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Asked by Wanderer, 48073 Sat Sep 22, 2007

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11
Sylvia Barry,…, Agent, Marin, CA
Sun Oct 7, 2007
BEST ANSWER
Hello Lynn:

I am going to get clobbered for answering a question way out of my comfort zone - Marin, California (How far can I be). But I got curious after I read your other question about full service broker vs. Flat fee.

First, your house sounds pretty cool to me, mid century modern, after I just volunteered as a docent in an Eichler home here. It seems to me that you have also thought about a few things, marketing a 2 beds vs 3 beds and eventually whether the appraisal will hold or not.

Personally, I think the idea of having the third bedroom definitely helps you market your house. However, I wonder where the third bedroom will be and if it will fit in well with the structure and the flow of your house? I think an awkward addition maybe more hindrance to the sale of the home, so you might want to think about that, before adding on.

I also wonder if you are going to add the third bedroom, why would you not update your kitchen? The Eichler home I was in has a gorgeous remodeled kitchen (lots of ooohs and aaahs). He had this zebra pattern cabinet from Home Depot Designer Center and brushed steel patterned counter and some cool lightning, really adds to that modern feeling. Kitchen upgrades definitely helps sell a home.

How about the bathrooms, are they updated? Staging to showcase your modern home and outdoor environment? Your in ground pool and Spa, are they in a great condition which add to the enjoyment when you look outside, or do they need to be serviced?

All these are some questions that are very difficult to answer on paper in a distance.

So, my question is, with so much in stake – the cost for upgrade, the sale of your home - why don't you have a Realtor to come over and give you some suggestion? Although it does sound to me that you are pretty savvy in this, it also does not hurt to have somebody take another look and discuss with you in person.

We mostly do this as an added service to our potential clients. Usually there is no obligation to use the specific realtor, but if you like his/her service, then you might want to stay with her/him.

Best,
Sylvia
1 vote
Keith Sorem, Agent, Glendale, CA
Sun Sep 23, 2007
Lynn
YES!
The most common home is a three bedroom, two bath home. By adding that extra bedroom you will more than recoup your expenses (assuming you are doing the work with permits and your main expense is in framing and drywall (as opposed to adding additional square footage, meaning you have to build a roof and subfloor).
Keith
2 votes
Kathy Toth T…, Agent, Ann Arbor, MI
Sun Sep 23, 2007
Lynn, You probably know that in most cases, it is easier to sell a home in this price range with 3 bedrooms vs. 2. I suspect that if you just need to slap up a wall with drywall (reconvert one large bedroom back into 2 bedrooms) that you should do this. The cost vs return on investment would be a wise choice. In this market you need to A get chosen for a showing, and B get picked for an offer. Look at the statistics with your REALTOR. How many homes in thei price range sold in the last 3 months with 2 bedrooms, 3 bedrooms, 4 bedrooms. It will become evident what the market has chosen. If you need help choosing a REALTOR, let us know. I graduated from Marian High School and am familiar with many agents.
2 votes
Sylvia Barry,…, Agent, Marin, CA
Wed Oct 10, 2007
Hi Lynn:

Thank you for coming back and let us know what you are thinking. I am sorry that the Realtors you interviewed have not been able to give you advise.

Perhaps what you have to do is be really upfront with them and ask them to give you their opinions on a few different options; such as no upgrades, upgrade the kitchen, and now possibly the other bath (two out of three), and then upgrade + adding another bedroom. You can choose which way to go with then.

Again, the question is where do you stop putting $ in there, especially since you want to move and purchase something else.

Perhaps the hesitation on the Realtors side is the same. The problem is that if you want to sell something that's all updated, meaning updating the kitchen; then you really don't want to leave on bathroom undone. Because at least from my experience in Marin, buyers will mostly either buy one that need all kinds of upgrades or they want to move right in and enjoy.

Wish I am closer to you, because I would love to see your house and help you out in person. As I said, I am very far, so unfortunately, my advise might not be the most realistic for you in Michigan.

