Want to sell our 3/1 in Kirkwood, needs some tlc, but we need to get as close to $230,000 as possible. Do you?

Asked by A, Kirkwood, Atlanta, GA Mon Dec 31, 2007

think this is doable or do we need to stay here longer? We are currently living in house & have been for 10 years, but want to move on & be closer to work.

House has one of the biggest properties in neighborhood.

I know you haven't seen the house, but if you don't think $230,00 is possible, what do you think would be?

Thanks so much in advance! Happy New Year!!

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10
A, Both Buyer And Seller, Kirkwood, Atlanta, GA
Mon Jan 14, 2008
I just wanted to say thanks again. We've been delayed, but will be looking into everyone's ideas.
4 votes
A, Both Buyer And Seller, Kirkwood, Atlanta, GA
Tue Jan 1, 2008
Thank you again for your fast & detailed reply. We will consider all of the points you made, your offer to come by & will check out your site, but first we wanted to ask you how much you think we could sell it for without fixing the bathroom first? We would really like to avoid going through that just to possibly sell it for a bit more.

Thanks so much!
4 votes
A, Both Buyer And Seller, Kirkwood, Atlanta, GA
Tue Feb 5, 2008
Sorry for the delay. Health related issues like to get in the way. Speaking of which, we are so ready to move on & get settled, but we cannot afford to sell as low as the amounts you listed, Lee.
3 votes
Team, , Georgia
Wed Jan 16, 2008
Are you ready to list it yet?
1 vote
Lee Taylor, Agent, Decatur, GA
Wed Jan 2, 2008
I believe that you may have trouble selling if for more than $185-190,000.00. Maybe less - that's why you need to visually see your competition.

I need to see it, but in general terms, based on my general submarket knowhow, that's probably a good guess.

I look forward to your call.
1 vote
Lee Taylor, Agent, Decatur, GA
Tue Jan 1, 2008
I think that you've fallen prey to two common mistakes, as long as the criteria from yesterday is still the same.

What you said yesterday is that you expect to sell your one bathroom house for $230,000 minimum, and I now I know that your one bathroom is dilapidated. If you want to sell this house on Murray Hill for $230,000.00, then I believe that it probably needs a bathroom overhaul.

I'm assuming that everything else is just perfect. $230,000 for a 3/1 on Murray Hill has only happened once out of 9, 2/1 or 3/1 sales on your street in the past 3 years. That was in 2005. 346 Murray Hill. Just once in 36 months.

There were two other sales at $210K net and $207K net. Then the sellers paid commissions.

It's now 2008, and it's a superb market for Buyers, not so for Sellers.

May I walk over and see your house tomorrow? I can help you make a more informed decision if I can see it. Otherwise, whoever gave you the "strong advice" doesn't subscribe to the strong advice that I always give. I cut and pasted the following directly from a page in my listing presentation guidebook.

Mistake #1 Don’t have the Time – Do later
You have about 15 seconds to make your first impression on a potential buyer. You may never get a chance to explain why something does not sparkle, does not work, or is going to be replaced.

Mistake #2 Just give an Allowance
Hikers say “an ounce in the morning feels like a pound in the afternoon”. Hundreds of dollars postponed up front will likely turn into thousands when the offer comes in. Buyers will get lost in fear, “what if” scenarios, hassle factors and décor paralysis.

Remember the detailed competitive analysis that I offered in my answer this morning? Remember the part about maximizing equity preservation? Selling in 2008 will be tougher on equity preservation. It just will be. So, that's when you calculate the counterbalance of picking up an amazing purchase deal closer to your office(s) . What's the value of that? Check out this post on my website, http://www.intowninsider.com , if you want to investigate a deeper thoughts on this "long term" approach to real estate investing. It's called "A Joke About Economists for Real Estate Sellers in 2008."

http://intowninsider.com/?p=16

If I am invited, then I can walk two blocks to your house one afternoon this week, meet with you, see your property and then, if you want, we can go together to see your 3 closest competitors. After an hour or so with me and my Listing Expert Greg Ruis, you just might question the value of who is giving you "strong advice."

No risk to you, and you may just hire me and my team, in lieu of someone else who's soliciting "strong advice" in this extremely aggressive, high inventory, Intown Atlanta Buyer's market.

I would appreciate the opportunity to earn your business.
1 vote
A, Both Buyer And Seller, Kirkwood, Atlanta, GA
Tue Jan 1, 2008
Thank you so much for your fast reply.

