Location: Oregon
Submitted 10/05/12 07:39 AM

Q. we put our home on the market for 169K, lowered it to 159,500 have made many upgrades can we raise the price without cutting our own throat.

 

Answer #1
Submitted 10/05/12 04:38 PM
Jen Woodbury, MBA, Principal Broker (Summa Professionals Real Estate Group, Lake Oswego): Agent in Lake Oswego, OR Jen Woodbury, MBA, Principal Broker (Summa Professionals Real Estate Group, Lake Oswego)
Agent
Lake Oswego, OR

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A.

 

Hi there, thanks for the question. You’ll need to be priced for your market. The best thing to do is have your agent do a (or update) CMA to see what similar size and condition homes are going for in your neighborhood. Based on the CMA, you can come up with a reasonable asking price. Upgrades can certainly help the value of a home but everything ultimately boils down to what the market, an appraisal and/or a willing buyer will support. If you don’t have an agent yet and you live in the Portland, Oregon area, I can certainly help. it. Many Oregonians move out of state to Washington just to realize better gains and they do. If Oregon was to tax capital gains at a higher rate, it's entirely possibly we’ll see more people leaving the state for more tax friendly environments and most of us agree, encouraging people to move out of state isn’t great for our economy. The link below is an opinion article yet has some very valid points.

 

Answer #2
Submitted 10/17/12 12:47 PM
Annette Sievert - Corvallis, Oregon (CB Valley Broker): Agent in Corvallis, OR Annette Sievert - Corvallis, Oregon (CB Valley Broker)
Agent
Corvallis, OR

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A.

Be realistic about this! I understand that you will look at your house with a personal eye but try to be objective. Ask your broker to show you a few homes comparable to yours and try not just to see what is better in yours but also what might lack in comparison.

In other words put yourself in the shoes of a buyer who wants to have the best value for his $$$. Be honest to yourself. And when a good brokers gives you comps that do not support an uptick in price then don't try it. All you will achieve is a listing that sits and grows stale. Not a position to be in...

A buyer will not give you a dime for any upgrade if he can have the same or similar for less somewhere else, regardless of what you paid for it.  

 
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