if you owned your own home would you sell it as is and take less for it or fix it up and hope you added value

Question

would you sell it as it is ,not in run down shape or anything its livable . or would you spend the time and money and try to get more for it

Answer 1

The home market prices are dropping. You get more if you sold it now, then you would if you fixed it and sold it in a year.

Answer 2

Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.

It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.

For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).

Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.

Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Answer 3

It would depend on how much of a rush you are in to get into another home. It also depends on, How much your going to spend VS How much extra your going to make. Time is also a factor. The longer you own your home that's an extra monthly payment you could of saved. So Money to fix up+monthly payments is equal to or less than what you could sell it for right now with doing nothing. Your better off selling it with out touching it.

Answer 4

Regardless of what they say about home prices dropping, It depends upon where the home is.
If it needs paint, Paint it. If it needs anything else that will dress it up, Do it.
Home buyers will react mostly to a first impression. If the home looks good, they will buy, if it looks seedy they will not.

Anything you spend on improvements is deductable from the Capital gains tax. That includes one year before the sale.

Another way to avoid the tax is to re-invest immediately.

Good luck and remember. You will feel better if you sell something better.

Answer 5

depends. fixing it up may be a large chore for an average home owner and contractors are very expensive. Not to mention you never know what problems may be uncoverd when you begin making basic repairs. I'd let the new buyers worry about that. Although a new coat of paint and new carpet can work wonders.

Answer 6

I'd sell it as is. WHy bother to replace everything and spend that much money just to sell it with no guarantees? If you're going to do all that, why not just stay there?

Answer 7

talk to a reputable real estate agent in your area the will be able to tell you what the market is doing. they will also be able to suggest simple and cheep improvements that will increase the value of your home. for example. a coat of paint. Just make sure what ever real estate agent you pick, they aren't a money hungry butt kisser that is just trying to list your home to make a buck off of you.

Answer 8

if your house is in good or in-demand neighborhood, and you are not in need of money, possible to fix it and sell at higher price. There are risks, of course.

if not, sell it. House marketing will keep cooling, I think

Answer 9

if there is money for renovations then possibility of revamp is there otherwise just sell it as is