Author Topic: What Sells A House?  (Read 999 times)

flybird

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What Sells A House?
« on: October 28, 2018, 03:48:13 PM »
Honestly what is that makes people say "yes I want this"
Let's hear your thoughts.

Jack

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Re: What Sells A House?
« Reply #1 on: October 28, 2018, 08:06:06 PM »
You forgot to include neighborhood. But if you are selling I would consider upgrading the kitchen, people like granite counter tops and nice new cabinets.




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hakitup

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Re: What Sells A House?
« Reply #2 on: October 28, 2018, 08:57:51 PM »
I’ll let you know soon as my house goes on the market tomorrow. We have tried to make the house the best we can. Painted exterior, got the back yard growing, put laminate floors in the kitchen and family room and had the kitchen cabinets refinished aka painted.

We did similar things to my rental and it sold in three days and the buyers offered 11 thousand over asking price.

Tom H
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roadking77

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Re: What Sells A House?
« Reply #3 on: October 29, 2018, 07:16:49 AM »
Along with being a contractor I am a licensed realtor (though I havent practiced in a couple of years). Vague question you have asked. Generically speaking a refreshed/new kitchen with granite tops is high on the list. If the question is... what should I do to sell my house easily then we need to have more details. The biggest factor is the market you are in. Housing is strong in most parts of the country right now. Def dont spend more than you will return, and a pool is a def. NO NO. Not everyone wants one, unless your in phoenix. If the roof is old and bad, then it may be worth a replacement, but you need to keep in mind the return on the cost. Landscaping is good to do at a minimal level but dont crazy. Less is more sometimes. Fresh paint is ok if the walls are dirty, marked up and generally bad looking, but keep everything a neutral colour. Same goes if you have dark colours painted now, then by all means repaint. But, most of the time one of the first thing new owners do is re paint. De clutter. Clean everything out of the house that's not necessary. Keep furniture to a minimum, as well as pictures on the walls. Replace the carpets if they look worn or stained with a medium value carpet. Dont overspend on this. Laminate floors are nice to have as well. Statistics show that the biggest return on your money is a new front door! A refreshed entrance is a good thing to have.
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79merlin

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Re: What Sells A House?
« Reply #4 on: October 29, 2018, 11:37:17 AM »
last time i sold a house i actually called my realtor and had him come do a walk through and discussed the items that he thought could use attention (i.e. work that I could do to help it sell). I spent a week completing them and then he came back and helped me set a reasonable selling price. It sold in about 2 weeks and for what I and the buyer considered a fair price. I don't think you should expect to get everything back out of it that you put in ($ wise), but generally speaking it will help the value some, and will help move the sale along faster.

Re: What Sells A House?
« Reply #4 on: October 29, 2018, 11:37:17 AM »

roadking77

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Re: What Sells A House?
« Reply #5 on: October 29, 2018, 12:06:43 PM »
A lot of people will talk down on having an agent do the listing. After being on both sides of the equation I can assure you that a successful real estate agent works their butt off. I def. recommend using one especially if you have never sold a house before. They def will point you in the right direction, exactly what merlin said. However, you can do the job itself, just takes a little more work and aggravation. If you sell your self, find a 'good' attorney that specializes in real estate to help you out with the paperwork.
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73ta

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Re: What Sells A House?
« Reply #6 on: October 29, 2018, 12:12:40 PM »
Price, period!

scarebird

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Re: What Sells A House?
« Reply #7 on: October 29, 2018, 02:47:16 PM »
1. Location
2. Professionally cleaned and painted/repaired only if necessary
3. Move out and have it staged
4. Stay the hell away (ie. don't be there when buyers come)

flybird

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Re: What Sells A House?
« Reply #8 on: October 30, 2018, 08:43:38 AM »
Ok,
Location is in the country.
The neighborhood is a string of houses surrounded by wheat fields.
Yes I do get tractor traffic.
Each house including mine are on a 1 acre lot.
The house was built in 1978 by the owner... Yes he built his own house.
He did a pretty good job in some areas, others... look close and its sloppy.... he wasn't shy with the mud on the sheet rock.
I am sure he didn't do a 100% of the build he had to of had help.... but I could be wrong.

