Home Selling in Oxford>Question Details

Iraj Kamili, Home Seller in Oxford, CT

I bought a house in Oxford CT in February of 2010, I know will need to sell due to job situation. Has the market stabilized? Or I will lose money?

Asked by Iraj Kamili, Oxford, CT Wed Sep 15, 2010

single family 3br 2.5baths built in 1999, after moving in we did some work I just finished room over garage new carpets and fresh paint. Also installed new well pump and holding tank.

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Dear Home Selling in Oxford,
I noticed that none of the other answers addressed the options you may have if you can't sell your home for a break even amount. I am new to the Trulia blogs so I apologize for not responding sooner. If your company is transfering you they may be able to help. If you are on your own with out company help I suggest you contact an attorney and a realtor who are experienced with Short Sales (selling a home for less than is owed). They may be able to help you with the options that exist for such situations.
Best of luck to you.

Very Truly Yours,
Lori Geraci
ABR, ASP, SFR, Realtor Associate
Bannon & Hebert Properties L.L.C.
203-910-0997
0 votes Thank Flag Link Tue Jan 4, 2011
Chances are good you bought at a fairly aggressive price during that time. The market is stabilizing somewhat, I don't think it's getting any worse since then. Prices are still low, it's a buyer's market and will be for some time.
You've put some substantial improvements in the home, you may make some money, however, turning around and selling in such a short time there's a good chance you may break even, possibly lose.
I would recommend getting a Market Anyalysis on your home to see exactly where you stand at this time. It's really hard to get a concrete answer when the home's condition, improvements and surroundings have not actually been seen.
I hope that helps you and good luck with the job.

Susan Hotchkiss
Keller Williams Realty
203.888.8228
0 votes Thank Flag Link Thu Sep 16, 2010
You will probably lose money even if you were able to sell for the same price. That's because of the closing costs,etc. that you would have to pay in the transaction. Sorry, Joyce Robinson Skowronski, Realtor, Raveis Real Estate, Southbury
0 votes Thank Flag Link Thu Sep 16, 2010
Not sure what the previous answer was referring to, but a lot of assumptions were made. No one uses the home in question as a comparable. But costs incurred versus what is selling is important to answer your question as to whether you have lost or how much in the 6 mos you have owned. Also, again, if a company was moving you and costs were going to be covered, I don't think you would have asked this question.
If for some reason you aren't moving because of a new job or transfer but because of lose of income or decrease please contact an attorney who will advise you. Not sure about your circumstances. Based on some of the numbers mentioned below, I hope you won't be short or in a position to not pay mortgage in the future. Again seek counsel with a RE Agent and attorney

Oh, and if anyone says the market has stabalized and has proof, well they would be the most sought after adviser on CNBC.
0 votes Thank Flag Link Wed Sep 15, 2010
We never use a home as it's own comparable. That being said the market has declined about 5% since you bought the house and then you will have closing costs of 5-7% to get it sold and move. Is your company going to pay for your move. With your improvements and the company picking up the tab for the move you SHOULD be OK. The only way to really know is to have an experienced REaltor in to assess your home in its current condition.
0 votes Thank Flag Link Wed Sep 15, 2010
A local Realtor or the one who may have helped with the process of purchasing your home will be able to answer your question best. A suggestion. Add up the following, conveyance taxes. closing costs, real estate commissions and what you added monetarily to the home. If you wish to come out clean, let's hope your home increased in value by that much at least. I hope your situation is moving to another job and not that you lost your job. These are troubling times. Good luck.

"Your Beacon to Fairfield County Lifestyles"

Candace Lipira, Realtor
Keller Williams Platinum Properties
203-856-8501 cell
203-544-9786 home
candylipira@optonline.net
candylipirahomes.com
0 votes Thank Flag Link Wed Sep 15, 2010
The Oxford market has continued to decline pricewise through midyear. There are a couple of area towns where prices thus far in 2010 are actually a bit higher than they were at year end 2009. The increases are modest however.

I should mention that even in the former sellers market, when one needed to sell within a year of purchasing it was unusual for that homeowner to not walk away from the sale with less money than they had when buying. It takes a bit of time to be able to do that and especially in the current market.

Of course every house and property are different and your best bet is to get an analysis of your home at this time and you should be able to then know just how much you can expect your home to sell at and also to know how much your net proceeds will be from the sale.
0 votes Thank Flag Link Wed Sep 15, 2010
The improvements you did will propably increase the value of your home and the market is motivating for buyers since the interest rates are the lowest in many years. If you need more info and if you like, I can do a Market Analysis on your property, so you will know more accurately where you stand.
0 votes Thank Flag Link Wed Sep 15, 2010
Real Estate markets vary from one neighborhood to the next. While the overall market has fallen a bit since this past winter, many factors can change the value of your home.

1) How many similar homes are still on the market in your neighborhood?
2) What have sales been like over the past 6 months?
3) Have you made any improvements to the home since you purchased it back in February?

Pricing is critical to selling a home. Know what things are selling for in your market before you put your home for sale. Have a Realtor give you a market analysis. Sign up for a market snapshot so you know what prices are like in your area.

If you have any questions, feel free to shoot me an email or give me a call.

Regards,

Scott Silverstone, Realtor
Page Taft Real Estate
203-815-9118
Scott@CTProperty.com
0 votes Thank Flag Link Wed Sep 15, 2010
The easiest thing to do is to have a realtor come out and do a market analysis. Every home and every area is different and you have not given us information such as how much you paid for it.

Good luck!
0 votes Thank Flag Link Wed Sep 15, 2010
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