Home Selling in Natomas Park>Question Details

Onlinepsychic, Home Seller in Natomas Park, Sacram...

re 1770 Baines Ave Natomas, purchased 2002 430k, now similar homes selling for 340k, and median price 240k - any chance of reselling for pur price?

Asked by Onlinepsychic, Natomas Park, Sacramento, CA Fri Jan 8, 2010

for original 430k? Help!!!

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9
Lost your job? Getting a divorce? Life in chaos? Best answer -- short sale! Or...just walk away if you cannot refinance....life is about more than square footage, believe me.
0 votes Thank Flag Link Wed Jan 27, 2010
In all honesty, no! You will need to be priced where the similar homes are selling. It is so unfortunate but reality.

Best of luck to you,

DeeDee
0 votes Thank Flag Link Sat Jan 9, 2010
After the bubble burst, the boom busted, the market crashed, a market phenomenon known as "overcorrection" has occurred..

Everyone now knows that market prices in 2005 were ridiculously high. What few people will agree on today is that today's market values are ridiculously low.

Well I step out and say it. They are not low in comparison to other homes recently sold and currently on the market. They are low across the region in relation to the multi-year average over the next couple of decades.

If you assume (as I do) that values are currently near the bottom and about to start rising again, and you assume an average 3% appreciation rate, the value of a $340K house, well maintained, could be projected to be $394,000 in five years in 2015, and $430,000 in 8 years in 2018.

Assign an optimistic average 5% yearly increase in value. (a common assumption for real estate promoters for decades past) and your break even approaches sooner in just five years $433,900 in 2015.

I am SURE that appreciation will not be the same percentage every year. Some years it will be above average, some years it will be below average or negative. I will bet that there will be at least one year in the next twenty when prices decline in a years time and at least one year in which the appreciation is double digits.

Sure and steady is NOT how she goes.

To sum up, I predict that at some point in time this decade, your home will once again be worth $430K.
0 votes Thank Flag Link Sat Jan 9, 2010
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Yes, there is a chance of selling for your purchase price. The real question is, "when?" If you need to sell now, you'll have to sell for today's market value. If you don't, my crystal ball guess will be that your home will recover it's value in six years (2015).

I know this is not what you want to hear.
Web Reference: http://SoldByErin.net
0 votes Thank Flag Link Sat Jan 9, 2010
One sold near you for $335k with a little less square feet. Another one sold near you for $410k in November - so you won't get what you paid, but based on condition of your home, you may not be hit as hard as a lot of people trying to sell now.
0 votes Thank Flag Link Sat Jan 9, 2010
You won't be able to sell for the purchase price in this market, but maybe as the market recovers. What are the circumstances that are leading you to the desire to sell your home? If you want to discuss, you are more than welcome to give me a call, at 916.214.2082.

Best,
Kyle
Web Reference: http://www.KyleGroves.com
0 votes Thank Flag Link Fri Jan 8, 2010
I think you can tell from the other answers already that you wont be able to get what you need to sell the house. You can stay there and ride it out, try a loan mod, short sell, or walk away from it. As a real estate agent I can help you with the short sale, but you might want to seek help on the loan mod as they are difficult to get good results from.

James 916-521-1214
0 votes Thank Flag Link Fri Jan 8, 2010
If the similar homes are $340k, a $430k selling price is unlikely. If you are facing some form of hardship, a short sale may be an option.

Best of luck.
0 votes Thank Flag Link Fri Jan 8, 2010
Sorry, no. No sense beating around the bush, is there. You either have a hardship and want to do a short sale, or you can walk away and do a foreclosure. Or stay there. You can also try for a loan modification but out of all the loan modifications attempted in the United States last year, only about 32,000 were approved. FWIW, I'm sorry.
0 votes Thank Flag Link Fri Jan 8, 2010
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