Need Advise

Hi everyone. I've lived in maplewood for 20 years. my husband passed away last year and I put the house the house on the market in August and I haven't gotten any realistic offers. I am thinking about renting the house instead and taking it off the market. I would like to rent it to someone who would take care of the house and would like to get to know the town. With everything going on in the country I find myself confused and not sure what my next step should be. Please give me any advise or recommendation. thank you in advance

Hello fmaria. Welcome to MOL and I'm sorry for your loss.

Depending on its location and the condition of your house, you may want to consider waiting a few more months. You can take the house off the market and re-list in February.  The reason is that home buying hits a peak in the Spring because many of the families looking to buy the house want to close on the sale and move during the summer so their children start the school year in their new school.

If you have the financial means, this would also allow you to consider making some cosmetic changes to the house to increase buyer appeal. "Staging" is now a big part of home sales. Lots of buyers have specific expectations of what they should see in a house they're considering buying.

mrincredible said:

Hello fmaria. Welcome to MOL and I'm sorry for your loss.

Depending on its location and the condition of your house, you may want to consider waiting a few more months. You can take the house off the market and re-list in February.  The reason is that home buying hits a peak in the Spring because many of the families looking to buy the house want to close on the sale and move during the summer so their children start the school year in their new school.

If you have the financial means, this would also allow you to consider making some cosmetic changes to the house to increase buyer appeal. "Staging" is now a big part of home sales. Lots of buyers have specific expectations of what they should see in a house they're considering buying.

 Thank you so much for taking the time to write this. There are few things that may need to be fixed. I have gather feedback from possible buyers. Again, Thank you.

you can't depend on a tenant taking care of the house.  have you used the same realtor the entire time?  when that contract expires, try a new realtor with a new approach.  have you gotten a few professional opinions on the value of the house?  there is a house near me that is highly over priced.  While many houses are sold within weeks, this one has been on the market for about 4 months, but they are sure it is worth what they are asking.

are you still living in the home?  has it been staged?

assuming you are down sizing to save money, realize each month it sits, you are losing money.  If property tax is 1000/month and utilities are 300-500, but you plan to move into a condo or apartment, property tax (paid through rent or directly) may be half that..utilities will likely be half.  so it would be worth it to take a slightly lower offer to sell quicker.

timing for the school year is an issue.  there are some people moving from within town or without school aged kids that may be interested, but many with kids will wait until summer.

It's a seller's market right now, with inventory low and lots of interested buyers out there, even for this time of year.  Are you working with a reputable agent?  are you taking their advice?  You may want to consider a different agent if the one you have cannot move your property in this market

Some of the stuff your agent may suggest may seem unreasonable. My in-laws moved recently and they constantly fought with their agent who wanted them to paint certain rooms, take down very heavy and dark window treatments, and remove all their personal pictures, among other things. We tried to convince them to listen to their agent, since we had sold our house just a few years earlier.

They got one offer which was probably less than they could have gotten if they'd listened. I think they took the suggestions personally, as a criticism of their decorating. It's hard but you may need to try to emotionally divest yourself from your house to get it in the best shape to sell.

jmitw is right about renters. You'll probably never find a tenant who is willing to treat your house like their own. And you'll be responsible for any problems, including things like no heat in the middle of the night, or a clogged toilet on a holiday.

mrincredible said:

Some of the stuff your agent may suggest may seem unreasonable. My in-laws moved recently and they constantly fought with their agent who wanted them to paint certain rooms, take down very heavy and dark window treatments, and remove all their personal pictures, among other things. We tried to convince them to listen to their agent, since we had sold our house just a few years earlier.

They got one offer which was probably less than they could have gotten if they'd listened. I think they took the suggestions personally, as a criticism of their decorating. It's hard but you may need to try to emotionally divest yourself from your house to get it in the best shape to sell.

jmitw is right about renters. You'll probably never find a tenant who is willing to treat your house like their own. And you'll be responsible for any problems, including things like no heat in the middle of the night, or a clogged toilet on a holiday.

You are right about renting, I did take all the recommendations from the realtor but I don’t think that she was

max_weisenfeld said:

It's a seller's market right now, with inventory low and lots of interested buyers out there, even for this time of year.  Are you working with a reputable agent?  are you taking their advice?  You may want to consider a different agent if the one you have cannot move your property in this market

fmaria45 yes I am working with a realtor but I don’t think that she knows the Maplewood market very well, but I can’t do any things until the contract run out, thanks 

 

jmitw said:

you can't depend on a tenant taking care of the house.  have you used the same realtor the entire time?  when that contract expires, try a new realtor with a new approach.  have you gotten a few professional opinions on the value of the house?  there is a house near me that is highly over priced.  While many houses are sold within weeks, this one has been on the market for about 4 months, but they are sure it is worth what they are asking.

are you still living in the home?  has it been staged?

assuming you are down sizing to save money, realize each month it sits, you are losing money.  If property tax is 1000/month and utilities are 300-500, but you plan to move into a condo or apartment, property tax (paid through rent or directly) may be half that..utilities will likely be half.  so it would be worth it to take a slightly lower offer to sell quicker.

timing for the school year is an issue.  there are some people moving from within town or without school aged kids that may be interested, but many with kids will wait until summer.

