1. Fannie Mae does not specifically require that a bedroom have a closet.
    
2. The Dictionary of Real Estate Appraisal does not have a standard definition of a bedroom and points out that local codes define bedrooms.
    
3. The HUD Handbook requires that bedrooms provide a means of egress to the exterior of the home -- and require that a basement bedroom's window be no more than 44" above the floor and should be at least 24" x 36" in size.
    
4. Homes built long ago (pre-1900) are not likely to have closets -- and appraisers sometimes must consider the intent of a room regardless of whether a closet exists.
    
5. Bedrooms should be accessible via  hallway or living space -- so bedrooms that are only accessible through other bedrooms are not really bedrooms. 
   

Wow.  OK.  Lots to consider there.  So -- the short answer is that you can count your bedrooms based on whether they have windows and closets -- but it may require a bit more thought and analysis before we decide how many bedrooms we'll say that your home has when we put it on the market.

Oh, and two final notes....

1. If you live in the County, in a home with a three bedroom conventional septic system, and with five bedrooms with closets and windows -- we might still need to call it a three bedroom home!?!
    
2. Appraisers actually look at above grade (non-basement) and below-grade (basement) bedrooms differently.  So, if your home has 2 bedrooms on the first floor and 3 more in the basement -- it won't necessarily be able to be compared to a home with 5 bedrooms on the first floor.

1. Even though you will still have plenty of buyer interest, you should still take the time to prepare your house well for the market.  This pertains to cleaning, organizing, making small repairs, etc.
    
2. Even though there are lots of buyers looking under $250K, that does not mean that they will pay any price for your house.  Every such house can't be priced at $249K.  Be realistic with your pricing based on how much buyers have paid for other similar houses in the recent past.
    
3. Consider listing your home one day and have showings starting the next.  This will give buyers time to schedule appointments for a full day of showings.
    
   
4. Consider skipping town for a few days when your house goes on the market to allow for full access to your house for showings - possibly from dawn to dusk!
   

• At the end of May, the YTD pace of buyer activity for 2020 was 5.49% behind where we were a year ago.
   
• As of yesterday, June 11, the YTD pace of buyer activity for 2020 was only 3.44% behind where we were a year ago.

• The closing for both will be on the same day.  Let's say it's a Friday.
   
  
• You'll have to be out of your current house by the evening before closing (Thursday evening in this case) so that you can close on the sale of that house the following morning (Friday morning).
   
• You won't have access to the new house to move your belongings in until after you close on Friday afternoon.
   
  
• So, where are your belongings going to be from Thursday evening until Friday afternoon?  And where will you be?

• Work with a moving company that is willing/able to load you up one day and not unload you until the following day.
   
• Ask the buyer of your house if you can retain possession of the house for a day or two after closing to get things packed up and moved out after closing.
   
• Ask the seller of the house you are buying if you can have early possession of the house for a day or two before closing to get things moved in before closing.

• has been prepared quite well for the market
• has excellent photography that shows the house well
• has a realist asking price

• A seller would almost never accept a contract with a home sale contingency without a kickout clause to allow them to move on to a different buyer that didn't have a home sale contingency.
   
  
• There are only 5 properties in the MLS that are under contract with kickout clauses.

It would seem that most buyers are likely waiting to make offers until they have their own properties under contract (thus eliminating the need for the kickout clause) AND/OR most sellers are not accepting offers with home sale contingencies unless the buyer's house is already under contract (thus eliminating the need for the kickout clause).

If you are a buyer, I would certainly suggest the strategy outlined above (and the only one that is apparently working with sellers right now) --- get a contract on your house and THEN make an offer on the property you would like to purchase!

• Your neighbor's home is a Colonial with 2400 SF split between the first floor (1200 SF) and the second floor (1200 SF) and is built on a crawlspace.
   
• Your home is a ranch style home with 1200 SF on the main level and 1200 SF finished in the basement.

