Flipped a home - Page 3

DiAnne · ‎09-22-2010

I think it depends on where you live. I live across the Lake Washington from Seattle. It is a very good real estate market here for sellers. I actually get letters from real estate agents asking if I am interested in selling my house because they have buyers looking in my neighborhood. My house is now appraised for more than it was when real estate went bust. It is that old saying "Location, Location, Location". If you have a house where people want to live it will sell.

Mominohio · ‎08-08-2010

I think it all boils down to the market where you are, and how fast you want/need to move the property.

If my house was in good repair and clean (decent flooring, fresh paint) I'd never invest in updating. I'd put it on the market for what I thought I needed to get, and see what happened. If it didn't sell, I'd much rather take less than go through the mess of kitchen and bath type updates.

When I look at a house, it is all about the location and the 'bones' of the house.

I don't want to be paying for someone's new kitchen and bath or other updates just done, that are not my style anyway. I'd much rather do those things myself if older or not my style, rather than paying for something that is new, but I don't like.

I know my ideas fly in the face of everything the housing industry is pushing at people these days, but it is just the way I approach buying a new place, or selling the old one.

No way in our markets around here that if you invest in those big renovations just to sell, that you will make your money back in most instances.

151949 · ‎03-09-2010

It is very unfortunate but those who bought during the real estate bubble and paid too much for their home will probably not recover that price. And now a days it seems that smaller, less expensive homes are what young people are looking for. They have student debt and are starting a family they just can't afford a McMansion. All the young people I know - my neices and nephews mostly and their friends - are buying the typical 3 bed 2 bath 2 car garage homes they can afford. Even my neice who is a bank VP and I'm sure could have more is content in her cape cod, and says she doesn't want to be house poor. The trend has turned from the big houses of the 80's and 90's.

sandraskates · ‎06-26-2014

In CA home prices have recovered from the bust - and then some. For people that stayed-the-course they would be equal to or greater than what they paid for their house. And those who bought in the downturn are in great shape as far as appreciation.

I have to admit that the prices of CA homes is just crazy to me. I suspect that prices will level out maybe even dip, once again.

The McMansions are still going up. It's very sad to see original homes snapped up just for the land, knocked down and then a larger house built in place. But it is happening in Silcon Valley.

Actually, I even saw this on a recent trip to FL which surprised me.

I love talkin' real estate.

151949 · ‎03-09-2010

@sandraskates I doubt if what is happening in California is indicative of what goes in the rest of the country usually. Seems to always be unique there.

As for homes in Florida - I live in the area that is suppossed to be the largest area of growth right now in the USA - along the Gulf coast between Tampa and Naples. However, the homes we see going up, and they are starting new plans every day, are small single homes or villas for retirees.For the most part what retirees are interested in are small, single story homes in plans where the HOA takes care of outdoor maintainence for them. At least 90 % of the homes being built fall into this category. Esp. since most - probably 3/4 of them - are being sold to people who will be keeping another house up north somewhere and snowbirding for a number of years. In my plan of 140 homes less than a dozen are occupied year round. For this reason a large expensive home is not what the retiring baby boomers are generally looking for.

KALLIE · ‎02-17-2016

When we sold my parents' 4 bedroom home, we remodeled the kitchen - new cabinets, quartz countertops, new high-end appliances, hardwood flooring, and a apron sink. We also remodeled the 3 bathrooms - new vanities, quartz countertops, tiled showers, and travertine tile floors. Put in new carpeting. The windows had be redone a few years earlier, so we didn't have to replace them. We also painted the inside and the outside, resurfaced the pool, put in new tiles in the pool, and redid the landscaping. The home was in a very desirable neighborrhood and in a top-notch school district. We also had the home professionally staged. We had multiple offers OVER the asking price, so we made back all the money we put in, and more.

sandraskates · ‎06-26-2014

Hi @151949. I like your Gulf Coast insights.

In my first reply in this thread I mentioned a (65 year old) woman I know that's been trying to sell a $3 million home for a couple years. Although it's lovely, it's in the hills and somewhat isolated.

Going along the lines of your last post - the young, well-off techies are not buying those type of homes either. They want more urban settings with easy transportation.

Desireable, modest homes around the Silicon Valley are selling for crazy prices. Most of the time they need updating as they end up on the market due to the passing of the prior owner. And if they layout is beyond help, they get knocked down and replaced completely.

DiAnne · ‎09-22-2010

@sandraskates wrote:
Hi @151949. I like your Gulf Coast insights.

In my first reply in this thread I mentioned a (65 year old) woman I know that's been trying to sell a $3 million home for a couple years. Although it's lovely, it's in the hills and somewhat isolated.

Going along the lines of your last post - the young, well-off techies are not buying those type of homes either. They want more urban settings with easy transportation.

Desireable, modest homes around the Silicon Valley are selling for crazy prices. Most of the time they need updating as they end up on the market due to the passing of the prior owner. And if they layout is beyond help, they get knocked down and replaced completely.

@sandraskates

It is the same where I live in the Seattle area. My lot is worth more than my house which was built in the 50's. I would never put money into improvements just to sell. When I sold my house in Orange County, CA I repainted all the rooms and insides of closets, etc with neutral colors. On the outside I repainted the garage door and the trim and planted lots of colorful flowers very close together in the front yard and the house sold in 2 weeks for full price.

Just Bling · ‎03-10-2010

Open House today and I sent a "spy" in to get a sense of my realtor and to overhear what others are saying.

There's nothing but brick and a garden in the backyard, one couple wanted grass...and if I had grass back there, they would want it ripped out and replaced with brick.

Can't win. I guess no offers.