Chomp on this comp – Neigh I say

Before you can place your condo on the market, the Realtors are all about the “comps,” – comps this, comps that.  Compy-comp-comp-comp.  It sounds like they are chomping on their bit.  I’m still not really sure of the actual word, but I guess it’s short for “comparable” meaning, comparable to your neighbors (and nearby areas with similar units) and what upgrades they performed, you gotta do the same or something similar.

The main thing everyone does  FLOORING AND COUNTERTOPS

We were planning on replacing the carpet where it already existed and finishing a countertop we had started in the kitchen.  However, the realtor and her assistant stated we needed laminate flooring throughout “Comps,” (there they go, chewing on their bit) with only new carpeting in the bedrooms.  Fortunately, they have a guy that does both flooring and counters and gives them discounts.

Wait.  We can’t use the counters we have started and just complete the other side?  Oh, no. “Comps,” they neigh.  Everyone is now using QUARTZ.  You have to buy in slabs.  Of course, our counter is broken into (3) sections.  They need (2) long slabs, and a short one.  However, after they cut one of the longer slabs, the remaining portion was 2 inches shy of covering the short counter.  This meant we had to buy a third slab, and cut it down to size.  But hey, on the bright side, they’ll install the extra remaining part of the slab in the laundry room- fits perfectly, and will make that countertop look nice with no extra labor fee!

Okay.  What’s the estimate for flooring/counters?  Counters $3,300 and Floor $3,500.  Oh, wait a minute.  We forgot about the stairs.  Must be laminate, as well.  Add additional $1,200 for that(ARE YOU KIDDING?) Okay, so that covers the floor and counters.  NO, carpet is NOT flooring, it’s carpet.  (what?) That’s a separate company, separate amount for the bedrooms.   $1,000 – That’s a DEAL. (doesn’t feel like a deal)

Okay, so laminate flooring, Quartz countertops, and carpeting all for the  Discounted amount of $9,000.00.  What part of, we have no $$ to spend didn’t they understand?  My husband did check and we were receiving a deal, but when you have no money?

Don’t worry, the flooring/countertop guy will wait to get paid during closing. You just need to pay the carpet company $500 deposit, and $500 after installed. (guess that’s going on the credit card, with everything else.)

Now let’s talk cabinets, painting, hardware, and staging… (there’s more?)  “Comps,” they bray.

…To be continued

 

 

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12 thoughts on “Chomp on this comp – Neigh I say

  1. Real estate is a bizarre business. By the time you get done with all these magnificent home improvements, you might as well just stay in the home. I can understand maybe a new coat of paint, but quartz counters? Granite was all the rage just last month, so by the time you get the counter installed, it’s probably going to be “out,” too.

    They say in life that you shouldn’t strive to keep up with the Jonses, but if you ever want to sell your home, then you pretty much have to do everything they’ve done.

    Because comps. 🙂

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    1. YES, Allen. Funny thing is, we know our unit in this condo complex, is truly the BEST one… We have an upper unit, on the end (so we only have 1 neighbor on 1 side and below us) We are at the very end of the cul-d-sac (so no traffic). The lower units are dark as caves, ours is very BRIGHT we have so many windows and each room has a door to the balcony but because we are upper we “lose” value. I guess there is a check-off sheet that you lose value for each ding. Like, we don’t face a main street, but we do face a street (with little traffic) and that’s a ding. But, we’d rather face this street than the dang wall like our neighbors, that helps darken the other units into caves. But that doesn’t matter when selling your place. Because we purchased “high” we have to do these upgrades for chance of breaking “even” or possibly have a couple thousand to help us move. 🙂

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  2. I doubt they can make you do it, Sandi. But, to be competitive with your neighbors units and their value, I suspect they’re suggesting to you to make these improvements in order to get the maximum value out of you unit. Would be nice if you were made of money so you could do as they asked—and so I could touch you for a few bucks here and there. 😀

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    1. I’m going to post about this in a little more detail. I just have to break it up – it is as you say. We bought at the wrong time (high market) 11 years ago and then everything exploded. We have no equity. That’s the issue. And market values are slowly rising, but not to what we purchased. So we “have” to do certain things to bring up the property value or we have to short sale.

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  3. In what world does the realestate company have the power to insist you make improvements before they will sell your home! I get that improvements means a higher selling price but they are telling you you must and then giving you the people to call to get the work done! That would be a big NOPE with me. I’d tell them sell it and let the new owners put in the floors and counters!

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    1. Well, there’s more to it than that. We purchased 11 years ago, high market, and paid about 375 for it. We had to get two loans. (we didn’t have cash/prior property) Unfortunately, we were mainly paying the interest during that time. market took dive, properties are finally starting to “come up,” in value… but not enough. If we don’t do the comps, our property value is only about 350. We “had” to try to bring it up to the 370 mark. She’s hoping if we list “lower” that will spark interests because our place will look awesome and at a “steal” and that will get lots and lots of people here for the open house. Their company likes to show the place 1 weekend and on the first day, offers roll in.

      She has had success with people all wanting the place in our complex, which sparks higher offers. So… otherwise, we’d have to “short sale.” We got screwed. ” 😦

      Since our area is highly coveted place to live and there isn’t anything on the market, there’s going to be high interest and we’re hoping to sell at 400. (or 410) 2 bedroom condo in Orange County, CA. But we got to get a high number of people to the open house.

      Apparently, this real estate stuff is all a game. Today’s buyer are new kids that want everything upgraded and done already – it’s not a flip-market where they low ball you and fix it up themselves.

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