Should I Wait or Not? (Need Advice)

I am scheduled to put my house on the market this Friday and I have a dilemma. I have done a lot of work to the house including painting the entire exterior and have had a new asphalt driveway scheduled to be completed by 6/10 which has obviously now passed. my driveway company made it clear that rain has/will cause delays so right now I am being told hopefully it can be completed next week but that is not guaranteed.

I want to get as much for my house as I can and my realtor is saying we should still go forward with the listing this Friday without the driveway being in but I am hesitant that it wont show the full curb appeal which was the reason I’m paying thousands of dollars to get it ready to sell.

the market is hot and I am the only house in the 3 surrounding cities in my price range so I am wondering what you think. do I put it up for sale without the driveway being in and not knowing when it will be done or do I wait for it to be completed? they have done the tear out and we have the companies sign in the yard and my realtor said it will be listed in the MLS that it will be completed.

List it.

List it. You could also just wait with the driveway and let the new buyer determine if they want asphalt or concrete. Then either let them deal with the driveway or you can give them an allowance if they want to put in something different than asphalt.

What Buzz said…and Werm…list it.

When we (if ever) sell our house there will be a carpeting allowance. No matter what the FW puts in others will hate it.

You should trust your realtor, if you don’t then maybe thats the issue?

nhamm wrote:

You should trust your realtor, if you don’t then maybe thats the issue?

I do just wanting input from others

List it. In a white hot market, the condition of the driveway won’t even register on a potential buyers mind.

But since you’re the seller, here’s the thing I hear over and over again these days that makes no sense to me.

Several people have told me they put houses up for sale and got 3-5 offers in the first 2 hours on the market for XX% over the asking price so they took the highest one and sold it.

Whaaaaaaatttt? Why would any SELLER do that? I get told this again and again and I’m thinking are you idiots? If buyers are throwing EXTRA money at you above and beyond the asking price, you’re under-priced and you’re giving money away. Your realtor screwed up on pricing.

You’re in the driver’s seat. You can REJECT all offers AND pull the property off the market and relist with a higher price. People seem to feel they have to take an offer fast and just take the highest one because they have to make the realator happy. Bull. The realator works for YOU not the other way round.

I would never sell a house on the first day on the market and all that a multiple offer situation tells me is there is HUGE demand which is great for me so what’s the hurry? Multiple offers over the asking price say that the house is under priced and accepting an offer = giving away money. Pull the house off the market and relist for more.

Grouse

I’d list it right now and mention that a new driveway is going to be installed at the same sale price listed. NOW you have a negotiating chip when they come in 5k under your asking price.. That way you can respond with “yes we will accept your offer but now the new driveway will not be included and you can take the savings you’re getting on the house and choose to put it in or not put it in. I’m not a realtor but your guy/gal should have already told you this

The market is crazy right now and if you are in the right area things will sell at inflated prices.

That said, there’s a good chunk of people who shop for homes that have no capacity to see potential – they just see what is before them. If the driveway is particularly bad it will be their first impression and could taint their feelings towards the rest of the house, even with a driveway allowance or whatever.

If i was paying for the repair and could wait, I would. It’s nice to have one, or several buyers think it’s “perfect” (assuming the rest is tip top).

If it was july or august, maybe not.

List it, you can always update pictures later

Do they have a completion date? The way home prices are rising it could be to your benefit to wait to list it. Supply, as you pointed out, is really low so I don’t think you’re going to have an issue selling whether you list it Friday or 2-3 weeks from Friday.

List it! And if you are worried about it have the realtor put in the description that new driveway being installed. Tons of new construction out there that has no driveways until just before being finished and they sell. A new driveway being installed would be a huge plus in my eyes, showing that it will be brand new the day I move in.

However I do agree with potentially giving the new buyer an allowance and letting them decide if they want concrete or asphalt. I’ll take concrete please!

Just bc there is high demand grouse don’t make the house anymore valuable long term. A good realtor will assess all those factors and put the buyer and seller in good hands. You buy a house for $40k over value like the last home we rented went for, only to find out once the market slows down, more new homes are built and rental shortages go away those owners are gonna be like WTF we way overpaid.

I go back to let the professionals handle it. That’s what they get paid for #1, and it should be with someone you trust, it’s a very large decision.

TheFamousGrouse wrote:

List it. In a white hot market, the condition of the driveway won’t even register on a potential buyers mind.

But since you’re the seller, here’s the thing I hear over and over again these days that makes no sense to me.

Several people have told me they put houses up for sale and got 3-5 offers in the first 2 hours on the market for XX% over the asking price so they took the highest one and sold it.

Whaaaaaaatttt? Why would any SELLER do that? I get told this again and again and I’m thinking are you idiots? If buyers are throwing EXTRA money at you above and beyond the asking price, you’re under-priced and you’re giving money away. Your realtor screwed up on pricing.

You’re in the driver’s seat. You can REJECT all offers AND pull the property off the market and relist with a higher price. People seem to feel they have to take an offer fast and just take the highest one because they have to make the realator happy. Bull. The realator works for YOU not the other way round.

I would never sell a house on the first day on the market and all that a multiple offer situation tells me is there is HUGE demand which is great for me so what’s the hurry? Multiple offers over the asking price say that the house is under priced and accepting an offer = giving away money. Pull the house off the market and relist for more.

Grouse

A lot of it has to do with the mortgage company. A person can buy a million dollar house, but if they are taking a mortgage out and the appraiser says it’s only worth $900k the mortgage company may deny that mortgage. A house can only be mortgaged for what the mortgage company will agree to.

