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selling a house in this economy
shardian:
Yeah, but you also have to add to the $10k price this stuff:
-listing/realtor fees on your house.
-costs associated with meeting buyers requests
-closing costs on new house
-possible higher interest rate
-loss of equity
and most importantly, paying interest on that $10k difference for 30 years.
ahofle:
--- Quote from: myntik1 on August 25, 2008, 03:54:50 pm ---Bottom line is no one is going to buy my house if theirs is on the market at the same time. If I buy their house and can't get what I think my house is worth then I take a huge hit on the deal.
--- End quote ---
Even after it sells, it will unfortunately be considered a 'comparable' sale when you go to sell your house and will most likely lower its appraised value. Real estate sucks.
TOK:
You're going to need just the right buyer for an arcade machine to be an attraction. Its such a fringe hobby that I think even a different type of gameroom item like a pool table would be much more attractive as a selling point. Its almost a double edged sword in that a person that really knows arcade games knows that most of them are only worth a couple hundred bucks each, practically nothing when you're thinking about layout out 200k or more for a house.
I think the market varies a lot depending on area, but your comment about the higher end houses losing more value are very true around me. The 200-300K houses in my area have had the values decrease 1 to 3%. The houses over 500K (and there are a lot of them) have slid by nearly 20%. I guess the lower valued houses are still popular with first time buyers, but they aren't turning around after 10 years and moving to the larger ones now.
bishmasterb:
Just my $.02:
I sold a house about 5 years ago, where the buyer made an offer (at asking price) but asked for my two cabs at the time (a good condition Donkey Kong and a MAME cab) to be included. I declined, but told him if he wished to purchase the cabs for a separate amount (or an amount on top of the asking price) we could talk, and he declined (but ended up buying the house at asking price sans the cabinets).
The moral of the story: In this case, even someone who was interested in arcade machines didn't want to actually pay any more money for them, but rather wanted to get them for "free".
My experience with selling houses while minimal has taught me that people will only pay extra for things that really add value to the house with WIDE appeal: kitchens, bathrooms, etc.
ark_ader:
I was going to post a song and dance on how many houses we have sold over the years, buying dogs and refurbishing them for profit. My mother has been doing that since the 1950's way before the house doctor. Our current house was a dog and now tripled in value. But with this economy such benefit is short lived.
If I sold this house with a cab installed, the cab would have to go first. Unless it was in a kids bedroom and small enough to be a feature - maybe. But to leave full sized cabinets for a would be buyer is a no no.
Same goes for home cinema, dens, studys even crash rooms. If you are going to sell a house, it has to be free of anything a buyer will knock off your asking price, even if the buyer wants your cabs, his wife might not.
Would you buy a truck with a permanent shell on the back? Maybe but not always. I laugh when I see the house doctor try to convince that neutral colour scheme is the best way to go, when decorating a wall, when the owner wants scary wallpaper. Just because you like it, doesn't mean your buyer will.
Ditch the cabs and wall tech to a storage locker and sell the house for a profit. The economy is on the up anyway.
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