Home Selling in 95020>Question Details

Qtangie43, Home Buyer in San Jose, CA

what should i do? if need to sale the house

Asked by Qtangie43, San Jose, CA Thu Apr 28, 2011

Some thing i don't understand Why? last time i bought a house was listing for $299,999 my Agent tell me if i want to buy the house have to offer more than $20,000. Now i lisitng my house lisitng for sale. she tell me if i want to sale my house than have to accepts offer under listing price for $10,000 and 3% closing cost. should i cancell lisitng and find better Agent?

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16
Gerard Carney’s answer
Your Agent may not have your best interests at heart, is it the same agent that sold you the house and is now selling it for you. I think you need to shop around and find the best Realtor and offer for you needs! And anytime an offer for less comes in and you agents says you should accept, without asking you to consider making a counter offer to gain some of the lose back, is not looking out for you at all!
0 votes Thank Flag Link Sat Apr 30, 2011
You must be confused by answers all over the place. The Gilroy marketing is strengthening (today's Mercury News said median prices were up 30% over last year) but has not become the seller's market with multiple offers a way over list the way it has up North. Nevertheless, properly priced homes are selling quickly, at times above list price. On the other hand, up North there are signs of a stabilizing market (I laughed when I saw a Realtor interviewed who was upset it might take two weeks to sell rather than two days). In the end, pricing, marketing and negotiating are as much an art as they are a science, and they are the main reasons you ask a Realtor to help. It is easy to leave more than the commission on the table when you are not experienced. In your case, no-one can tell you your agent is advising you correctly unless they know the house, know the market (which some obviously don't) and know the strategy. You are not wedded to your agent, though some agents try to lock you into a long term contract and refuse to let you out until expiry. Most agents will let you leave the relationship graciously. Talk with another trusted agent, invite them into your home to discuss your pricing and marketing strategy, listen to their advice and then make your own decision. You may be priced high. You may be priced low. You may have an agent who has your best interests at heart. Unfortunately, occasionally, you may not.
Web Reference: http://www.waynegiroux.com
1 vote Thank Flag Link Sat Jul 6, 2013
Yes, find a better agent. Our job is to command the best price for you in the marketplace not to tell you how low you have to go. Call me and I can give you an estimate as to your home's value and how much you might receive. Of course, it's best if I see the house first.

Debby Bright
Real Estate Broker
CA DRE #00957311
408.309.0777
0 votes Thank Flag Link Thu Jul 4, 2013
You have many options; you can use a Realtor (6% of your price) plus Market it yourself. (0% of your price)
You can sell it yourself, just run an ad and say Short Term (2yrs.)Owner Financing, or Lease with Option to purchase with Large Down. I use 137 Social websites to Market my Deals, which is available to everyone.
Use a Rap-Around which can allow you to make money or at least cover the Payment. Most of the time you can get up to Fair Market Value because you are the Bank and Qualifying is simple.
You can have a Local Bank service the Loan for a Small Few so you don't have that headache.
Plus if they don't Complete to process in to yrs. Sell it again with a Large down
Web Reference: http://www.Bank-Funding.com
0 votes Thank Flag Link Sat Apr 30, 2011
Qtangie43,

The real estate market is ever changing. It changes depending on supply, demand and availability of loans. When you purchased your home you were probably in a Seller's market where there were competitions, the house was listed at a desirable price and in order to get the house you had to offer more.

Fast forward to today. In order for your home to sell compared to the other homes on the market you need to be competitive, list it at a price buyers are willing to pay and offer to pay closing cost because the buyers need that.

You could cancel and get another agent who will tell you what you want to hear. But I recommend that you hire the agent who will tell you the truth - what you need to hear in order to get your home sold. The reality is you can't really under price your home, if it is under priced you will get multiple offers. If you have been on the market for more than 10 days and this is the only offer you are receiving, pay attention, no buyer is going to pay full price the longer the home sits, and you may have to reduce and get even less.

We don't make the market we only interpret it. I hope you will be able to work with your agent and get top dollar for today's market. Communicate with your agent.