 Yes I am still leaving at home that one of the reasons why is so difficult to get the house ready every time that  someone come to see it but I am taking all your suggestions and I will be patient with the process, thanks 

Please give serious thought to the matter before deciding to be a landlord. Sometimes it works out for small properties but when it goes south, it goes south, badly.

I was a landlord for a few years. Small apartment.

I didn't have the stomach for it. Tough job unless you don't mind fighting or you get really lucky. I did not get lucky and I'd rather not fight.

Hi Maria, I'm so sorry for your loss and current situation. I too have lived in Maplewood for over 20 years and I'm a Maplewood Realtor.  I know your house and would expect it to rent for $3000+ per month. Of course, that means you would be responsible for various problems that arise. You heating system is newer, so I would think you'd be ok with that, but plumbing issues can be a nightmare, especially when they occur at night.  As for selling, the market is quiet right now, except for freshly renovated properties, and will remain so through the end of the year. Things will pick up again in mid January or February, snow permitting, so it may make sense to take your house off the market and make some minor changes, like removing as much furniture and belongings as possible and painting, where needed, to give it a fresh, bright look. I would also remove the remaining window treatments and ac units and have the windows professionally cleaned, which makes them sparkle and the whole room look brighter. Today's young buyers don't want to make any repairs or upgrades, so whatever you can do to limit the negatives makes the decision easier for them. I wish you the best of luck and if you have any questions please feel free to contact me. Happy Thanksgiving! Ed 

From EdS:

THIS!

Today's young buyers don't want to make any repairs or upgrades, so
whatever you can do to limit the negatives makes the decision easier for
them. I wish you the best of luck and if you have any questions please
feel free to contact me. Happy Thanksgiving! Ed

Today's young buyers don't want to deal with any of what I like to call the 20 year problems (renovating the kitchen and bathroom, re-roofing, sidewalks, boiler, etc.), they just want to move in and be done.  I suspect that if you kitchen / bathroom('s) are over 10 years old, that might be issue for a young buyer.  Home equity loans have very low interest rates right now, a minor refresh might help (new counters/lights/backsplash,faucet).  Your realtor should be able to help with ROI.  If you haven't painted with in the last 5 years, I would re-paint the interior in sometime neutral (very light grey seems to big now) as paint is cheap and makes everything look newer.  Staging is annoying but it does work, it creates that pottery barn look that everyone wants to see.

Regards,

RCH

drummerboy said:

I was a landlord for a few years. Small apartment.

I didn't have the stomach for it. Tough job unless you don't mind fighting or you get really lucky. I did not get lucky and I'd rather not fight.

 Actually after listening to all of you about renting, I have decided that I will not put myself into this situation, thanks for your help, Maria 

rch2330 said:

From EdS:

THIS!

Today's young buyers don't want to make any repairs or upgrades, so
whatever you can do to limit the negatives makes the decision easier for
them. I wish you the best of luck and if you have any questions please
feel free to contact me. Happy Thanksgiving! Ed

Today's young buyers don't want to deal with any of what I like to call the 20 year problems (renovating the kitchen and bathroom, re-roofing, sidewalks, boiler, etc.), they just want to move in and be done.  I suspect that if you kitchen / bathroom('s) are over 10 years old, that might be issue for a young buyer.  Home equity loans have very low interest rates right now, a minor refresh might help (new counters/lights/backsplash,faucet).  Your realtor should be able to help with ROI.  If you haven't painted with in the last 5 years, I would re-paint the interior in sometime neutral (very light grey seems to big now) as paint is cheap and makes everything look newer.  Staging is annoying but it does work, it creates that pottery barn look that everyone wants to see.

Regards,

RCH

 Good morning RCH, my kitchen and bathroom are new and also the heater is only 7 years old, so I think that I am going to paint it and clean the windows, if you have any suggestions for windows cleaning please let me know, thanks Maria 

@fmaria45 For window cleaning, call Jesus Naranjo at 973-280-7051.  He was referred to me by many local people and he's wonderful.  Good luck!

Many of today's young buyers are on the economic balls of their ****... student loans, covid job losses and so forth. My friends put 15K into a pre-sell remodel. The house will go on sale next month. I wonder if they will get that back.

Maplewood houses should be easier to sell. However, someone put a mural on a building at the corner of Prospect and Springfield. The mural's purpose was to discourage more buyers from Brooklyn from moving into Maplewood. I wonder, if that mural was removed, would property values in the town go up?

what is the message of the mural?  why do you think it discourages people?

Formerlyjerseyjack said:

However, someone put a mural on a building at the corner of Prospect and Springfield. The mural's purpose was to discourage more buyers from Brooklyn from moving into Maplewood. I wonder, if that mural was removed, would property values in the town go up?

 WTF? This mural?

If that Mural turns someone off maybe they shouldn't live here.

fmaria45 said:

 Actually after listening to all of you about renting, I have decided that I will not put myself into this situation, thanks for your help, Maria 

 Good decision. I do not have to tell you the horror story this thread reminded me of.

Selling your house is a pain in the neck but renting is worse. Get a good realtor and take all advice. Mine told me to "stage" my house. I thought it was ridiculous but did it and it helped a lot.

When you finally get a buyer and need a lawyer send me a private message.