Home Selling in Foster City>Question Details

Marlin, Home Seller in Foster City, CA

HAVE TO SELL my remodeled home in three months or less. I live in Foster City, ca. I put my home on the market on May 1st. My realtor is great

Asked by Marlin, Foster City, CA Tue May 18, 2010

and has worked hard . I lowered the price $40,000 the 2nd week to hopefully draw more attention.
The home shows nicely and had no major inspection problems. All minor problems have been repaired. I have a couple of questions.
#1 : Does a pool help sell a home or not?
#2 Because i want to sell my home quickly like 30-90 days tops when should i lower my price again.
The homes in Foster City,CA.. comparables are a little higher priced then I'm asking. I really need to sell. I've listed my home May 1st for 1,049,000 and reduced the price around two weeks latter to 1,009,000.
What would be a good time to lower the price again because I want to sell MY HOME IN no more than three months? I'm thinking a even 1,000,000?
Would 999,000 look even better or 999,999 ?
Thanks Owner Katherine J. Chapman

Help the community by answering this question:


Hi Katherine,

Could you disclose what offer you accepted?
0 votes Thank Flag Link Tue May 25, 2010

Pricing is the most important factor to a home selling. A properly priced home sells in a short period of time. During the first two weeks a home is on the market are vital. That is when they recieve the most exposure. Don't be mis-led. There are plenty of buyers out there in all price points.
My honest thought is that $1,009,000 is a terrible list price. You must price it like Macy's. 999,999. Buyers search for homes and get approved for loans in hundred and fifty thousands. At 1,009,000 you are missing many potential buyers.

After a month on the market reducing it to $999,999 may not be enough to bring life to it. It is getting the stigma "what's wrong with it".
There are so many buyers out there right now due the low prices and low interest rates if you price it below market they will bid it up to market price. Since you said time is important to you, I suggest you consider $959,950 -$979,950. If you don't make another substantial price reduction you will be forever chasing the market.

Good Luck.

0 votes Thank Flag Link Sun May 23, 2010
Hello Katherine,

I have visited your home and here is my take:
* Pool is a big negative in Foster City as you pretty much eliminate families with small children. Suggest you share the cost of removing it or filling it up
* Your home is well maintained but dated. Some of the comparable homes were remodeled recently with very nice upgrades
* your price point puts you in exclusive category (outside of first time buyers range). The first time segment is kind of limited to 910 - 920 range.
* You are right on Marlin Ave, a relatively busy road with approach to 2-3 schools from there.

Good luck with sale, you have a nice house overall especially the barbecue area outside.
0 votes Thank Flag Link Thu May 20, 2010
Hello Marlin,

Pools in my market do not bring very much re-sale value to the homeowners. With regards to your pricing, I recommend that you and your Agent keep a very close eye on the comparible sales in your area. Prices can change very quickly, so it will be imperative that your Agent continually monitor the market so they will be able to make any recommendations with regards to changes in value. Only then will you be able to make the best decision. Good luck!

0 votes Thank Flag Link Wed May 19, 2010
My suggestion is that you delete this question immediately.
0 votes Thank Flag Link Wed May 19, 2010
Pools in Foster City are probably not a big bonus. That being the case, it could narrow your market. With regards to pricing. Your REALTOR should have a pricing strategy that you two have discussed. This should not be an on the fly decision. you are in a tough price range in todays market. Discuss what would be the lowest offer you would accept and price just above that to leave room for a counter. Good luck.
0 votes Thank Flag Link Tue May 18, 2010
I'm not sure about your area, but in mine a pool could either be the reason someone buys the home or the reason they pass it up. Many people don't even want to look at homes with pools due to the added risks, maintainance, cost, etc.
As far as pricing, I would first ask your realtor more about comps that sold quickly and how your home compares. Again, my market is much different as there are very few homes over $1 million, but I'd venture to say that some buyers will, for instance search homes up to $1 mil. This would leave your home off the search results even though its within 1% and most buyers would probably still consider it. On the flip side, buyers may search $1 mil to 1.25 millions dollar homes. At $999,999 your home would be left off that list. If your home is really worth about $1 million, that's exactly where I would list it. Please consider this very general information as I am not familiar with your home or local market. Follow up with your Realtor and see what he/she says.
0 votes Thank Flag Link Tue May 18, 2010
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