Hello Karen,
You asked what your mother's house would sell for, what the estate would likely net, and what to fix before it lists. Here it is. Nothing in this email needs a decision this week.
1. The likely price: $205,000 to $220,000. I would list at $214,900.
Three sales from the last 90 days, all one-story houses within half a mile, all built between 1958 and 1964:
- A 1961 ranch on 70th Street, 1,140 square feet, sold August 14 for $218,000. The closest match: same builder, same footprint, original kitchen. No adjustment.
- A 1958 ranch on Aurora Avenue, 1,060 square feet, sold July 30 for $202,500. Smaller, and it had a wet basement disclosed. I adjust yours up about $6,000 against it.
- A 1964 ranch on Meredith Drive, 1,210 square feet, sold August 28 for $231,000. Renovated kitchen and bath in 2022. I adjust yours down about $14,000 against it, which is what that kitchen is worth to a buyer here, not what it cost.
In August, 56 percent of metro homes went under contract within 30 days. Priced at $214,900 with the repairs below done, I would expect an accepted offer in two to four weeks. Priced at $225,000, I would expect it to sit and then sell for less than $214,900 in November. That is the usual cost of testing the market on an estate house.
2. What the estate pockets, at two prices
No mortgage on this one, so nothing comes off the top. Agent fees are the ones on the listing agreement we would sign, and they are negotiable before we sign it.
| Line | At $214,900 | At $205,000 |
|---|---|---|
| Sale price | $214,900 | $205,000 |
| Agent fees, per the listing agreement | −$12,894 | −$12,300 |
| Title insurance and settlement fee | −$1,600 | −$1,600 |
| Iowa transfer tax | −$343 | −$327 |
| Property tax, the estate's share through closing | −$1,450 | −$1,450 |
| Attorney's transfer documents, per her invoice | −$250 | −$250 |
| To the estate at closing | $198,363 | $189,073 |
For comparison: a cash buyer taking it as-is would likely land between $175,000 and $185,000 and close in 14 to 30 days. That is $12,000 to $22,000 less in the estate's hands, four to eight weeks sooner, with no cleanout and no repairs. If your brother needs it done by Thanksgiving, that is a real choice. If not, the listed sale is worth the wait.
3. Fix first, and leave alone
Fix, about $600 plus the cleanout:
- The water heater's relief valve is dripping. A plumber replaces it for about $150, and an inspector will write it up if we don't.
- The basement stairs have no handrail. About $120. This is a safety item and the first thing an FHA appraiser flags.
- Furnace serviced and tagged, about $140, so the buyer's inspector finds a dated sticker instead of a question.
- Full cleanout and haul. Three companies are named at the bottom; on a house this size the quotes have run $1,800 to $2,600. This is the single biggest thing between today and a listing photo.
Leave alone: the 1994 oak kitchen, the paneled family room, and the carpet. None of them returns its cost. If a buyer asks, a $2,000 flooring credit at the offer stage is cheaper than new carpet and settles it. The roof is 2015 and fine. Do not paint the exterior.
4. Because this is an estate: the order things happen in
- Nothing lists until the court names who can sign. Your attorney expects the appointment in two to three weeks. That is her part; I stay on the property side.
- The house has been empty since July, so call the insurance company this week. Most homeowner policies limit coverage after 30 or 60 days vacant. If there is no agent to call, three licensed producers are named below. I don't write insurance.
- Listable around mid-October. Cleanout the first two weeks, repairs the third, photos, live. A listed sale then closes late November to mid-December.
- Carrying cost while it sits: about $900 to $1,200 a month between taxes, insurance, utilities, and lawn and snow. Every month of waiting comes out of the number in section 2.
- One page for both of you. When we list, you and your brother get the same portal page: the price and the reasoning, the dates, the documents. Nobody has to relay.
That is the whole answer. When you want the next step, it is a listing agreement, and I will bring it pre-filled except for the price, the term, and the fee, all three of which we decide together. If the honest answer had been "wait until spring," I would have written that instead.
Thank you!
Sarah Ingles, REALTOR®, SRES®, CPCU®
Smart Move Des Moines · Brokered by Fathom Realty · Iowa License #S73007000 · Equal Housing Opportunity
(563) 513-8771 · sarah@smartmovedsm.com
Attached in the real thing: the three sales with their MLS sheets, three names each for cleanout, insurance, and the estate attorney if you did not already have one. General information about the property side of an estate sale, not legal or tax advice.