There is a house one street over from me. It first went up for sale in July 2005. I remember this because that's when my husband and I were looking at houses because the seller on the house we were buying was trying to back out and we needed a backup place just in case.
The house, shown here, was very plain and not what we were looking for. We wanted one of the "WOW" houses in the neighborhood, not one of the ones that neighbors wished weren't next to theirs.
The house was built in 2000, so in 2005, it was barely 5 years old so the house wasn't outdated. It still met with typical standards at that time. It was just a plain house that didn't offer anything out of the usual for the price they were offering, which at that time, was too high $459,900.
After being on the market for a couple of years, it finally went into foreclosure as the sellers had already moved and bought another house and were tired of messing with this one, so they let it go. Even under foreclosure, it wouldn't sell... it finally went to an Auction and sold in December 2007 for $273,000. Yes, that's over 2 years later.
Of course it had to be an investor who actually ended up buying it because at this point, owner occupied people are probably freaking out about what could be wrong with it since no one else wanted to buy it. The investors figured a nice facelift of the house was in order.
The house now looks like this, to the left. To me, just driving by, it looks like a completely different house. All they did was take the plain, white limestone and put a darker color limestone, but also spread it futrher across the front of the house. This made the pink brick look less intrusive. Changing out the ugly fushia door to a brown door along with the brown shutters also make the house look more inviting. Sprucing up the Landscaping also helped. Now, instead of looking like a basic "A" frame house, it has character.
Are these changes that I could have done if I wanted to? Yes. Are these changes that I wanted to cordinate and deal with while living in the house? No. Are these changes that a typical buyer can picture as they're thinking about buying a house where the outside just isn't as appealing as they wish it were? Maybe, but highly unlikely.
So, it was originally priced at $459,900 two years ago, which was grossly overpriced for the neighborhood to begin with. It was sold for $273,000 just a couple of months ago. Can you guess what the asking price is now??
Nah, I won't make you place guesses and then come back and check. I'll tell you... It was listed for $419,900 on January 30 and had a price adjustment on February 23 to $399,900. It's been listed for 42 days, and is now priced correctly, but will it sell? Is there a stigma on this house which will make it sit and sit? Will the facelift show people the true house that it was meant to be? What do you think?