Its a all brick ranch.
It has a over sized 2 car garage in the back... is a two post lift a selling point? Or can I take it with me :lol:
Is a case of budlight a selling point in the shop fridge?  :lol:
Its a 3 bed room house with 2 more rooms in the basement but because there is no fire escape window I can't claim them as bedrooms.
I have had the job quoted for about $2300 dollars to have a escape window put in.
Would it be worth it to go from a 3 bedroom house to a 5 bedroom house?
Are termite traps in the lawn a turn off??
As for landscape I thought of selling in the winter so everything is dead or covered in snow.
Like I said its on 1 acre so I thought a pool would fit in easily.

The owner passed away so I bought it from his son at a steal I think.
I paid 150... the house 4 doors down with in a week of being on the market it sold for 198 they were asking 200
So I think I have room to make a profit on it.

My house was only on the market for 2 days and I was fighting someone for it when I bought it.
I brought the money to the table the fastest.

73ta

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Re: What Sells A House?
« Reply #9 on: October 30, 2018, 02:28:46 PM »
Again, Price! Condition doesn't matter if it's "priced to sell". If you are fixing it up to flip it then cosmetics will come into play but in reality price is what sells anything!
« Last Edit: October 30, 2018, 02:30:47 PM by 73ta »

T/A Addict

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Re: What Sells A House?
« Reply #10 on: October 31, 2018, 03:49:44 AM »
I am likely to be in the same position with listing my house for sale soon also... Other than just a few touch ups and deck sealing/refinishing it doesn't need much other that the carpet is destroyed....stains, smears, markers etc, kids and I can do that to a carpet. My thought on this is that replacing the entire carpet in the house may be time and money wasted, would it not make sense to offer cash back or a small price reduction stating that the seller can use it for carpet replacement of their own choice? Am I wrong?

I am thinking that carpet and wall colors are all a personal preference.
I hated almost the entire process of buying our first home, it was very stressful but didn't plan on moving so I'm sure that trying to sell the house that I live in while trying to purchase a house to move to will be even more stressful...ugh
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roadking77

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Re: What Sells A House?
« Reply #11 on: October 31, 2018, 05:12:27 AM »
Its easy to say price and everything will eventually sell if the price keeps coming down. But there are mitigating factors to get someone to even be interested in the house to begin with. Sounds like you have a salable property. Again, I would advertise that the lot is great for a pool, but def. dont put one in. You will lose money on it. As far as the lift, either sell it on CL or take it with you. I know of a few sales in my area where the agents were trying to get rid of lifts in garages that had been sold. I know its hard to believe, but not everyone is a car guy. Plus, its not going to add the $1500 value to the house. Basically the new owner will get it for free. 3 bedrooms are not bad, do not spend the money on the basement windows, again you will not recoup it. If the prospective buyer sees them as additional bedrooms they will use them as such anyway once they move in. Back to the price comment, as long as it is priced right at the beginning you shouldn't have a problem. This will generate interest right away. The longer a house stays on the market the harder it is to sell.
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flybird

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Re: What Sells A House?
« Reply #12 on: October 31, 2018, 07:56:25 AM »
I have talked to a co-worker about this topic
His advice is a new roof even if the house doesn't need one.
I am assuming a new roof is a common thing to ask for in the contract when buying a house.
Which I can understand ... if the seller is out to make 100K plus .... shoot 5k for a new roof is cheap.  :lol:

When I bought the house in the contract I asked for a some of things to be done.
A new hot water tank, new electrical panel ( it had a old style fuse box )
The fireplace flue to be cleaned out, a full tank of propane, the septic tank to be checked and emptied, plumbing pipes to be corrected,
and a radon pump to be installed. The seller fixed everything I had asked for in the contract. When it was all done I think he spent roughly 15K
which isn't really a lot considering he was about to make 150k off a house he inherited with no bank loan attached to it so the money was all gravy to him.

76455sd

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Re: What Sells A House?
« Reply #13 on: October 31, 2018, 08:24:54 AM »
The first thing any good realtor would do is to look at recent sales of comparable properties in your area.  Comapre the conditions of the property to what your trying to sell.  If it's truly a remote area finding comps may be tough to do.  That being said you need to have a good idea of what money you want for the house (as opposed to just "as much as I can get").  Then as roadking said look at return on investment.  If spending $20k on improvements will allow you to walk away with $30k more money then it's a good investment.

