condo market is saturated. If you want to sell then you have to look the best and be priced perfectly!
1 vote Thank Flag Link Sat Dec 29, 2007
It would help it sell faster, but not necessarily for more money. I suggest having a professional Realtor, one who doesn't waver too much on the price and can give you a real ideal on how much to sell it for. Our market is flat, which is different from being "BAD." It should not take 2 years to sell a loft.
Web Reference: http://www.jrjarvis.com
0 votes Thank Flag Link Sat Dec 29, 2007
Joshua Jarvis, Real Estate Pro in Duluth, GA
I agree with the principle of getting some professional advice from local Realtors that know your market. One of the things you should discuss with these Realtors is your purpose for selling. When we can learn what a seller is trying to achieve by the sale of their home, we can provide more useful advice.

Good luck and Happy New Year!
0 votes Thank Flag Link Sat Dec 29, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
adding an additional bedroom in a LOFT situation does not seem to be a great idea....better to spend your money on better marketing and GREAT photos and plenty of them.

You can go to one of my sites and add your loft AD for free at http://svcc.housetour4you.com

good luck
Web Reference: http://lantierrealty.com
0 votes Thank Flag Link Sat Dec 29, 2007
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