Home Selling in 94706>Question Details

Carrie, Both Buyer and Seller in Albany, CA

I am planning to sell my two bedroom, one bath home in Albany, CA.

Asked by Carrie, Albany, CA Wed Jun 11, 2008

The home was purchased as a fixer three yrs ago and we totally modernized the bathroom and kitchen to showroom standards. We got permits for the remodel. We polished the hardwood floors, painted both inside and outside, and the home looks great. We also had a new roof put on plus insulation. Can you give me an idea of how quickly homes are selling in the Albany area? We would list it in July. Also, is it possible to get $700k for a two bed/one bath here? I know it's hard to answer w/o seeing the property but I would like an idea of what we can sell for.

Thanks,
Carrie

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I think like just about everywhere in the Bay Area, the sky-high values Albany commanded in the last couple of years are settling back to earth in a more reasonable way. I personally rely on zillow.com, so I'd suggest you look at the listing they have for your place and add enough information to help people understand why they should pay what sounds like a too-high price.

Your improvements all add less than $25,000 in value and I saw a listing for two places that are bigger than yours for asking $599,000. You may just have to recognize that you bought at the top of the market and the market's no longer there.
Web Reference: http://zillow.com
1 vote Thank Flag Link Sat Aug 2, 2008
Carrie, I can't help but wonder whether you went on market in July, and how you did? I list and sell in Albany, and the market there has definitely performed differently this year than in the recent past. Larger homes, because there are so few, still sell for a premium, and homes that have been very upgraded. There was simply too much info left out of your query to reply, but overall, I would have said that $700K would be hard to achieve unless it was a large home and very unique. To several points below, Zillow is never a reliable source for comping, and location, architectural style, street, and upgrades are all very critical factors that have to be taken into account. Yuo didn't say whether you bought to sell for a profit, and whether you had to get 700K to make money, or were hoping for a windfall. Hope you did well, and hope you hired a local agent who understands the microdetails~
0 votes Thank Flag Link Tue Sep 13, 2011
Yes, it is possible. Many factors play into the equation. Location, type of home, upgrades and so on. The online sites that quote your value are not accurate. Here is something I put together. Nothing is more accurate than a Realtor that knows the local market period.

This has been a topic of conversation in the office several times. It was bugging me that I did not know how right or wrong Zillow's numbers were...

Here are the Facts about Zillow's accuracy for Contra Costa County:

• Zillow has data on 97% of Contra Costa homes (e.g., number of bedrooms or bathrooms). These are the homes you can find via maps or search on Zillow.com.
• Zillow has "Zestimates" for 94% of Contra Costa homes.

This is where it gets interesting...

• Only 28% of the time the Zestimate is within 5% of the selling price.
• Only 51% of the time the Zestimate is within 10% of the selling price (49% the zestimate is off by more than 10%.
• Only 76% of the time the Zestimate is within 20% of the selling price.

In other words...

• Which means that 72% of the time the Zestimate is off by more than 5%
• Which means that 49% of the time the Zestimate is off by more than 10%
• Which means that 24% of the time the Zestimate is off by more than 20%!



Just some interesting facts straight from Zillow. Hope this helps!

Sincerely,

Mike Rowland
Windermere Rowland Realty
510-501-9133
0 votes Thank Flag Link Fri Aug 6, 2010
Hi, you are correct without seeing the home it can be hard to evaluate your home as compared to the competition. That being said there is data regarding other homes on the market to compare your home to. Currently there are 18 active listing in Albany. 8 of those homes are 2 bedroom, 7 are 3 bedroom, 1 4 bedroom and 2 5 bedroom homes. The prices range from $469,000 to $950,000. The price range for the 2 bedroom homes is $469,00 to $769,000.

Obviously location and condition have an impact on price. It sounds like your home is in great condition and obviously I can't comment on price. The home that is currently listed for $769,000 is new to the market (1 day on MLS) and the home listed for $469,00 has been on the market for 5 days. Days on market ofr the varying homes on the market vary from 1 all the way to 358.

In terms of home sold recently I searched back over the last 6 months and 16 homes have sold in Albany. The lowest sales prices were $500,000 and the highest was $997,000. Of the homes sold 7 were 2 bedrooms and 9 were 3 bedrooms. The price range for the 2 bedroom homes sold was $500,000 to $660,000.

I hope that this gives you a frame of reference to go from, but it very important to be able to have more detailed comparisons for your home compared to others on the market currently and those sold to help determine the estimate of value.

If you would like I can email you more detailed information of the homes I mentioned above as well a statistical data that can graphically show you the trends for home sales in Albany.

Take care,

Lisa
Alain Pinel Realtors
Lisa@LisaCartolano.com
http://www.LisaCartolano.com

Visit my blog, Real Estate News Without The Schmooze at http://www.NoSchmooze.com
0 votes Thank Flag Link Wed Jun 11, 2008
I used the Trendgraphix data that we have at Alain Pinel and the average days on the market for Albany in the last few months is 65 days.

It's difficult to estimate the market value of your property without knowing other factors, such as, the specific neighborhood or total square footage of the house and lot. That being said, it is not unheard of to have a 2 bedroom and 1 bath house to sell in the $700k range in Albany.

I would suggest that you interview a few Realtors that know your area well to help you set a listing price.

Best,
Mary
Web Reference: http://www.apr.com/mburns
0 votes Thank Flag Link Wed Jun 11, 2008
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