By the way, what have you decided on the flat fee vs full service? I did not reply to that one because you had a lot of answers already.

Best,
Sylvia
1 vote
Hayward Litt…, Agent, Troy, MI
Sun Oct 7, 2007
Hi Lynn,

Just wondering if you added the 3rd bedroom, would you consider staying in the home or would you still be looking to sell it? From what you have described, your home, as it is right now, might be tough to sell in any market. I say that because it seems there are some unique features that you mention that seem to fit only a few buyers. There have only been a few buyer's that I have worked with that actually wanted a swimming pool. I am biased, but why not seek have an agent come out to view the property and give you more information. The more information you get the better, and I have only heard of a few cases when an agent has bitten someone. Most of us are pretty harmless and good people.

Best of luck!
1 vote
Maureen Fran…, Agent, Birmingham, MI
Sun Sep 23, 2007
Lynn,

A 2 bedroom home is much harder to market than a three bedroom home in Bloomfield Hills. I think it really comes down to what the rest of your home is like and how the space can be used by a future owner. The issue that you will run into is that your home simply will not come up in many agents' searches just because of the number of bedrooms. I would need more information to advise you on this, but I do think the third bedroom will aid you in getting a quicker sale.

If you would like us to take a look at your home, we would be able to offer you a more considered opinion. 248.430.4450.
Web Reference:  http://mioaklandcounty.com
1 vote
., , Oakland County, MI
Thu Jan 17, 2008
Although you cannot expect to recover 100% of your renovation costs, you should be able to sell your house more quickly than one that is not updated in this competitive market, provided the updates are in good taste and your pricing is competitive with comparable recent sales. A recent report indicates that a homeowner will recover about 83% of a minor kitchen remodel (reface cabinets, new hardware, replace oven/cooktops with energy efficient models, replace laminate countertops, install midpriced sink and faucet , paint trim/walls, replace flooring for close to $20,000).
0 votes
Sylvia Barry,…, Agent, Marin, CA
Fri Nov 16, 2007
Hi Lynn:

Thanks for coming back again and giving updates. I am sure the stress probably comes from the decision making, planning; both for the remodel, also for making sure you are doing a right thing. Sorry that I can't help you; but I will be thinking about you.

It's too bad that you can't pot picture on Trulia answers. It'd be nice to see before and after picture - sounds like you are doing something bigger than you started out with (?) What's your remodeling plan as of today?

I don't want to sound like I am tooting our own horn, but try to seriously consider a full service broker. I am in Marin, considered a very good market. I was just talking to another Realtor today about how difficult it is to market today's homes; and also how difficult it is to see the transaction go through because the tightening of the credit and the whole buyer mindset.

You really should find somebody who can truly serve you - get referrals and interview them. .

Keep in touch,
Sylvia
0 votes
Maureen Fran…, Agent, Birmingham, MI
Tue Sep 25, 2007
Lynn,

I appreciate all of the additional information. This is a big investment and I still think you need a Realtor to look at the house, not just give you an answer based on the info here.

Maureen
0 votes
Maureen Fran…, Agent, Birmingham, MI
Mon Sep 24, 2007
The condition of the rest of your house still matters a lot. As you know, in some cases a vacant lot or tear down in Bloomfield Hills could be worth 500K or more. I am not implying that your home is a tear down in any way, but when I said that more information is needed, someone really does need to take a look at your house to advise you on this. What is the cost of doing the addition? What are neighboring 3 bedrooms going for in similar condition? Do you have a basement? Garage? Are you on a busy road? Adding a third bedroom sounds costly and I think the situation needs to more fully considered before anyone advises you on a course of action.
Web Reference:  http://mibirmingham.com
0 votes
The Hagley G…, Agent, Pleasanton, CA
Sat Sep 22, 2007
Lynn-

I do not beleive ou would get 100% of your investment back if you added the third bedroom. Talk to a local Realtor in your area before you make a decision. Good luck!

Cindi
Web Reference:  http://www.cindihagley.com
0 votes
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