Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Friday, August 28, 2026
Hey... check out that new listing... the price is great!
Homes in that neighborhood have been selling for $550K... but that new listing is only $450K!?!
But... oh wait....
It needs new flooring. New paint. Likely a new kitchen. New bathrooms. Plus, the roof will need replacing within the next few years and the HVAC system is beyond its life expectancy as well.
Hmm. Maybe it's not quite as exciting of an option as we first thought?
With some homes, the list price is only half of the story
A great price (compared to other homes in a neighborhood) is exciting -- but sometimes the sale price is just the starting point. We also then need to factor in the total projected cost of getting the home to where you actually want it to be.
This might include new flooring, new paint, a kitchen remodel, new bathrooms, and before too long... a new roof and HVAC system. The cost of these updates can add up quickly, and some of them aren't optional -- such as the roof and HVAC system.
So before we get excited about a $450K house in a $550K neighborhood, we need to do the math. What will it actually cost to bring this home up to the condition you want? And once we add that number to the purchase price... is it still a good deal?
Sometimes we'll do the math and still find the house to be a great opportunity for you. Sometimes not so much.
Maybe after making the updates, you have a total price of $530K -- still under the neighborhood comps. But maybe by the time you add it all up, you're at $570K or $580K... and it doesn't feel like that great of a deal after all.
When we walk through a home that is priced below neighborhood comps, but has a long list of needed updates, let's do the math for your costs in making the updates... or let's pull a contractor in that can provide you with some ballpark pricing.
Homes in that neighborhood have been selling for $550K... but that new listing is only $450K!?!
But... oh wait....
It needs new flooring. New paint. Likely a new kitchen. New bathrooms. Plus, the roof will need replacing within the next few years and the HVAC system is beyond its life expectancy as well.
Hmm. Maybe it's not quite as exciting of an option as we first thought?
With some homes, the list price is only half of the story
A great price (compared to other homes in a neighborhood) is exciting -- but sometimes the sale price is just the starting point. We also then need to factor in the total projected cost of getting the home to where you actually want it to be.
This might include new flooring, new paint, a kitchen remodel, new bathrooms, and before too long... a new roof and HVAC system. The cost of these updates can add up quickly, and some of them aren't optional -- such as the roof and HVAC system.
So before we get excited about a $450K house in a $550K neighborhood, we need to do the math. What will it actually cost to bring this home up to the condition you want? And once we add that number to the purchase price... is it still a good deal?
Sometimes we'll do the math and still find the house to be a great opportunity for you. Sometimes not so much.
Maybe after making the updates, you have a total price of $530K -- still under the neighborhood comps. But maybe by the time you add it all up, you're at $570K or $580K... and it doesn't feel like that great of a deal after all.
When we walk through a home that is priced below neighborhood comps, but has a long list of needed updates, let's do the math for your costs in making the updates... or let's pull a contractor in that can provide you with some ballpark pricing.
