Home Buying in 28562>Question Details

dws222, Home Seller in New Bern, NC

We want to sell for what we owe and enough to pay realtor. How much should we list it for if we owe around $118,000?

Asked by dws222, New Bern, NC Tue Oct 16, 2012

Help the community by answering this question:


The market doesn't care how much you owe, nor how much you're paying your Realtor.

Buyers will only pay what they perceive to be "market value" or less. So the best thing to do is to ask your Realtor to do a market analysis, and determine what market value really is. Have them back it up with properties currently on the market (your competition) as well as recently sold properties (closeds). Look at that date carefully, and as objectively as possible.

Once you've determined your target sales price, see if after "closing costs" it covers your $118,000 and your Realtor's fees.

Good luck.
1 vote Thank Flag Link Tue Oct 16, 2012
I meant ... "look at that data carefully"...
Flag Tue Oct 16, 2012
Alan May, Real Estate Pro in 60201
You'll need $125,000 to pay off the mortgage and Realtors. This indicates you probably need to list for $130,000 - $135,000 to have some negotiating room. However you really should be discussing pricing with your agent as what you need and what the market will bear fro you home may not be the same thing.
0 votes Thank Flag Link Tue Oct 16, 2012
I would like to look at your home before I could answer this question. Pricing a home is just one part of sale process, location and condition are just as important. Maybe there is something you could improve that would better your chances of selling your home.
Web Reference: http://www.sonjababic.com/
0 votes Thank Flag Link Tue Oct 16, 2012
The best thing for you to do is talk with a Realtor. A Realtor can give you a current market analysis (CMA) that will tell you what your house is worth in today’s market. He/She can also give you an estimate of your closing cost, and that will tell you how much you will need to sell. If your house is worth more than you own, the closing cost will come out of the profit. If you owe more on the house than it is worth, the agent can help you deal with your lender to get an approval for a short sell. In any case, you will more likely sell the house at a higher amount if you have an agent. If I can help, give me a call.
0 votes Thank Flag Link Tue Oct 16, 2012
The other answer is actually correct but assuming your home is worth more than you owe you would want to start at a list price of about $126k to allow for 6% commission. That's also making the assumption that you'd get a full price offer for your home which would be very unusual in today's buyer's market. You'd also have to allow for the excise taxes sellers have to pay here in North Carolina of $1 per each $500 of sale price. There are a few other closing costs involved such as deed prep (attorney's fees for that are typically about $150 or so).

The only way to get a more accurate answer to your question is to contact an agent to give you a Comparative Market Analysis. I'd be happy to speak with you about that and help you with listing your home if you'd like to contact me directly.

Nancy Crain
Coldwell Banker Willis-Smith
0 votes Thank Flag Link Tue Oct 16, 2012
What you describe is the perfect formula that will result in the home NEVER selling.
As Alan pointed out, none of the things you list make a hill-of-beans difference to a potential buyer. Their offer will be reflective of what the real estate market (In their opinion) dictates the value to be minus their opportunity margin. There are some buyers you 'feel lucky' and will offer 40% of value. . That is the perfect formula to NEVER buying a home.

Your analysis should look more like this:
1. Statistical value of house
2. Adjsuted value of house
3. MINUS expenses and professional fees
4. Home much YOU must BRING to closing or receive at closing.

#3 is where the seller in denial gets trapped. Don't make decisions that are in defiance of the facts.
Sellers make this mistake frequently and they come to Trulia stating, "My agent isn't working hard enough for me. No one is coming to see my house!" This outcome is ABSOLUTELY predictable.

Best of success in the sale of your New Bern home,
Annette Lawrence, Broker/Associate
Remax Realtec Group

First Look: http://youtu.be/PumYpkgybXE
0 votes Thank Flag Link Tue Oct 16, 2012
Depending upon what your home is worth is what you should sell it for as there are options. To clear a $118,000 mortgage and expenses of attorneys, taxes and commissions you would need to list in the low $130ks to "walk away."
0 votes Thank Flag Link Tue Oct 16, 2012
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