Some buyers want a "fixer-upper" where they can get the property cheaper and do the work themselves.  Other buyers are looking for "move-in" condition so they might be willing to pay more for a house where everything has been freshened up (paint and paper all done).  The most expensive rooms to refresh are kitchens and bathrooms.  If these are done the house will likely have more appeal and sell faster.

It's really the same as selling a classic car.  People pay the highest price for something that's all complete and they can drive it directly to a show.  Some people aren't afraid of buying a "basket-case" but they're going to try to get it for free.  Most people want something in-between and I think if the property is clean, de-cluttered with no real big ticket things needing attention (need to gut/redo the kitchen or bathroom for example) then there will be interest.  I 100% agree that installing a pool is a no-no and the lift will not help the sale and you should be prepared to take it with you.

Curb appeal is a huge so clean and tidy landscaping (not necessarily fancy) will help.  Fresh paint, wallpaper, and neutral colored rugs couldn't hurt, but if the house looks nice now they aren't necessary.  A good realtor that knows the area should be able to guide you on the best actions to prepare to sell.

Hope that helps.  Good luck.
Steve D
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roadking77

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Re: What Sells A House?
« Reply #14 on: October 31, 2018, 02:05:24 PM »
I agree with 76, also all of your points are right on. Def. upgrade the panel, water heater, and pump the septic. Those things will more than likely show up on an inspectors report. Radon pump is ok as a selling point and that will more than likely be on the report as well. A tank full of propane doesn't cost that much but I doubt that is a selling point that will make or break a deal. I have do disagree on the new roof comment though. If the roof is near the end of its life and looks bad then yes, it may be worth it to put a new one on. GAF has programs if you use the majority of their materials they will give a pretty good warranty. I cant say if its transferable but something to look into if youre putting a roof on. If the roof doesn't look too bad and it still has some life I wouldn't change it just because.
Finished!
77 T/A - I will Call this one DONE!
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Re: What Sells A House?
« Reply #14 on: October 31, 2018, 02:05:24 PM »



hakitup

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Re: What Sells A House?
« Reply #15 on: October 31, 2018, 03:38:27 PM »
Our house just hit the market yesterday, we have done a lot of work to it but I have this philosophy that I want people to buy and enjoy. I have the same one with car/bike sales also.

https://matrix.crmls.org/DE.asp?k=5186789X4PG9&p=DE-478221510-825

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73ta

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Re: What Sells A House?
« Reply #16 on: October 31, 2018, 04:06:09 PM »
Hire a reputable Realtor. Have them do inspections and pull reports. They will be able to tell you what should be done before putting it on the market. If you don't know of one I can help. I am a President of an association in California and a state director for the California association of Realtors as well as a delegate at the national level for the National Assoc. of Realtors. I have many contacts for great agents nation wide. Don't take any advice from family, friends or co workers. Listen to the agent you hire as they are the professional for your area!
« Last Edit: October 31, 2018, 04:09:11 PM by 73ta »

flybird

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Re: What Sells A House?
« Reply #17 on: November 06, 2018, 09:08:27 AM »
I am friends with a realtor.
He runs his own business.
Let me float this by you all.
Do business with your friends or no kills the friendship?

roadking77

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Re: What Sells A House?
« Reply #18 on: November 07, 2018, 07:01:58 AM »
Being a realtor is not easy. Its all about connections. If you have a friend that is a broker you should def. talk with him. Most likely his fee will be the same as anyone else you will talk to. If hes reputable and successful I wouldn't hesitate to deal business with him. In this case its a bit different than having your buddy fix a car problem that turns into a disaster or something like that, that will spoil a relationship. Most of the realtors I know have made a very good living working for friends and those connections that come along with them. It would probably more detrimental to your friendship if you did not talk to him and he sees your house listed with the competition.
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T/A81blue