Our house is on Murray Hill Ave. We have good, clean & quiet neighbors. We do have 1 house for sale near us due to the owner moving & we think another will be on the market any day now. Both houses have only 2 bedrooms & are much smaller than ours, however ours might need more "love/tlc".

The biggest problem with our house is that the bathroom needs a new sub-floor. We had cut a small hole in the floor to see what needed to be done & now have wood over the hole. We were going to redo the whole bathroom & get the most out of the space, but we have decided that we really want to move on & be closer to work, as well as be in a bigger house.

We had thought about going ahead & redoing the bathroom to sell it or just fix the floor, but we were strongly advised not to, as "people really want to get into this neighborhood who would want to redo it their way".
1 vote
Lee Taylor, Agent, Decatur, GA
Tue Jan 1, 2008
You've lived in this cool neighborhood for 10 years - you probably have a terrific equity position, and you pioneered!

What street are you on? I live in Kirkwood too - in Hawthorn Park. Lets talk amongst neighbors...here goes...9 out of the 28 sales in Kirkwood last year of 2/1s, 3/1s, and some with half baths, sold for over $200,000.00. Not bad - about 30%. We'll come back to that...

People are coming to Kirkwood for a lot of great reasons, but we are a street by neighborhood, don't you agree? If you are on Hosea Williams, or another busy stretch of road, you don't have the value of a tree lined section like Ridgedale at Lakeview, do you?

For that matter, you have 93 competitors right now between Turner Field and North Decatur. Just 2/1s and 3/1s. Priced between $200 and $250K. I'm not even looking at houses with 2 bathrooms - add those to the mix and you have 150 competitors. The few buyers who will buy, don't just shop Kirkwood - they have lots, and lots and lots of choices.

How many, out of all of that inventory, went pending or sold in the past 30 days? 1 went pending. None sold. That sucks.

Will 2008 be better? All signs point to a big fat maybe, with a strong likelihood of flatness and depreciation. All signs point to that reality.

Why? Because supply and demand laws haven't been repealed.

How many, out of 150, went active in December? 23

How many are going to hit the market, and compete with the other 150 in the next two months? probably 100. Give or take 20. How many of those will sell in the next 90 days? Probably about 50 - give or take 10.

In our Intown buyer's market, a few things start to matter more than others - safe, walking neighborhoods. Good schools - like Oakhurst ESD, which commands about 10-20% more value over Kirkwood right now. Shopping district proximity. Walking distance. Really nice, really cool, neat, clean and well behaved immediate neighbors. All of those factors make sales easier and quicker.

Woe unto you if you still have a shothouse or a bunch of dudes playing cards, working on their cars and drinking beer in the front yard on your street.

Regardless of where you stand financially, and regardless of whether you have a big property, if you are competing for the buyers who will buy, and by the way, statistically, only 30% or so of all of these active listings will actually sell during the listing period, if you are competing for the buyers who will buy, just like these 150, then you want to be THE ONE that sells. Only one went pending or sold in December, right?

Is $230,000 possible for you? What's the capital value of being closer to work? What's the capital value of being closer to work in February? In March? In July?

What's "some TLC" mean? What's the capital value of that.

So, will demand pick up? Absolutely. I have 23 potential Buyer clients who may buy Intown in the next 180 days. I'm sure that 12 of those will close. Other busy Intown agents are ready to hustle this year too. The great agents who add value at every consumer touchpoint are in business and will stay in business. The most aggressive, the most assertive and the sharpest agents will sell 7-8 times more than the average agent.

But I'm the only one up on this gorgeous Kirkwood New Years Day.

I wanna be your listing agent. I need to sell 25 listings this year. You can be my fourth.

When can I come over? Call me.
1 vote
Lee Taylor, Agent, Decatur, GA
Thu Jan 3, 2008
What do think of my 100% blind pricing assessment?

Please do not hold me to that. I want your business, and I would love to help you face to face, where my team and I can provide you with some professional guidance.

We would appreciate the opportunity to earn your business.
Web Reference:  http://intowninsider.com/
0 votes
Matt Fagioli, , Dacula, GA
Tue Jan 1, 2008
Wow, I just wanted to comment how awesome it is to see this "online community stuff" work perfectly! You (the seller) asked a very specific question and quickly got the answer from a professional who obviously knows that exact market! Very cool.
0 votes
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