What is my house worth today?

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larryk_IHB

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I'm currently trying to sell my Turtle Rock Condo- 3 bed 3 bath 2 car- backyard- courtyard- loft- about 1900+ sq ft.

It's listed for $749,000 on MLS- walk to Turtle Rock Elem and Uni High.

Not even getting any lookers, are buyers out there, are the loan requirements too strict, or is the price too high?



Just looking for some guidance...
 
<p>You are under $400/sqft which is good. Do you have an agent?</p>
 
That's probably why. It's your agent's job to bring people to the house. Otherwise how can they find you? How many For Sale signs have been put up around the house?
 
Loan requirements are more strict and you are priced too high for this market. Don't be surprised if those condos end up below 500k when all is said and done.



We are seeing some major reductions in the higher end areas now, so that means the market has tipped over the edge and is well into reduction mode.
 
larryk,





If you lower your price quickly and aggressively, you may catch the falling market. Chasing a down market is very frustrating, it often leads to capitulatory selling at the worst possible time.
 
<p>larryk,


Assuming that you have at least adequate exposure on the MLS, it all comes down to what kind of action you are seeing. Lots of showings and some offers means your prices is very close to being right. A few showings means you are within 10% or so. Very few showings or inquiries means you are at least 10% off.</p>
 
<p>It's only worth what someone is willing to pay for it and/or what a bank is willing to lend on it. Be a pack leader; drop your price below all other comps and piss off your neighbors. Get out while you can, otherwise you may be stuck holding the property for another 6-10 years.</p>

<p>OC prices peaked in 88-89, but since median price is sticky, it didn't start declining until 90-91. Prices did not start recovering untl 96-97. History repeats itself. </p>
 
"OC prices peaked in 88-89, but since median price is sticky, it didn't start declining until 90-91. Prices did not start recovering untl 96-97. History repeats itself. "





In my experience, this is one of the most important points that many bulls don't get (or refuse to believe). First, they claimed that medians were still going up, so no problem. Now, they say the median is <em>only</em> down a bit, so no problem. If they went down to the library and looked at the news from the last downturn (or, better yet, look the digital version of papers up from home) they would see many of the exact same types of median and sales volume stories as the 90s. The scary thing for me is what LM just eluded to - in just about a year, we're much, much farther along into a decline than we were during the last down cycle. Plus, the up cycle was so much greater than before.
 
I am no expert, but ...<p>

If I were you, I would lower my price if it was important for me to sell. But, if I liked the home, I might just hold on. Why do you want to sell?<p>

Also, I would "stage" the furnishings to look as much as possible like a model home. It is very competative out there and you will probably need every advantage you can get.<p>

Lower the price until you get offers.
 
Would being creative help- lease purchase- lease option- or I can get really creative and package the house and an exotic car for only 50k more. Looks desperate or creative?
 
<p>Try playing devli's advocate - pretend you are a buyer looking for a 3 bed, 2 bath 2 car garage condo in Irvine, or maybe in a community next door if the prices are significant enough for you to change plans.</p>

<p>Then go to redfin.com and do some searches to see what the deals are (ie. the lowest priced places you can find in those categories). </p>

<p>Then look at your own listing, see if you'd buy it, if you were them.</p>
 
Price. If you can get where a 10% downpayment means you only have to borrow at the conforming loan limit. But, I'm thinking you don't want to hear that.
 
I would lower the price and not ad the exotic car. You need to be the best deal in your area to sell. Beat the neighbors! Trust me its going to get worse.
 
I would like to buy it but since we are only 2 working professionals making over six figures, could pay about $340,000 and still have a comfortable life. Seriously though, California is way the hell overpriced and to have any hope of selling you might want to drop it by 20% and see what happens.
 
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