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Re: What Sells A House?
« Reply #19 on: November 21, 2018, 09:23:58 AM »
too many variables to give you a straight answer... if you want the house to sell quick and not have to do much to it then list it cheap. If you want to "make" money then you have to put money into it.. tbh if your house doesnt smell bad and looks decent , you should be fine as long as the housing market around you is good
when we were looking for a house it was a givin that if you looked in a certain price range that they were going to be older houses that would need updating.. if you wanted "move in" condition then you had to move up to a different price range, but this was when the market was hot

flybird

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Re: What Sells A House?
« Reply #20 on: January 02, 2019, 11:07:43 AM »
Hello all,
I hope you don't mind me opening this back up.
I have been given a big fat WTF moment by a realtor.
A local realtor has 5 acre lots for sale at $40k a lot.
So $8000.00 a acre and its already zoned seems kinda fair.
As I kept talking to him he dropped a bomb shell on me.
When I purchase the land I have to sign a agreement stating I will build a minimum of a $350,000 house on the land.
Now the WTF part...
He told me a $350 thousand dollar house is roughly 1500 square feet.
!!!! Red Alert!!!!
My current home is 1500 square built in 1978
and I paid $150k for it.
So either I am sitting on a gold mine of a house or new homes aren't holding their value
I don't know which.

firebirdparts

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Re: What Sells A House?
« Reply #21 on: January 02, 2019, 03:32:49 PM »
Houses don't hold their value.  The land does.  If the location is right, the house with the land under it may go up dramatically.  if your house is 40 years old, then it wouldn't be all that strange to sell it for 1/2 or 1/3 of what it costs to build a new one.  Not ridiculously strange.  My house is 40 years old and I could probably get $100 a foot out of it, land and all.

Right now, it's particularly expensive to build a house, but even if there's a downturn, it won't come down all that much. 
« Last Edit: January 02, 2019, 03:37:46 PM by firebirdparts »
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73ta

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Re: What Sells A House?
« Reply #22 on: January 02, 2019, 03:37:12 PM »
LOL! Again, don't listen to anyone on this board about it unless they are a real estate broker, and even then they need to practice in your area to know the values! I've read the whole thread and have seen alot of misinformation and bad advice!

roadking77

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Re: What Sells A House?
« Reply #23 on: January 02, 2019, 04:02:16 PM »
I agree with 73ta, however will add my 2c. LOL. Everything is dependent on your location. 40k for a 5 acre lot is dirt cheap (pardon the pun) in my 'hood. I paid that for my almost 5acre lot 20 years ago. That kind of building lot would fetch at least 100k around me. That being said, it seems odd that the lot is in my opinion cheaply/reasonably priced and the price for new construction is over $230. sq. ft. That isn't unheard of, but on the higher side of things in my area. I have never seen or can't imagine how a minimum dollar amount can be put in as a restriction. I have seen, and built homes in restricted neighborhoods that have minimum building requirements though, which in return affect the bottom line. Such as, a high percentage of masonry product being used on the exterior, minimum square footage, which way a garage door can face, what type of shingles, and so on. Its all about curb appeal. One can use the best materials on the outside for appearance and use the cheapest of finishes on the inside to keep the cost down. IT is done this way all of the time in big developments.
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76455sd

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Re: What Sells A House?
« Reply #24 on: January 03, 2019, 07:59:44 AM »
flybird:
That is a big WTF.  I'd get the details on the agreement and why he figures it cost $350k to build a 1500 sq ft house.  As Roadking said building costs are tied to size as well as materials and quality of construction.  Something desn't add up here.  glad you contacted a realtor though... :-?
Steve D
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flybird

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Re: What Sells A House?
« Reply #25 on: January 04, 2019, 01:07:08 PM »
Shoot me some question to ask Tom (realtor)
I am going to get a hold of a good friend of mine who frames houses for a living to get his view on it.

76455sd

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Re: What Sells A House?
« Reply #26 on: January 04, 2019, 04:28:05 PM »
Shoot me some question to ask Tom (realtor)
I am going to get a hold of a good friend of mine who frames houses for a living to get his view on it.

