I have lived in/owned this house for 30 years. Obviously I have maintained it. I have moved on to something larger. Was going to make it another rental, but am convinced to sell instead. I have not done any upgrades in kitchen or baths except to put in tile. Also, one bedroom has genuine hardwood. Architecture has loads of character. Mature pecan tree in back that bears large, yummy, soft-shell pecans!
I know it's not much to go on, but would anyone weigh in on whether you think $220K is a good price for an as-is deal on this property?
I have an offer, but agent wants to list it to get more. It ALL seems outrageous, considering what I paid for it in 1992. I don't have the energy to be greedy. But would it be an obvious mistake to NOT expect to get that much more? A comp down the street went for more than $250K, but it is two-story, has two-car garage, and is 200 sf larger. (Same builder.) The photos of the inside look pretty nice--some updates, but they kinda look dated already. Mainly counter tops and vinyl plank flooring throughout. Is all that worth $30K+?
IF I list this, it's for sure an inspection will say it needs a new roof (installed in 2008). I don't know whether insurance would cover it now based on last year's storms? Everything else should be fine except for cosmetics in living room ceiling. Is it worth me going through the hassle to list it? Can I list it as-is and expect it to be a good bit more than $220K? So far, I've only been the buyer; never the seller in these transactions!
Thanks to anyone who will respond.
Hard to say without knowing the address and seeing the actual condition. For a 3 bed/ 2 bath 1135 sqft home I would think that $220k is a reasonable market price. But there are areas where $250k is not unreasonable. There are also areas where $190k is more reasonable. It largely depends on where it is located and the overall condition.
If you are still unsure, have 3 different real estate agents tell you how much they would recommend you sell it for, whether you list with them or not. If you do choose to list it, go with the middle number of the three. In this seller's market, you shouldn't have too much problems selling "as-is," as long as you don't price it too high. Of course, if the current offer is from a reputable person/company, that $30k discount may be worth it to you just for the speed and lack of hassle. It all depends on what is more important to you.
It's hard to tell from your post, but it sounds like you have multiple rental properties. Everyone's goals and situations are different, but I wouldn't be selling at this time. With inventory low, positive migration, low interest rates and rising wages, it's likely that rental rates will continue to rise over the next 2+ years. Just my 2 cents, I could be wrong.
Thanks for your input Jason. The property is in east Fort Worth, John T. White area.
After talking with my financial adviser, I think I'm going to list it.
Manhattan Plaza6850 Manhattan Blvd, Suite 205Fort Worth, TX 76120