Home Selling in Sunpark>Question Details

John, Home Seller in Culver City, CA

About to list a 3-level townhome in Santa Monica area near the airport (Sunset Park area). There was a very

Asked by John, Culver City, CA Thu Jun 5, 2008

similar place in our complex that sold a little over a year ago -- we want to price fairly out the door. How would you recommend we price in relation to that sale price?

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Hello. I am going to be very honest with you in regards to selling your home in relation with the other townhouse that sold in your same complex over one year ago...there is no relation as far as price. Prices have dropped and what sold last year can not be used to determine price today. I hope you find an agent who will be 100% honest and DIRECT with you so you don't waste any time. If you interview an agent and he/she tells you that they can sell it for a really high price, please interview someone else. If you overprice your townhouse, it will sit on the market and you will have to reduce price anyway. By the time your agent tells you to reduce the price it will be 2x less than what you should have started at. Don't let agents be politically correct with you, have them be direct and honest.. that's what is going to get your property sold.
1 vote Thank Flag Link Fri Jun 6, 2008
Dear John,
I agree with Karen. If you want something that will fly off the shelf, you want to be well under the most recent comp. I'm assuming in your complex you have similar floorplans, so your agent will want to account for all of the similarities and all of the differences between your place and the property that just sold. It's true that the market has been declining, but remember, we're at the best time of the year to sell. Summer brings buyers and with great interest rates available, people want to get in before school starts. Find an agent that will work hard for you as well as someone who will price it right. In my opinion, price, condition, and the agent you choose will decide how successful and how quickly your property will sell. If you need more help, feel free to call me or email me. I live in the Beverlywood area and am familiar with the Westside and Sunset Park. If you have an agent already. Good luck to you!
Best,
Robin Page
RE/MAX Execs
310-213-9437
Robwest316@aol.com
1 vote Thank Flag Link Fri Jun 6, 2008
Thanks everyone. As you might have guessed from the date of the post, my home sold over 2 years ago.
0 votes Thank Flag Link Sun Oct 31, 2010
Though you want to get the most out of the property, you should think that there is a window of opportunity. This is the time when most people are going to look at your property because it is new in the market. You want to price to sell within 60 days max. If you price too high and your property stays in the market for more than 60 days, you are going to end up lowering your price to what it should have been to begin with anyway and maybe more because your property is no longer a new listing.

So what is the sweet spot? It depends on how you r specific property shows, the look and feel, emotion and staging... also the HOA amenities and fees... how close to the flight path are you? etc , etc.

What the other property sold for one year ago, may be a good starting point to form an assessment but a good competitive market analysis for YOUR specific case is needed and a good agent that knows how to promote properties and stand out in the crowded market (like me!) hint hint :-)


Best of luck!

Ron Escobar

ron@select-realestate.com
Web Reference: http://shortsalecentral.org
0 votes Thank Flag Link Wed Oct 27, 2010
Hey John. It's pretty simple. Although lately there have been a ton of changes in the lending industry, value is determined from appraisals that use comparable sales less than 90 days old. Even though not much activity has transpired in your complex, the lender's out there are being very tough. I've sold several homes on the Westside and Southbay markets and the one thing that's the same is that you can only use recent comps - they control the market and the price in which the buyer is willing to pay but more importantly, the amount the bank will qualify the home for. And that's king to everything.
0 votes Thank Flag Link Tue Apr 27, 2010
The market is always changing. To get a booklet of active, pending, and sold properties email the Solomon Team SoldbySolomon@gmail.com or call (310) 979-3798 , we would be happy to sit down with you and let you know how to price you Santa Monica Townhouse. Make sure that your Townhouse gets it's own customized website, is all over the web, and is prepared for Broker' open properly. Even if it's priced well, if it is not marketed and photographed in the best possible way....it could take a long time to sell. Thanks.

Solomon Team
(310) 979-3798
SoldbySolomon@gmail.com
http://www.larealtor4u.com
Web Reference: http://www.larealtor4u.com
0 votes Thank Flag Link Wed Apr 7, 2010
If you are not working with a professional Realtor..you need to hire one now. You will need comparables from the last 3 months (properties that have sold) in order to price your Townhouse. You should then price your property below the average price . I would recommend 10-15% below.
Location,Price and condition of the property are all very important things to consider.
0 votes Thank Flag Link Mon Jun 16, 2008
Hi, John:

Have your agent run comparables for you for the past three months only. You want to see the ones that have SOLD as well as the ACTIVE listings.

If you want a quick sale you should price about 5% below your "competition." If you view the EXPIRED listings (ones that did NOT sell) you will likely see that those were over-priced.

If you do not NEED to sell then it might be a good idea to hold onto your property - maybe lease it out.

Wish you the best,
Dot
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Sat Jun 7, 2008
I live in Sunset Park, I have listings in the area now and you need to look at the comps within the last 4 months and what is active on the market to analyze pricing strategy. A professional would have to see your place, location and know your motivation and situation to guide into a profitable sale. Many factors involved in selling your home in any market. Seek out the truth to get the best result.

Best,

Megan Whalen
Web Reference: http://www.meganwhalen.com
0 votes Thank Flag Link Fri Jun 6, 2008
John
Let me ask you - if you are moving to a new home, and the Realtor representing you pulls out market statistics from over one year ago to show you the true, current, market value for that home...what would you think?

If I am selling a car, and I told you that last year one like it sold for $25,000, what would you think?
What if it was a Tundra 4 x 4 pickup ?
What if it was a Chevrolet VOLT?

So the truth is that the market has shifted. You need to talk with a couple of Realtors, analyze the market, and price slightly below market., it sounds to me as though you are thinking of selling on your own, without professional representation.

Let me ask you this: why would you ask people like us who
1. Don't know your home
2. Don't know your market
3. Don't know your personal situation

Trulia is not a subsitute for competent, professional advice from a Realtor.
0 votes Thank Flag Link Fri Jun 6, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
John,

Your Realtor needs to advise you about price. Make sure you're at least 10% below the closest comp currently on the market.

Best of luck,

Karen MIller
0 votes Thank Flag Link Thu Jun 5, 2008
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