What is my house worth today?

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I was thinking the same thing. I figure I can afford about $350K and I have a high credit score and high income. All the people who would pay these prices are foreclosing. The rest of us our waiting for the sanity to come back.
 
Avoid doing this at all cost

65 STARGAZER WAY, Mission Viejo, CA 92692**

Bedrooms: 5

Full Baths: 3

Partial Baths: 0

Square Feet: 3,200

Lot Size: N/A

Year Built: 2001

Listing Date: 12/12/06

On Market: 338 days

Type: SFR

Status: ACTIVE

MLS #: S468765

Price Reduced: 03/28/07 -- $984,500 to $984,000

Price Reduced: 04/30/07 -- $984,000 to $949,000

Price Reduced: 06/12/07 -- $949,000 to $924,900

Price Reduced: 10/13/07 -- $924,900 to $899,000
 
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<p>WOW!! I have buttons. Thanks</p>

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<p>LarryK</p>

<p>I didn't see your answer to awgee's question as to your motivation to sell at this time. If you want to share that motivation I might be able to provide some thoughts to help you make a decision. Are you occupying the home or is it a rental?</p>

<p>Adding $50,000.00 and throwing in a car usually does not work for resales. You may have an apprasial problem. A much better use for incentives is to buy down the interest rate or credit closing costs to the buyer to help more people qualify. To be competitive this should not be added to the price.</p>

<p>As Irvinerenter said -You do need to lead rather than chase the market or you will just be lost in the herd. </p>

<p><strong>A valid marking stratagy is to set a price point significantly under the latest CLOSED COMPS and go for multiple offers to push the price up nearer the comps.</strong> Again your motivation to sell is the determining factor in what direction you take.</p>

<p>If your agent suggested a price and you pushed for a higher number based on your needs or what you think it is worth then he/she did you a disservice by taking an overpriced listing. They porbably won't invest too much time or money to market your home. I ask clients the following question: <strong>Do you want to price you home to sell or to own?</strong></p>

<p>The holiday season is not a good time to have an overpriced listing even in a better market. Again your motivation is important.</p>

<p>As others have said here-in today's market price is most important. <strong>There are only two reasons that a property doesn't sell, PRICE and TERMS.</strong></p>

<p>Did you offer 3% to the selling agent? If you are at 2 or 2.5% then you are dealing with another problem which I won't comment on. It may not be right but it is what it is.</p>

<p>An example is that in the past three days I have represented a buyer making an offer on a home listed at $725,900. We came in at $620K. We ended up at $660k buyers side and seller countered at $675K and we walked away. This was after 3 counters. The buyers have 800 FICO, 10% down, and are non contingent. I know we can do better. </p>

<p>We made an offer on another home this evening. <strong>It is tough being a seller out there</strong>!! My clients are in a very strong position and they know it. There are not that many strong buyers with pre approval for a jumbo loan in the $700K+ price point.</p>

<p>How did you select your agent? The company is not as important as the individuale agent and their expertise.</p>

<p>Again your motivation would help the discussion.</p>

<p>Enjoy!</p>

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LarryK, being creative is a good idea, but adding a car to the package and increasing the price is a bad idea. If I am a potential buyer, I would rather have a lower base price instead of an inflated price that will have me paying property tax on the additional value of the exotic car that someone else picked for me.





What other things can you do that are creative?





Well, think about this. It is well known that sex sells. Turn your condo into a house of ill repute and people will be flooding into it!





OK, I'm just kidding about the creative marketing idea, but am dead serious about the car being a bad idea. Any of the "creative ideas" like "free cars" or cash back at closing that inflate prices simply won't work anymore.





Price is needed to attract interest, and rational appraisals are needed to attract financing. Even then it is still difficult to sell anything in this environment.
 
LarryK, you may want to reverse the order of those actions. Get a better/more aggressive agent, then lower the price. If the new agent is doing their job, they should be able to help you set a price that will move your condo. Take advantage of the knowledge that a good agent can bring to the table.
 