These two homes will not be seen as having an equivalent value -- not by potential purchasers and not by an appraiser.

Above grade square footage has a higher value attached to it -- both specifically by appraisers, and generally by purchasers.  Even if all of the other factors (condition, age, location, bedrooms, bathrooms) are the same between two houses, if one has a significant portion of the square footage in the basement then it will be seen as less valuable than the home that has all of its square footage above grade.

• January = best recent January (by far)
• February = worst recent February
  
• March = best recent March
• April = worst recent April

• Nine foot ceilings with drywall, windows and/or doors on three sides providing lots of natural light, luxury vinyl plank flooring, recessed lighting throughout, a second kitchen, home theater, guest suite, etc.  Wow!
   
• Eight foot ceilings with drywall, windows and/or doors on two sides providing quite a bit natural light, carpet, decent lighting throughout.
   
• Eight foot ceilings with ceiling tiles instead of drywall, windows and/or doors on one side providing some natural light, carpet and/or linoleum flooring, limited lighting.
   
• Seven and a half foot ceilings with ceiling tiles, several small windows, vinyl flooring, limited lighting.
   
• Seven and a half foot ceilings with ceiling tiles, one small window, painted concrete floors, limited lighting.
   
• Seven and a half foot ceilings with an open ceiling (no drywall or ceiling tiles), no windows, bare concrete floor, cinder block walls limited lighting.
   
  
• Seven foot ceilings with an open ceiling, no windows, concrete floor, cinder block walls with clear evidence of past moisture intrusion, limited lighting.
   
• Six and a half foot ceilings with an open ceiling, no windows, an irregular concrete floor, cinder block walls with clear evidence of ongoing moisture intrusion, floor drain and trenches leading to it, limited lighting.
   
• Six foot ceiling with an open ceiling, no windows, a dirt floor, stone foundation walls with mortar crumbling and falling out, clear paths of ongoing water entry, one light bulb with a pull string.

1. The other home was, indeed, just "a few streets over" but that also put it on the edge of the neighborhood, on a busy road, with a front yard that parents wouldn't let their children plan in for fear of them running into the road where cars often travel past at 45 miles an hour. 
    
   
2. The other home was, indeed, larger -- but the entire house needed to be updated, as it had wallpaper, a dated kitchen, dated flooring, etc.
     
   
3. The other home had a basement one-car garage instead of a main level two-car garage. 
   

Furthermore, aside from all of these differences in the two houses --- the other ($350K) house is not available any longer --- and there aren't three other houses just like it that the buyer can decide to buy. 

In this case, by focusing on this one not-actually-that-similar sale, the buyer has put themselves in a situation where they might miss out on purchasing a great home because of how they are viewing the market based on one comparable sale.

THE SELLER'S STATED PERSPECTIVE

I am confident that I can sell my house for $350K.  After all, my friend owned a very similar house and he just sold it in a week, with multiple offers, for $360K!

THE LARGER CONTEXT

Just a few items...

1. Your friend's house was in a highly desirable neighborhood within walking distance to downtown Harrisonburg -- while your home is on a busy road and has train tracks directly behind it.
    
   
2. Three homes nearly identical to your home, on your street, even facing the same direction as your home, built within two years of your home, updated at the same time as your home, sold in the past three months for $320K, $325K and $330K.
    
3. You have lived a busy life over the past few years, with work, family, and other commitments and you haven't had a chance to tackle the many small maintenance and upkeep items that a home often requires.  Your friend is a retired general contractor and has spent all of his free time over the past two years fixing, replacing, and improving countless aspects of his home's interior, exterior and grounds. 
   

Again, by focusing on this one not-actually-that-similar sale, the seller has put themselves in a situation where they might miss out on selling their home because of how they are viewing the market based on one comparable sale.

The Main Takeaway

As a buyer or as a seller -- don't focus on just one comparable sale when deciding on a reasonable price to pay or to ask -- look for the larger context!