Without knowing much about your house, I would probably do it one of two ways:

1) Wait to list it until the driveway is done

-or-

2) List it and don’t do the driveway

Never underestimate the power of a first impression!

nhamm wrote:

Just bc there is high demand grouse don’t make the house anymore valuable long term. A good realtor will assess all those factors and put the buyer and seller in good hands. You buy a house for $40k over value like the last home we rented went for, only to find out once the market slows down, more new homes are built and rental shortages go away those owners are gonna be like WTF we way overpaid.

I go back to let the professionals handle it. That’s what they get paid for #1, and it should be with someone you trust, it’s a very large decision.

^^^^^What he said.
My house I sold last fall almost fell through because of this. Appraisal came in 6k less than offer. Buyers didn’t have the cash to cover the difference plus their down payment. We ended up splitting it. But our realtors “fair market analysis” was spot on. It was our decision to ask a little more just to see what would happen, and they offered a little more than that.

Fishwater, that house ain’t out in the country, 2acres or more and north of Annandale is it? If it is give me a crack at it before you list it! I need something in that area!
Thanks, Drifter.

It’s a sellers market.
Let the new owners pay for the driveway .

You have came this far – I’d Wait, especially if a buyer comes pulling up to see a class 5 driveway.
You are just asking to give a discount.

So – A couple drives up to your place, the husband says “this is the place” the wife says “there’s no driveway, were not buying this place” The argument starts, they drive to the next listing, or the wife says “low ball them”.

My $.02

“…The argument starts, they drive to the next listing,…”

What next listing…

List it or wait. I honestly don’t think it will matter much, you have all the power in this market. Having said that no one can tell the future and while it seems almost impossible maybe something happens to change your situation in the next few weeks and that lottery ticket you are holding turns into ash. We just had 40+ mile an hour winds blow through mound. Wouldn’t want a tree to fall on your garage….

Then why do any improvements?

I had a Realtor tell me about 10 days ago how hot the market is. Bidding wars are going on and prices are climbing fast. I can’t see how this is sustainable.
Are we on course for another crisis like 2008?

I think the driveway could clearly add to the curb appeal while helping facilitate a sale, but you may also not get the added value in an offer you anticipate. There are far too many variables (location, neighborhood, lot size, home design, listing price, comparable listings, cost of driveway, etc.) for anyone on here to truly know what may be best.

If you trust your realtor and they’ve sold a lot of comparable houses, follow their lead. It’s easy for strangers on a forum to be “experts” when they have no skin in the game.

It clearly is a hot market for middle and lower-middle class homes in the region though. Best of luck.

TheFamousGrouse wrote:

List it. In a white hot market, the condition of the driveway won’t even register on a potential buyers mind.

But since you’re the seller, here’s the thing I hear over and over again these days that makes no sense to me.

Several people have told me they put houses up for sale and got 3-5 offers in the first 2 hours on the market for XX% over the asking price so they took the highest one and sold it.

Whaaaaaaatttt? Why would any SELLER do that? I get told this again and again and I’m thinking are you idiots? If buyers are throwing EXTRA money at you above and beyond the asking price, you’re under-priced and you’re giving money away. Your realtor screwed up on pricing.

You’re in the driver’s seat. You can REJECT all offers AND pull the property off the market and relist with a higher price. People seem to feel they have to take an offer fast and just take the highest one because they have to make the realator happy. Bull. The realator works for YOU not the other way round.

I would never sell a house on the first day on the market and all that a multiple offer situation tells me is there is HUGE demand which is great for me so what’s the hurry? Multiple offers over the asking price say that the house is under priced and accepting an offer = giving away money. Pull the house off the market and relist for more.

Grouse

If you list a property and one minute after you list it a full price non contingent offer comes in you are contractually obligated to accept.

disco bobber wrote:

Are we on course for another crisis like 2008?

There are plenty of people saying this is the case – turn on the news. Anecdotally, two of the three renters on my street were booted so the houses could sell. A house that didnt sell 2yrs ago is back on for another $100k. It would make me happy, but we are staying put for quite a while so it just means more taxes.

walleyebuster5 wrote:

I’d list it right now and mention that a new driveway is going to be installed at the same sale price listed. NOW you have a negotiating chip when they come in 5k under your asking price.. That way you can respond with “yes we will accept your offer but now the new driveway will not be included and you can take the savings you’re getting on the house and choose to put it in or not put it in. I’m not a realtor but your guy/gal should have already told you this

I’m an agent, and this is exactly what I would recommend. Smart way to get the initial buzz for you house, and still have the opportunity to get a better deal for yourself…

List it, accept offer within 8 hours of listing, and get into bidding wars trying to buy new house.

List it… you ultimately decide what it sells for.

The appraisal will ultimately determine your final agreed upon sales price.

To the o.p. if you get lucky enough to have multiple bidders going after your property, ensure the winning bidder has the means (liquid assets) to pay the difference between the sales price and the appraised value.

If they are paying cash this is a moot point.

Also depending on the financing, the appraiser will require that work be completed prior to closing.

As far as when to list, first impressions are everything, and home purchases are emotional for folks. I would want to put my best foot forward and would wait to list until the work is done. But that’s just me.

I’d be interested in the argument against waiting. There is such a low supply of listings in the 11 county metro area, that home prices as a whole are going nowhere but up for the near term. Your average market has 1/5 of the listings it had a year prior.

Ask your realtor how their commissions are shaping up from the prior year, and you may see why they are pushing to get your place on the market asap.

Put the house up on june 15th. Had 31 showings in 48 hours and 9 offers. We ended up getting 20k over asking without the driveway being completed. Driveways done and house appraised. Happy guy here

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Congratulations. But I would say you listed a little low.