Home Selling in Folsom>Question Details

Home Seller…, Real Estate Pro in Folsom, CA

Our house in folsom, ca is a 1700 sq ft home. We want to price at 395K.

Asked by Home Seller Folsom, Folsom, CA Fri Jun 12, 2009

Are there any agents willing to take it up? Its in clean condition & staged too. No short sale/foreclosure

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I understand the idea of trying to wait to get a better price. Unfortunately, in many areas, prices will not be going up for a long time. Although I know you will not like the idea, you might be better off to contact your lender and do a short sale now, rather than wait. If the factors are right, you should be able to negotiate a settlement with your lender and not have to pay the balance. There are a lot of moving parts to a short sale, but you should seriously consider it as an option.

You should do a spreadsheet that truly assesses your actual costs over the next little while. If you pay your PITI (mortgage principle, interest, taxes and insurance) for the next year, what will it cost you? Maintenance? Add in your projected loss and you may discover that it makes more economic sense to stop now, cut your losses and move on.

And as everyone has so correctly stated below, no agent, no matter how good, can get you more than your home is worth in the current market. What separates the good agents from the others is how correctly they evaluate your home’s value, how well they prepare and market your home and how quickly they get you a good offer, even in a down market.

Here are a few posts that may help:

http://www.trulia.com/blog/carl_medford/2009/05/new_appraisa…
http://www.trulia.com/blog/carl_medford/2009/04/new_flood_of…
http://www.trulia.com/blog/carl_medford/2009/03/how_does_you…
http://www.trulia.com/blog/carl_medford/2008/12/when_does_a_…
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Fri Jun 12, 2009
It is difficult to put a price on a home without seeing it and asking questions such as why you want to price it at that point, why you are moving, etc. The most important item in selling a house is finding out the needs of the seller and matching a marketing plan to accommodate those needs to get the job done.
0 votes Thank Flag Link Thu Jul 9, 2009
Even at $379,000 its going to be tough. When you are running the numbers to see if it might pencil out to rent vs sell, plan on renting it at least 3 years. I don't have a crystal ball but I don't think we will see prices go up in just a year. Especially if our interest rates go higher. To be honest, I have no idea when prices will get to where you could get $395,000. I am telling all of my buyers that they need to plan on staying in their home at least 5 years, just to break even. I don't want them thinking that in a couple of years their house will have appreciated enough that they could sell with a profit.
0 votes Thank Flag Link Fri Jun 12, 2009
Hey...

You could rent it out...? just a thought... maybe do a "lease with option" to get a little higher rent...
0 votes Thank Flag Link Fri Jun 12, 2009
Thank you all for the appropriate answers. Very valid piece of information in all of them. We need to re-evaluate our price. 350K would be a huge hit of about 50K out of our pocket (including closing cost+commissions). Probably, we will need to wait to place it in the market after a year or try it at 379K or so..
0 votes Thank Flag Link Fri Jun 12, 2009
The previous answers you've got while informative didn't tell you that because appraisals are hard to get at your price….. when they see the market like we do…? it means you'll have to find someone with a lot of cash to put down to get the right kind of Loan to Value (LTV) situation because of the potential for a low appraisal.

So if they appraise the place at only $350,000 and the buyer would qualify for a 90% LTV.... to get to your price they'd have to put down $80,000 + closing costs... at the price... they are going to look around... so your place would really have to be something special...

Most of the time… especially in this climate.. a buyer is going to want you to drop the price to the “appraised value”…. UNLESS.. of course… The Buyer really just loves it… because it is so unique… and then guess what… if they do close it at the higher price and do put the extra $$ down.. it then becomes a nice comparable sale by which other homes in the area will look at to support their asking price….

I hope that helps...

Make it a great day...
0 votes Thank Flag Link Fri Jun 12, 2009
Unless you back to a greenbelt, have a lot of upgrades, on a court, I don't believe you will get $395,000. The latest 1700 square foot home that has sold in there (1710sqft) sold for $350,000($204.68sqft). Without knowing the street, and the interior I would just be guessing what it might sell for. And keep in mind even if you found a buyer that would be willing to pay $395,000 it would have to appraise at that. I believe that would be very hard. Current pending sales are even lower than the latest sold price.

To see what is happening in that neighborhood, check out the link below. I blog about real estate and the Prairie Oaks real estate market. I also live there, and do think it is a great neighborhood.
0 votes Thank Flag Link Fri Jun 12, 2009
We have a 375K loan on it. We would like to minimize on our losses. Its a good opportunity for investors as we would be renting this home till we get our custom home done. There's not much rush, plus the Prairie Community where its locates is a nice one. Its a 3 bed, 2.5 bath 1740 sq ft.
0 votes Thank Flag Link Fri Jun 12, 2009
Question:

I don't know your area as well as local agents, but the price seems a bit higher than the area comps. Any specific reason you want to list at this price?
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Fri Jun 12, 2009
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