What do you think I can list my house for?

We paid $560,000 last may

We are in Northport Village on 1/2 acre of flat land.
The house already had:
new kitchen-maple, granite , stainless steel
2 new bathrooms
brazilian cherry floors-entire house
wired for central alarm
all new windows
new 2 car garage door
deeded private beach rights
stone fireplace
walk to main street

we put in:
2 zone central air
new heating system
new humidifier
new pvc- for most of the 1/2 acre
new driveway and front walkway
new 14 zone sprinkler system
2 new storm doors
cleared property of over $6,000 worth of dead trees/shrubs
grass seed entire property
we had walls in entire house resurfaced and entire interior painted
all new lighting fixtures
professionally landscaped front yard

Probably spent close to $100,000

Can we ask $650,000

******ETA***********
We def did not over pay, our house was the least expensive house on the block

I had 2 realtors give their opinions based on comps and the house itself

one said $599,000-$619,000
the other said to list for $650,000

I was thinking of listing it myself

Message edited 3/12/2011 2:08:04 PM.

Re: What do you think I can list my house for?

I would base it on comps in your neighborhood. Did you over spend for your location? In all likelihood you will not get back what you put in. Have three Realtors come in and give you a price. I would pick somewhere in the middle/higher middle of the top price. HTH

Re: What do you think I can list my house for?

You can ask whatever you want. But, you should looks at the comps in your neighborhood first.

Re: What do you think I can list my house for?

Go with the comps. I can't stress that enough.

We made the first time home sellers mistake of first listing our house for what WE thought it was worth, not what the market was saying it was. My advice is to try and disconnect yourself as much as you can which I know is difficult. Try to look at this as a business transaction.

Good luck selling!!! My fingers will be crossed that you get what you want.

Re: What do you think I can list my house for?

You need to look at the comps. Considering a realtor gave you significantly lower listing prices, I'm guessing $650K is too high. It certainly sounds high to me, considering the $560K purchase price a year before.

I don't see $100K worth of improvements. You may have spent that much, but that doesn't mean you'll get that kind of return on your investment.

Message edited 3/12/2011 2:29:37 PM.

Re: What do you think I can list my house for?

Definitely look at the comps. What you paid for your house last year is irrelevant. That was a different market. I try to go back 6 months when I pull comps, and ideally, I would like to keep my comps very recent (within liast 4 months).

I also agree that, while your improvements definitely added value, you can't assume they added $100K of value. It is very rare that people get 100% return on their renovations.

I assume the realtors you consullted left you with a copy of their comparative market analysis, so you should take a close look at the comparable properties they pulled and see how your house fits in. You should look at "sold" comps to see what houses actually sold for (listing price is irrelevant), but also check out the listing prices of homes on the market right now ("active comps") that would be your competition if you listed now. Your goal is to be the best house at a price point. You don't want to list at $650K if there are a number of similar houses in the same area and school district listed for $600K, and all of the $650K houses are bigger, have more property, etc. If that's the case, you won't get any buyers to make an offer if you list at $650K (and you may not even get them in the door to see the house!).

Why are you thinking of selling on your own? If it's to save the commission, there have been many studies done to show that homeowners wind up with more money in their pocket when they use a realtor, even after paying the commission.

There are also practical concerns -- safety, convenience, etc -- to selling it yourself. Do you work? Are you going to be available to show the house all the time? Do you feel comfortable letting strangers into your home when you are there alone or with your children?

If you don't feel comfortable with the realtors you met, I would call some other local realtors or get some recommendations from family or friends until you find one you like.

Good luck!

Re: What do you think I can list my house for?

What you did to improve it, doesnt typically see a big return. Its nice, but not needed. I would comp the area. I really doubt you will get 650- i think you will be lucky to get 580 in this market.

Re: What do you think I can list my house for?

Message edited 3/12/2011 11:07:28 PM.

Re: What do you think I can list my house for?

I wish your house was on the market last year when we bought in Northport Village. Our house needs sooooo much updating and I know that if we sold now I don't even know if we could get what we paid for it, much less cover the additional 50k we have thrown into it already.

That being said, I would list for 650. Heck, I'd even come to look at your house. I keep trying to convince DH that even if we take a loss on this house, we are getting a better house at a low point in the market.

What do you have to lose by listing it for 650? If you can't sell it, someone will lowball you and you can make you decision from there. Northport Village with flat property is VERY desirable and you said your kitchen is updated(bonus)!