Home Selling in 91006>Question Details

Grandma, Home Seller in 91108

I am trying to sell my house since all kids grown up already. I met with a realtor, she said I have to lower my price 10 to 15% compare with the

Asked by Grandma, 91108 Mon Jun 7, 2010

houses behind me, since my house is across street from elementary school, it is considered an inferior location. I don't agree. I lived here for 20 years & I love this place except the house is too big now - just 2 of us. Pls advise

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Tom and Joanne Team’s answer
Grandma:

How many qualified buyers have viewed your home? The National Association of Realtors has a statistic that if a home has been viewed 10 times and has not received an offer then it is over priced.

Another great item to ask your Realtor is home many homes are for sale within 5 miles of your home within $50,000 dollars of your price? If there is an overabundance of inventory like there is in my market then it might take a price reduction to standout in this market place. It is not what your home is worth, but rather what it will take to attract buyers in the limited buyer pool. Feel free to contact me with questions.
1 vote Thank Flag Link Mon Jun 7, 2010
Your house is at great school district. Great location pushes up the price of listing. Give it a try! You'll find it's not difficult to sell your house at your price. By the way, if you or your spouse are age 55 or older, you may buy a new and downsized house with lesser price than your existing primary residence and transfer the trended base to your new home; meanwhile, cash out your fund for retirement arrangement. If you need a precise consulting service please feel free to contact me.
0 votes Thank Flag Link Sun Oct 12, 2014
There are many factors when lowering a price on your home. An elementary school may generate traffic on your street thus privacy factors are a consideration during peak school hours. Since many parents pick up and deliver their children to school, there is traffic, as well as, parking congestion. There is also the possibility of children walking home to and from school and bikes. There is a noise factor too..with traffic. I hope that this gives you some insight in your real estate situation.
Phil Daniels
(626) 755-1846
0 votes Thank Flag Link Sat Aug 25, 2012
Being near an elemenatry school does not make your home inferior. Just think the new owner could have small chlidren. In this case living across the street from their school would be a tremendous plus.

If your realtor suggest you lower your price, your home may be over priced t begin with.

When a home is priced too high ,buyers will shy away. How long have you had it on the market?
Has there been any offers?

Try taking your realotrs advice, he/she has your best interest at heart, and they know the market.

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Apr 3, 2012
When selling a house, deciding the listing price is at the same time, the most difficult and the easiest steps. How can this be? It is a combination of an analytical process mixed with a huge emotional decision. Most of us, especially if we have lived in the home for a while love our houses and know all its benefits. If you didn't love it, you probably wouldn't have bought it in the first place and certainly wouldn't have stayed and raised your kids there. You really don't want to move, except the house no longer really meets your needs since it is much larger than you want with your kids now elsewhere. When you love something, it can be difficult to be objective when it comes to something as cold as putting a dollar price on it. That is where the analytical approach comes in. A good realtor who knows your area can look at what similar houses have been selling for. Not what people think their houses might be worth, but what purchasers are actually paying for similar houses. At the end of the day, your house is worth what someone is willing to pay for it and the best way to determine this is by comparing recent sales of similar homes while still taking the unique qualities of your home into account. It is very important to price your home properly when putting it on the market. A home priced too high will generate little interest and could actually end up selling far below what it could have sold for if a market price was asked up front instead. When an attractive home is priced at the market price, it will generate much more interest, potentially attract multiple buyers and can end up selling a bit above the market price. Houses priced too high languish and start attracting occasional low ball bids rather than serious buyer interest. Without knowing the specifics of your home and performing a market analysis I have no way to know whether the realtor you met with is right or not when they say that your home should be priced lower, but I do know that performing a market analysis on similar properties, being realistic, and trying as best you can to separate emotion from the decision is essential to having a successful transaction and getting top dollar for your home. It is never a bad idea to get estimates from several realtors on your homes value and how they might market it, just beware. It happens that people sometimes give their listing to the realtor who comes back with the highest list price and it also happens that some realtors will give an inflated estimate to get your listing, only to come back in a few months when no bids have come in and tell you that you need to drop the price to a lower level (probably the price they should have told you in the first place). This is the situation I spoke of earlier where even with the price cut (after several months) to a realistic level, your house could end up selling for less than it would have if it had just been priced properly at the beginning, because after being on the market for months, the house will not generate the same amount of interest with a price cut, as it would have if it had been priced properly at the beginning. So in short, get a realtor you trust to do a proper market analysis and examine comparable sales for your home. What people have been paying for similar homes is the best indicator of the dollar value of your home and pricing your home properly is the best way to get top dollar.
Web Reference: http://jennifermu.com
0 votes Thank Flag Link Wed Mar 9, 2011
If your house is in Arcadia or San Marino School district, I don't think there is any problem to sell.
I have a co-worker who live across street from elementary school (Arcadia district), she just posted a "For Sale by owner" sign outside, already got 3 offers. I am one of those who made an offer & waiting for her to response.....very nervous now.