First thing I'd ask for is a copy of the agreement you're expected to sign.  It just doesn't seem right to specify a $350k (construction cost)  house must be built on the property.  If the intent is to maintain an upscale neighborhood I can see something like minimum square footage of living space or something of the sort to prevent someone from living in a tent or a mobile home.
Steve D
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roadking77

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Re: What Sells A House?
« Reply #27 on: January 08, 2019, 08:39:09 AM »
Yeah, I would imagine the 350k part was realtor talk. Again, I cant imagine a contract that states a dollar value on a home as opposed to minimum specifications. Realtor was most likely using 350k as a comp to what the houses in that development sell/assess for. One could easily build a concrete box with the best of everything inside that would cost 350k, I doubt the neighbors would like it very much though.
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79 TATA 4sp-Next Project?
79 TATA - Lost to Fire!
86 Grand Prix - Sold
85 T/A - Sold
85 Fiero - Sold
82 Firebird - Sold
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Daysaroonie

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Re: What Sells A House?
« Reply #28 on: February 05, 2019, 11:15:00 PM »
Flybird, Location is always the number one consideration for value. There can be 2 of the exact same sq ft houses, one in a desirable location and one in a not so desirable location and they will each sell for a different price.  So, it's obvious your current home, this cannot be changed.  Roof, windows, mechanicals are a big thing to consider, especially with today's financing requirements.  Some interior cosmetic changes are what new homeowners enjoy doing- thank HGTV & DIY Tv for this.  My clients love when I sell them the potential of what they can create while making it their own.
 I may be new to the forum however I average 50+transactions a year and am a full-time Broker since 2000.  Not new to the housing market.  I am located in Brainerd Mn.  My area is a big-time 2nd home location with many lakes and recreation.  The community is very service oriented that cater to these 2nd homeowners.  I compete with approximately 500 Realtors in a 50-mile radius in my market area.
Construction cost is definitely high.  It is approx. $200 sq/ft.  With this being a fact the housing market is strong because it is cheaper to buy existing than it is to build.  Therefore creating equity in existing homes.
 Feel free to reach out to me with any questions.
« Last Edit: February 05, 2019, 11:19:22 PM by Daysaroonie »
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Daysaroonie

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Re: What Sells A House?
« Reply #29 on: February 05, 2019, 11:21:34 PM »
BTW, Really like your poll questions!
1978 Pontiac TA W72
1985 Camaro Z28-Sold
1969 Chevrolet Impala 327-Sold
1968 Chevrolet Chevelle SS 396-Sold
2018 HD Road Glide
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1989 Honda NT 650

roadking77

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Re: What Sells A House?
« Reply #30 on: February 06, 2019, 03:45:55 PM »
Boy you are busy. I got my license about 5 years ago but no longer work in the business. I am a contractor and was trying a career change a few years back when my world was turned upside down. My contracting business took off quicker and more profitable than my real estate career. I enjoyed it very much.
Finished!
77 T/A - I will Call this one DONE!
79 TATA 4sp-Next Project?
79 TATA - Lost to Fire!
86 Grand Prix - Sold
85 T/A - Sold
85 Fiero - Sold
82 Firebird - Sold
'38-CZ 250
'39-BSA Gold Star
'49-Triumph 350
'52-Ariel Red Hunter
'66-BSA Lightning
'01-HD RoadKing

roadking77

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Re: What Sells A House?
« Reply #31 on: February 06, 2019, 03:47:37 PM »
And I just saw a roadking in your profile. I have an 01 (hence my screen name)
Finished!
77 T/A - I will Call this one DONE!
79 TATA 4sp-Next Project?
79 TATA - Lost to Fire!
86 Grand Prix - Sold
85 T/A - Sold
85 Fiero - Sold
82 Firebird - Sold
'38-CZ 250
'39-BSA Gold Star
'49-Triumph 350
'52-Ariel Red Hunter
'66-BSA Lightning
'01-HD RoadKing

Daysaroonie

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Re: What Sells A House?
« Reply #32 on: February 06, 2019, 08:23:19 PM »
Boy you are busy. I got my license about 5 years ago but no longer work in the business. I am a contractor and was trying a career change a few years back when my world was turned upside down. My contracting business took off quicker and more profitable than my real estate career. I enjoyed it very much.
Yes, I really enjoy my road king.  Its got 18" ape hangers makes for good conversation!
1978 Pontiac TA W72
1985 Camaro Z28-Sold
1969 Chevrolet Impala 327-Sold
1968 Chevrolet Chevelle SS 396-Sold
2018 HD Road Glide
2002 HD Road King
1998 Honda VTR 1000
1989 Honda NT 650

Re: What Sells A House?
« Reply #32 on: February 06, 2019, 08:23:19 PM »
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