We met with the realtor last night to hear the results of the market analysis. We were a little apprehensive to hear the reality of our situation, as opposed to what we might be hoping for from our house sale. The news wasn’t terrible, but it wasn’t all great either.
First the good points…
The realtor brought a packet which included pending, recently sold, and current on the market homes in our area for places that were comparable to ours. When we looked at the pictures and descriptions of the homes on the market, very few of them had all updated features. People might have replaced a couple appliances, or put in a wood floor, or installed a pellet stove, but few homes had done full kitchen upgrades, or replaced all the siding, windows, doors, floors etc. in the past couple of years as we have done. So that makes our home somewhat more desirable in these areas than another home might be. We were told that our house will “show well.”
The median price for the homes which are most comparable to ours is pretty close to what we were hoping to sell our house for. So that was a relief not to hear a number that was $30 or $40k less for a starting price.
Well, really there is one real negative, and I don’t think anyone out there is going to be surprised to hear it. We’re just in a really slow market right now. The realtor brought a pile of “on the market” homes to show us in our price range, maybe 15 or 16 of them. But the other two piles were really small – ONE home sold in our area in the past 6 months, and ONE pending sale. (I’m glad I’m not trying to make a living as a realtor right now.)
So that’s the bad news. One other positive point is that we still have 17 months before we will be listing our house for sale. So hopefully the market will improve, even somewhat, before then. By next October or November we can see how many of these homes have sold, and how much they sold for, and can use those numbers to hopefully price our house for a successful sale!