Without using a realtor, how does one know what a good price is to list their home at?

Lucy031707
Home Seller
44118

With all the foreclosures happening (particularly in my area of Cleveland Hts., OH), what should be taken into consideration when looking at comprables in the neighborhood and coming up with a price? I bought my house in 2004 at 100K, put in over 20K of upgrades and repairs, but given the forclosures, I am wondering if 109K is too much to ask.

Answers (9)
Best answer: Jim Norbuta
First to answer: David Brewer…
Maggie Robinson
Agent
Lakewood, OH

Hi Lucy,
I'm from Lakewood, which is a similar area of homes to Cleve Hts...and while the buying community is somewhat different, I'd bet the same is going on there...which is probably this: the top condition and lowest price homes (non-foreclosures) are selling first and FAST. The homes that are OK and priced OK are just sitting. With so much inventory the buyer can leave one house and go to another like they click their mouse. If you really want to price it right and get exposure (without using one of us wonderful realtors, with all our wonderful connections!!!) then get it on the internet (trulia, FSBO.com, craig's list, etc) fast and at a low price. Check these sites for other Cleve Hts properties and see how they match to yours. And, if you REALLY want to get an unbiased opinion of what your home might sell for, go to open houses in your area and look at them...Ok, that's it. Good luck!!

Fri Nov 13 2009, 03:16
Mack McCoy
Agent
Seattle, WA

Yep, that's a problem.
What you're really asking is: If I don't ask the most knowledgeable people, the people most likely to know the correct answer, what answer will I come up with.
I sympathize that you're trying to avoid the commission, but if you ask three local agents for a CMA and give them $75 each toward a charity of their choice, you'll get really good and educated opinions without any guilt whatsoever.

Tue Nov 3 2009, 21:34
Dp2
Other/Just Looking
Virginia

Depending upon the area of Cleveland Hts, 109K might be OK or it might be slightly overpriced. I suspect you already know that properties that are closer to University Hts have higher valuations, and ones closer to East Cleveland have lower valuations. However, you haven't mentioned anything about your flexibility on the terms.

Jim's comment about the area being "home to many who work at Cleveland Clinic, University Hospital, and John Carroll" is one of the key reasons I look for deals in that area. Please PM me with more details; I might be interested in that property.

Tue Nov 3 2009, 12:21
Jim Norbuta
Agent
44023
BEST ANSWER

Lucy,

You're entering a more difficult time in the year to sell your home. If you list with someone for the next 6 months, it is your best chance to sell if you really need to sell. If you don't need to sell, wait until March.

If you still want to market your home yourself, University Hts. is home to many who work at Cleveland Clinic, University Hospital, and John Carroll University. Start by developing a flyer that you can e-mail to all of your friends. Make sure you have friends who work at these places.

Many Blessings,

Jim

Tue Nov 3 2009, 11:53
Linda Roby
Agent
Cleveland, OH

Lucy - with all the competition on the market right now, you will need to price your house low enough to get attention. Without seeing your home, it is hard to say what a good price is but from your description, $109,000 does not sound like a bad place to start. If you would like an up to date market analysis of your home let me know. lroby@kw.com

Wed Sep 9 2009, 06:50
James Gordon PBD...
Agent
Butler County, OH

In my area it is the same as Don's. You need a lower price to attract people who are already looking at an overwhelming number of properties with their Realtor® and you should expect a lower initial offer because you are "saving" the expense of using a Realtor® to market your home.
The buyers forget that you are spending more in advertising because you are shooting ads in a lot of places. Realtors® know what advertising on a listing brings buyers, and they know what advertising of homes for sale brings more listings to them.

Web Reference: http://www.Find1Home.com
Tue Sep 8 2009, 17:18
Don Bush
Agent
Columbus, OH

Without a Realtor, it is a roll of the dice. Price lower because it will lack exposure; at least it is so here.

Tue Sep 8 2009, 13:51

Hi Lucy,

109,000 in Cleveland Heights is not bad if your home has been updated. However, it may take a little longer for your home to sell since the market is filled with foreclosures. If you send me your address to my email I will do a market analysis free of charge.

andrea@andreatrobinson.com

Tue Sep 8 2009, 12:56
David Brewer Sr
Mortgage Broker
or Lender

Livonia, MI
FIRST ANSWER

Putting your address into trulia should show you all the recent sales in your area and give you an idea as what houses are selling for in todays market. This is a buyers market Lucy. If you are looking to get top dollar for your home I would suggest you not sell at this time.

Tue Sep 8 2009, 11:55

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