Home Selling in 38016>Question Details

Andy, Home Seller in 38016

We live in Cordova. Sandwiched between Riverwood and Berryhill Farms. With 3400 square feet we agree with

Asked by Andy, 38016 Mon Mar 3, 2008

everyone that visits us - our home is unbelievable...inside and out. We built 5 years ago for $290,000 and our neighbors built for $245,000...problem is they are being transferred and are selling for $219,000. Home accross the street sold for $283,000 (2 yrs ago). Looking to downsize, what should we be listing our home for? Our selling neighbors have 2850 sg.ft.

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Andy, I am very familiar with the area you are referring to. Without actually seeing your home, I cannot give you a suggested list price. If you do not have a Realtor, my husband and I will be happy to drop by at your convenience and discuss our experience and marketing plan with you. Location, condition, and pricing are crutial in making your home more desirable than others. We can share with you the absorption rate in the area, your competition, and recent sales so you can intellegently make a deicsion on a list price. Although you may not get as much as you would like for your home, you can probably make up for it on the purchase of another home. With the current interest rates, it is indeed a great time to be purchasing a home. Please feel free to visit our website for additional information. Best wishes, JoAnn
Web Reference: http://YourMemphisAgent.com
0 votes Thank Flag Link Tue Jul 21, 2009
If you don't have to sell right now, wait. In this market, selling to downsize is the worst reason to sell. If you can afford to stay for another year or two, that is a much better option. Cordova is a very difficult area to sell in and the comparables are not good right now. If you do need to sell, take a deep breath and price right.
0 votes Thank Flag Link Sat Jul 12, 2008
There isn't an easy answer to your question. Certainly condition is a primary factor when trying to determine a list price. Location is also a primary factor when determining a list price and right now inventory and available homes plays a role of importance. It sounds like you are in a declining market area and you will need hard data to determine a list price that is advantageous that puts you ahead of the pack of homes on the market. Contact a professional realtor to determine a fair and marketable list and sales price. Be careful to hire someone who will tell you the truth rather than what you want to hear. Long terms listings get stale on the market and carry a permanent stigma if not sold within a reasonable period of time. Go with a top company. You will need every advantage in this market.
0 votes Thank Flag Link Fri Jul 11, 2008
Dan Stewart Realtors will come out and view your property and provide you a market analysis at no charge and without obligation. We have completed staging evaluations as well.
0 votes Thank Flag Link Sat Mar 8, 2008
One more thing...

I'm not suggesting that you price your home at the average of the comps, necessarily, but it is a good place to start and then add from there with the extras that your home has that the comps do not. It sounds like from your comments that your home is superior to some of the other homes in the neighborhood, so you can factor that into your price. However, you shouldn't be priced too much higher than the highest recent sale. If you're more than 20% more than the highest price, people may think it is overpriced and not appreciate or recognize all of your upgrades. So make sure you highlight them!
Web Reference: http://homenashvilletn.com
0 votes Thank Flag Link Wed Mar 5, 2008
HI there.

If you are working with an agent, they can pull the last few months comparable sales. While your neighbor might have sold for much less, you might find the average sales to be better. Buyers will likely know the average sales price or average sales price per square foot as they look to put an offer on your house, so you should know that too. You can throw out a complete outlier that is not inline with the other comps (i.e. someone HAD to sell and settled for much less) and easily explain why that was not part of your comparable data in how you priced your home.
I am in Nashville or I could give you that information, but I am from the Memphis area and can recommend an agent if you do not already have one.
Web Reference: http://homenashvilletn.com
0 votes Thank Flag Link Wed Mar 5, 2008
Dear Andy,

Your neighbor is being transferred, so he/she has a real motivation on moving. Your neighbor could have a back-end transfer package where his company will pick up all the expenses and reimburse the homeowner their equity. If that is the case, he just wants to go.

I am very familiar with the area you are talking about and it has gone through some obstacles: One, being or going to be annexed into the city which equates into higher property taxes. Second, lot prices dropped between more expensive neighborhoods and builders kept on building - making it much harder to sell pre existing homes versus brand new ones. Third, growth of the surrounding area with road congestion and commercial businesses. Then last, the national media effecting our local market causing a huge buyer's market (our economy is stable, we have low cost of living, low unemployment and the interest rates are extremely attractive) still buyer's are waiting to see what will happen instead of taking advantage of a golden opportunity.

Your neighbor may hurt the comparables, but realize this is only one sale and it was a less expensive home - I am assuming your's has more upgrades than theirs.

I would be happy to do a market update and see exactly what the totally picture of your neighborhood is really doing.

Jo Shaner
0 votes Thank Flag Link Tue Mar 4, 2008
Hi, I lived In Riverwood farms about 4 years ago. When the city took us under there wing and the property tax went over $4500, it was time to go. We now live in East Tennessee outside Knoxville. I am a REMAX agent here. If I was in your shoes, I would wait till next year when the market is better. There are a lot of homes on the market, and as you see from your neighbor, prices are being held down. If you don't have to move, just hang tight. If you have any question, just ask. Always glad to help!
0 votes Thank Flag Link Tue Mar 4, 2008
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