<p>xsclm - Are you saying your first offer was $620k on an asking price of $725,900? If so, you are tough.</p>

<p>This thread reminds me of a couple conversations I had with my oldest daughter a few years ago. Beanie babies were hot and my daughter, who was 11 years old at the time, owned some of the hottest. She would tell me how much they were worth and why she wanted to buy this one or that one. A few times I explainded to her that an asset is only worth as much as the next person will pay for it. She only bought and never sold.</p>

<p>My daughter is away at college and in the garage is a plastic bin with beanie babies which are "worth" about $0.50 each I would guess.</p>

<p>larryk - Here is the point. Your property is worth whatever the next person will buy it for. And that will probably be less as time goes by. Lower your price until you get offers. That is the <strong>ONLY</strong> way you will know what it is worth.</p>
 
awgee should have taught her to sell beanie babies and buy gold!!!





I can just imagine the conversation:


D: "This beanie baby is worth $500!"


A: "Beanie babies are only worth what someone is willing to pay for one"


D: "This one sold for $650 on ebay!"


A: "Beanie babies are a fad and will depreciate to zero over the long run like the US dollar"


D: "No daddy your wrong! Beanie babies will increase in value forever"


A: "The only safe investment is selling your high value beanie babies and buying gold"
 
Awgee



You are correct. The property has a shake shingle roof which needs to be replaced in the cost area of $20,000. That would have my clients at $690,000 plus the headaches of doing the reroof after close. That is also cash out of pocket for the roof.



We are waiting for a counter on the other property. Lots of houses-not too many quality buyers.



WINEX Sex is a great marketing tool after fear of loss and greed.



Enjoy!
 
xsclm - What do you think of a cash offer in terms of position strength? I assume the buyer would be in a strong position and look more attractive than a buyer who needs to procure a loan, but I am unsure because I have never actually made an all cash offer.
 
<p>$20,000 for a roof replacement coming from shake roof? Is that normal? </p>

<p>Maybe my $ radar is still messed up from the inflated prices for any repair work during the bubble. It sounds like it should be right, but I have visions of termite damage and complete roof overhaul dancing in my head.</p>

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Larry - I know this isn't exactly what you asked, but I would suggest hiring a property inspector to "pre-inspect" your unit. That will give you a list of things to fix, or items that you will know in advance you would rather give credit for - and have time to come to terms with that.





Good luck!
 
<p>Awgee</p>

<p>Cash without a loan or apprasial contingency should carry a premium in todays market. I recently closed my primary residence on a cash deal and accepted $10,000.00 less than a 20% down non contingent offer with loan contingencies. It was worth 10K to me to not have to deal with the lenders and apprasiers and to speed up the process. I used a short contingency period and had $15,000.00 released from escrow to me on the day of contingency release. The buyers were commited to close at that point. This was in May 2007 and I was motivated to sell and close.</p>

<p>If I am dealing with a cash offer for a buyer then I expect a considerable discount. I can't give an exact percentage since each deal is unique as to seller's motivation.</p>

<p>When I deal with cash offers for my listing clients I have funds verified within 3 days of acceptance by having them present bank or stock account statements to show that funds are truly liquid. It is interesting what some people feel is a "cash offer". If it is truly cash then a 10 to 12 day escrow should be no problem.</p>

<p>It can get involved when the funds are overseas due to exchange rates and moving large sums of funds into the country.</p>

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<p>No_Such_Reality</p>

<p>That was a phone quote based on a 2200 square foot single level home. Part of the reason for reroofing was age and part was fire safety. The quote was for a metal roof material that looks like concrete tile and has a 100 year life. It is lighter than wood shake so no need for reengeeringing the support structures as with concrete tiles. </p>

<p>No inspection was done so it may have been more depending on what would be discovered when the current roof is removed.</p>

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<p>Enjoy!</p>

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<p>Housing Market's Stench Means Cut Price to Sell: John F. Wasik </p>

<p>http://www.bloomberg.com/apps/news?pid=20601039&sid=as_1Syu9JPcA&refer=home</p>
 
1. Check your competition. Cut the price until you get at least 3 showings a week. I had 130 showings before I had 3 contracts. The first two collapsed.


2. Pay for an inspection and fix everything. Replace the roof. I did.


3. Repaint with deco colors. Clean carpets and shine the floors. Have everything spotless and odorless..


4. Stage the interior. No junk in the closets or garage.


5. Check exterior for curb appeal. Trim everything back.


6. Demand immediate feedback from your realtor from any and everyone who walks thru the door.


7. Cut the price again.
 
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