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Ready to strangle DH
We own a 3 bedroom cape cod in what some call a "desireable" area. We bought for 292 in 2003 and put alot of money in renovations. Over the years our neighbors have bought and sold in the $400k's... however, none have sold since the market collapsed a few years back.
We just had our second child, so we need more space. I asked DH months ago if he wanted to add on or move. He was ADAMANT about not adding on and wanted to move. We interviewed 3 realtors.. who thought we could price anywhere from $350k to $375. We gambled and put it on the market for $385 on Tuesday. Yesterday we got a full price offer with the ability to rent back for 2 months in order to find a home of our choice.
DH thinks the offer stinks and now wants to put about $100k in renovations into the house.
I am at my wits end. We have until 8 pm to accept or counter the offer. Our neighbors keep saying we could sell for over $400.. well, since they all bought for that amount between 2004 and 2008. Three more realtors he called last night say $385 is a fair price.
DH also thinks that if we kept it on the market a while longer, we'll get a better offer. Um.. better than full asking price with rent back?
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Re: Ready to strangle DH
Renovations won't be recouped in this market. What do your neighbors know about this market? Of course they'd say $400k - that's what they'd hope for, but it's probably not realistic if all the REAs are saying $385k is a good price point. Also, a full price offer is amazing. Amazing...buyers are into low offers these days. I doubt a better one will come along. Also, the hit you take now, will be made up on the other end when you buy a new home - you'll most likely get more house for less as you'll be able to take advantage of these low prices and great loan rates. The longer you wait and pitter patter around, the more money you will lose. That's just the way it goes.
We're currently getting ready to sink about $100K into renovating our house. BUT...we bought the house intending to do it (it was a foreclosure, in a VERY desirable neighborhood and buying for the low price then fixing it up over a few years was the only way we could realistically afford to get our kids into this school system).
This process has been going on for almost three years. It's a nightmare, at least for me, and I'm frustrated all.the.time. with DH, with the contractors we're talking to, with the wait, with everything! I know it was the best decision for us but I would never willingly do this again. If the REAs are saying you're getting a fair price, and you're happy where you'll be moving to and want to be there, I say sell. I'd have stayed in my old house in a heartbeat if the school system had been good enough rather than deal with the renovation process.
Your H is out of his mind. No one is going to pay more than the asking price in this market. If you don't accept this offer, you will not get a better one, if you get another offer at all.
Your subject line is the story of our homebuying experience
. I think you're in the right on this one. I love capes but they're hard to add on to if you want to keep the character intact.
If you put it on at $385 and raise the price, potential buyers will likely see you as unreasonable and steer clear.
Except the offer and do it NOW!
You may not get another offer like this ever!
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