what seems reasonable?

We had our house on the market for 15 months - plenty of showings (probably over 200), but no bids.

If we had sold, we would have increased our mortage by 1500-2000 (upgrading).

We are really busting out of our house, but not our lot.

I want to relist, but prices have only come down even more since last year.

Does it make sense to add on, if we will just sell in 2 years ? I know people say that's a no-no, but if we took that $2k/month (extra mortgage we would be spending if we had sold) x 24 months = $48K for the renovation (which is on the low side for an extra bed and bath, but we could do shell only and do the rest ourselves).

Does this logic make sense?

the alternatives are to sell now (or in the spring)- possibly breaking even or coming out with $20-40K - realistically

suck it up and sock away the extra money

add on - with the idea of selling in 2 years.

Re: what seems reasonable?

Why will you still sell if you expand?

I think in your case it may make sense as it will make your house more marketable.

As you mentioned, it was listed a long time with zero offers. So if the expansion buys you time, and gets you a buyer in the long run, then I say go for it.

Re: what seems reasonable?

how long would it take to do the work? projects like that- esp doing part of the work yourself can take 6months ++

how would you pay for the work?

it might be a better long term return on your investment to lower the price of the house - and use that money to cover the mortgage and move on

have you gotten any feed back on why it's not selling?

blaming it on the market isn't really a viable reason- houses are selling

We just sold 1 in a day...so buyers are out there and they are moving on well priced homes fast

Re: what seems reasonable?

Lisa - we want to be on the water, so we would move no matter what.


Beth - I never blamed it on the market. Potential buyers mostly mentioned lack of full basement - nothing I could do there. In hindsight, we probably started too high, but we had to talk our REA down $40K. Then after 3 months she wanted us to lower another $60K (100K difference in 3 months!) We changed agents, but at that point we were just chasing the market.


1 day sales are nice, but they are just not happening in my neighborhood (and believe me, I stalk listingbook)

Re: what seems reasonable?

I didn't say you were blaming it on the market- but that seems to be the most common thing I hear from other agents


where are you priced now? did you ever do another reduction?

For the right price people are willing to comprimise in my experince

Re: what seems reasonable?

Re: what seems reasonable?

I would just sell and take the loss. TO live through such a big renovation/extension will be blood money IMO, if you are only going to sell.

Message edited 9/1/2010 2:20:59 PM.

Re: what seems reasonable?

Posted by Erica

Posted by Beth


where are you priced now? did you ever do another reduction?

we aren't on the market anymore. I had enough. But from start to finish we came down 60K. At the time of all of our price drops there were equal houses selling for that price or higher.


I didn't know people loved basements so much!