Quote:
Originally Posted by Snakster66
As someone who is currently looking in the resell market, this is great advice. In particular:
landscaping...when I see a house with many bushes and hedges, my only thought is "how much will it cost me to rip all of that out and replace with something lower maintenance?"
Built-ins...People seem to love built-ins down there, but they are a major turn-off to me as a buyer (I can only speak for myself and won't generalize for the buyer market). Even though I plan to use a room as a home office, I still am turned off by a huge built-in desk/cabinet/murphy bed monstrosity in a room. I want to maintain flexibility down the road. And that means not having to tear out a built-in after I formally retire.
The places that attract us (me and wife) the most are blank slates where we can project our vision, not places where we first have to imagine getting rid of a bunch of things before we can imagine how we can implement a vision.
Back to the market, There are houses that I have been watching for quite some time now. Some are stubbornly holding on to their asking price, others are chasing the right price with either modest or aggressive price cuts. But the vast majority are not sniffing their asking price when they finally do sell. It is not 2022 any more; and from my observations, it has gotten worse (for sellers) over the last month.
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Prices are all over the board. If you check the price history of a home, this tells the story. Many homes start with aggressive pricing then get reduced month after month. This is also true with new construction. If you are the first to buy in an area you pay full price. Months later, prices of homes remaining are slashed. In Denham and Dabney nearly 300 homes saw price reductions. Even with the price reductions, homes are still sitting. Will the developer reduce them further? This is one important aspect we would like to see before purchasing.
The theory that only undesirable homes get price reductions is no longer valid. Most are not buying feverishly. Both preowned and new are sitting on the market for months. This means prices eventually fall on most homes. We are waiting to see what the end of summer brings. Taking a FEW MONTHS to evaluate is not a big deal. Plenty of other things to keep us occupied. Right now, we are enjoying those.
Note: If you find a home where the seller is holding stubbornly to the price, check the price history. Look at the price the seller bought then add closing costs he will need to pay. Many cannot reduce the price without suffering a loss.