For me, who have 2 little girls & older folks, I prefer to live next to elementary school for convenience & open space.
0 votes Thank Flag Link Tue Sep 21, 2010
A school across a house could be a positive factor for working parents when both of them have no time take their children home after school, and the surrounding area is very quiet after school. See, it goes either way, depends on the need of the buyers.
0 votes Thank Flag Link Mon Aug 16, 2010
Dear "Grandma"--

It appears that your query here on Truila has generated many good responses (and suggestions) from the real estate community. Value is the first thing that comes to mind when contemplating your situation and its close proxmity to a grammar school. Like someone else who responded here, I too live near a school (directly behind one) here in Arcadia (56 years now), and have been approached more than once by individuals who-- without solicitation, have asked if I was interested in selling my house. I never obliged them of course, but instead was able to successfully help them in finding an alternate house of their liking in Arcadia.

I go to market with a competitvely priced mindset (depending on how motivated you are in selling in the shortest amount of time) and wait for the offers to come in. Keeping in mind that in many instances the very first offer tendered will usually prove be the best one!

Best Regards,
Gene Glasco
Century 21 Ludecke, Inc.
Arcadia CA 91006
Web Reference: http://www.geneglasco.com
0 votes Thank Flag Link Wed Jun 16, 2010
Good evening,

It is always a good idea to interview more than one realtor and ask them to put on a listing presentation. So that you can gather enough information to make the best decision on your initial listing price and the best agent that can meet your needs.

If you can afford to, it might also be interesting to ask them to calculate if it makes sense to rent your house out instead of selling it. It should provide a nice stream of income, and your family house is still kept in the family.

I don't believe being across an elementary school is a negative (across a high school is a different matter), having 2 kids myself, I specifically choose my home to be across an elementary school in Arcadia so that I could just walk them across in the mornings.

With summer season just starting, there is no reason to cut relative to neighbors simply because of location relative to an elementary school (especially if it is in Arcadia or San Marino). If there are other valid reasons from you realtor then, it might be worthwhile to consider it.

Wish you a successful search
0 votes Thank Flag Link Sun Jun 13, 2010
Do you remember when you bought the home, 'way back in 1990?

If you're like most people, you bought the best house you could afford, and isn't it possible that it was affordable because it was across the street from the school, and not two blocks away?

Then, again, if your exact same house was on the other side of the block, in the exact same condition with the exact same furnishings at the exact same price, which one do you think people would buy first?
0 votes Thank Flag Link Mon Jun 7, 2010
Location is always a matter of preference--if you have been on the market for some time, the marketing is giving you full exposure, you have no offers or low offers, light traffic, etc., a price reduction may be justified--ask your agent to review recently sold similar properties in the immediate area with you and make a determination as to a fair price--Keep in mind that a property is worth what someone is willing to pay for it, not what the seller needs or potential buyers can afford to spend--market conditions do matter.
0 votes Thank Flag Link Mon Jun 7, 2010
I hired a professional appraiser to get the market value of my home. That gives a person a good idea of what they can get. Go to some open houses to see what others are asking and get an idea of what you would like to have instead. Also, get a home inspection done to determine if you may have to make major repairs to sell your house.

After expenses, you will probably lose 10% of your equity in changing homes, so if you're thinking about going from a 2,000 sq ft home to an 1,800 sq ft home, don't bother to sell.
0 votes Thank Flag Link Mon Jun 7, 2010
Hello Grandma,

Some people do not like to live across schools and some will like the fact that their children will just need to cross the street to go to school. I would not call it an inferior location just a matter of preference.

If your home is already listed for sale and you have received no showings then lower the price substantially. If you have received some showings and no offers then lower it a little.

If your home is not presently listed and you are trying to determine a price, starting off lower will give you the advantage of possibly getting numerous offers and having the opportunity to negotiate and picking the best terms as opposed to not getting any offers at all. You live in a very desirable zip code and there are not that many homes for sale so if priced correctly you are in a great position to get one step closer to your next home.

I wish you lots of luck on beginning the next chapter of your life.

If you are not listed and you want a second opinion on the market value please feel free to contact me. We have three offices, Arcadia, Diamond Bar and Upland.

Emelia Sanchez
Realtor
909-576-3118
0 votes Thank Flag Link Mon Jun 7, 2010
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