Jessica, Home Seller in Cleveland Heights, OH

How much can I expect to lose on my house???

Asked by Jessica, Cleveland Heights, OH Sun Apr 10, 2011

I bought my house in Cleveland Heights about 3.5 years ago, and it is in very good shape. The problem is that other homes on the street are not in particularly good condition, and I am worried that I will lose a ton of money if I decide to sell in the next few months. When I look up the selling prices of other houses in the area, some of them are selling for like $10,000, which scares me to death, especially when they were estimated at being worth over $100K in some cases. I bought mine at a good price of $90K...is there any way someone can tell me how much I would expect to lose in this horrible market? Or is there any way to answer that without any more information...? (I'm at the very beginning stages of potentially selling my first home, so I don't really know what to expect.) I'd appreciate any advice or suggestions; thanks.

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Jessica,
You can protect your home value against decline below a set price.
IRESE offers you Home Equity Protection Plan. With Home Equity Protection Plan the exposure to real estate market price fluctuation will be minimized.
Contact me if you like to talk about it.
0 votes Thank Flag Link Tue Apr 12, 2011
There are so many variables with your situation and timing. We'd be happy to guide you and assist you with your decision. Feel free to contact us anytime for assistance and particular, specific information. 440-781-8737
Web Reference: http://www.YouShouldOwn.com
0 votes Thank Flag Link Tue Apr 12, 2011
Your best bet is to talk to a local agent.

Find someone who will give you a great CMA and include other information like average days on the market, and other statistics related to selling a home in your local area. You may even want to bring up other options. For example, see what you can rent the home out for (and how quickly). In Orlando rent is skyrocketing! So many people are turning to renting their properties out until the home sales pick up, not to mention it's extra income in the meantime.

Best of luck to you!
0 votes Thank Flag Link Mon Apr 11, 2011
What extras does your house have, and is it in mint condion. what area of cleve, Hts. is it you can e-mail me.
0 votes Thank Flag Link Mon Apr 11, 2011
Well, Jessica, this is a difficult question to answer. We (Realtors) are not seers, and cannot see the future! Don't I wish we could!! I know that I, as a Realtor for 20 years, in the Heights (live there, work there...for the most part) would want to know the street, see the house inside and outside, and see how the comps look for the area (not only your street). Most appraisers don't use the "10,000 comps" when appraising a nice house, as you describe yours. They look at 1) your house and what has sold in a radius around it (your street + in a concentric circle outward) for the past 6 months. If they don't get that many comps, they move the circle out, and keep doing that up to 18 months. The best comps are, of course, the closest to the date of your listing....i.e., within the past 6 mos. to one year. Obviously, if there are A LOT of homes on your street that are in trouble, or the properties look rundown, or bad, you will be affected by this. This won't be an appraiser problem, it will be a problem of buyers driving by the listing and checking out the neighborhood for themselves and actually seeing the state of these homes for themselves. And, if a buyer sees it that way, they MAY offer much lower and in the end you may have to agree to this in order to move. So, depending upon what you owe, you could end up in a short sale (owing more than the house is valued at) and you would have to "come to the table at closing" with the difference in order to not have an issue with the lender. Otherwise, short sale will mean the lender must give permission to sell the house at a lower figure, and then the difference is usually canceled go by the lender. BUT, for at least a year, you usually cannot buy anything else. There's much more to this, of course...I am making it a bit short and to the point! If you are in the beginning of the exploration to determine if you should sell your house or not, or sell it but when? then call me and I will check it all out for you. Having me do a comp report, look at your house, and give you some idea of value and what you can do does NOT obligate you to purchase or sell with me! It would be nice if you did, of course, but this is what I do. You need to know, and I am willing to help you. I've been doing this a long time! Let me know. Tari Sweeney, RE/MAX Traditions, tarits@adelphia.net
0 votes Thank Flag Link Sun Apr 10, 2011
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