Home Buying in Simi Valley>Question Details

Karen O., Home Buyer in Simi Valley, CA

Are the prices for recently sold homes for real as listed on Trulia?

Asked by Karen O., Simi Valley, CA Sun Aug 24, 2008

I've been loooking for a house in Simi Valley, and some of the prices for homes sold recently are very low. Is this is a case of 'it's too good to be true'? Are there other costs not included in the sale price that affect this?

Help the community by answering this question:


Hi Karen,

There are some homes that need some serious work to bring them back. Currently there is a house in the LaCarre tract on Lou drive in escrow at $189,000. Even with the number I figured to repair it, it will still be below market. When that house closes it will be one of those very Low homes. There was another over on Hudspeth and another in the Pride Tract.

I currently have a REO listing that is a 3 bedroom 2 bath on a flat lot - more than a quarter acre with a pool listed at $350k that is a very good rehab buy.

There are properties out there that will be very low and 99% of the time they will have deferred maintenance issues or repairs that are driving the price lower than if it was in good shape.

I post the local Simi Valley information on my Blog. Set your RSS reader for regular updates
0 votes Thank Flag Link Sun Aug 24, 2008
Hi Karen, Jonathan is right and really savvy for someone who's not an agent. That is exactly what happens and this is why working with an agent is really valueable. Using only the information found online isnt enough. I often have buyers who keep talking to me about the Zestimates from Zillow. Those price estimates are based on algorithims that look at proximity. If a beautiful newer tract is near an older one, the radius that Zillow uses is not able to take that into account. I think that the information people have access to online is fantastic and I love working with buyers who are better educated about real estate, actually, I'm sure I would not have wanted to be a Realtor before the industry was techie, but it is still a local, in the field, understanding the neighborhoods and the features service business that cant be fully replaced by technology.
Web Reference: http://www.SimiLiving.com
0 votes Thank Flag Link Sun Aug 24, 2008
when the bank forecloses.. the buy the property back and its recorded as a sale. the amount is ussually what left on the note... that could be one reason for the low comp
0 votes Thank Flag Link Sun Aug 24, 2008

Sometimes, there are what is referred to as Seller Concessions, or credits to the Buyer. Even though it looks "too good to be true" the trend is still for home prices to continue declining. The better homes are selling at or above list price. Figure 3-5% of the sales price for your Buyer Costs. The lender will present you with an estimate of your closing costs at application. I post monthly sales numbers for Camarillo on my website
0 votes Thank Flag Link Sun Aug 24, 2008
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