All the best to you.
Web Reference: http://terrivellios.com
0 votes Thank Flag Link Fri Apr 29, 2011
Ha, Ha, Ha, It sounds like your Agent wants you to pay as much as you can for the New house and take a lower price for your home, so he / she can close both sales within a short period. $$$$

The market today isn't pay top dollar, when 65% of all sales are short sales, 80 percent of market value and go up, once you make an offer they will say. If he will pay that maybe we can get more. Listing price is high to start, that is to get as much out of the Buyer to pay the Realtor plus profit.

you don't go down from your first offer, it only goes up. did you sign an Exclusive listing with your Agent if so, I think you need to have them produce a buyer as per the contact not less.
Are you in the Metrolist area, you hire a Realtor to Help you not Control you.
Think about it...
Web Reference: http://www.Bank-Funding.com
0 votes Thank Flag Link Fri Apr 29, 2011
Your area (Gilroy?) is experiencing less buyer activity than higher priced properties further north. Your agent may be trying to guide you that your list price is a little high. The comparables he has shown you will help you decide that. You will find fewer sales to compare to than you might like because Gilroy volumes have not recovered to the level they possibly were when you were in the market to buy. However, an aggressively priced home will receive a lot of attention and even multiple offers. A home priced even $20,000 above market may find fewer buyers looking and fewer if any buyers making offers. You may also want to look at the active listings you are competing with. If you see larger houses for smaller prices you may see why your agent is suggesting that. Concessions (i.e 3% toward closing costs) may not be as effective as price in getting it sold.
0 votes Thank Flag Link Fri Apr 29, 2011
Hello,

I think it depends on the market. You should ask for a market evaluation of what similar homes are selling for in your area. It's very true that a little while ago, we were offering a little more then asking and now since homes are not selling, people are offering less then asking. If possible, I would just hold on to the home if you really don't have to sell but if you do, I would be happy to assist you if you like.
0 votes Thank Flag Link Fri Apr 29, 2011
Markets change as we all are experienceing now. Markets also vary widely from neighborhood to neighborhood. When buying or selling a property always have you agent pull the most recent comparables. If this is someone you do not know or are unsure have them do it at your computer or on their computer right in front of you. Most appraisals look at properties that are 20% larger and smaller that are within 5 years older or younger and are within the defined neighborhood. All of this is best if you only go back in time 3 months. If you need to expand the search to find more or better comps I usually start with going back 120 days. I it really depends on the market at the time and the comparables that are available. When buying YOU must decide how much YOU are willing to pay for a property. There may be multiple offers how high are you willing or able to go to own that property. Your agent can give you information but only YOU know how important this home is to you.

When Selling over priceing a home is the most common and most detrumental mistake most sellers make. If the market is going up and the home is priced at market then you should get more than one offer. If the market is stable or going down then time is against you and you could lose more money in the long run.

I hope this helps answer your question.
0 votes Thank Flag Link Fri Apr 29, 2011
Qtangie43,

There could possibly be a number of factors causing your agent to suggest that you take the less than list purchase price plus add some concessions to sweeten the incentive to the buyer. Keep in mind these are just speculations as each home and situation is completely different. The first theory that comes to mind is that perhaps the suggested list price was slightly high to begin with and buyers recognize that and are offering a price more in line with previous and recent sales. If you have been on the market for several days with no offers and you now have an offer with highly qualified and motivated buyers, then perhaps the market is telling you what the real price should be. If you received multiple offers and they all offered in the same general price range with similar terms then again the market is telling you what the real price of the home should be. If there were several short sales or foreclosure homes in the area that sold lower than expected then you may be facing appraisal issues at a price higher than those recent sales. Without having the facts to analyze your particular situation, again, these are all speculation on my part.

Sit down with your agent and ask a lot of questions about the sales in the neighborhood. Ask questions about the strength of the marketing already done. Ask questions about the different offers or inquiries that you've already received. Also, you are the boss. You should be clear in your instructions to your current agent about your expectations. He/she may be doing a great job but the lines of communication aren't as healthy as they might be. Then you will better be able to make a decision about whether to accept the less than list offer that you already have or move forward with a new agent and different marketing strategy.

Barbara Stewart
DRE 01273970
Alain Pinel Realtors, Los Gatos
0 votes Thank Flag Link Fri Apr 29, 2011
Ask your agent to show you the sold comparables within .5 miles from your address that have closed escrow in the past three months. If absent of comps within .5 miles, go outward in distance, not backward in time. The sold prices of comparable homes in your neighborhood will give you a good indication at what your list price should be.
0 votes Thank Flag Link Fri Apr 29, 2011
Have your agent provide you with a list of sold homes over the last 6 months; pending sales; and homes currently for sale - all of which are similar to and near your home. Look at the cost by square foot of these sales and then multiply those figures times your home's square footage. YOU then, will see what your home's likely sales price will be.

Refer to the post "Continued, Firming Trend", 4/16/11 at http://www.CaHomes411.com for further information.

Your prospective buyers will do the same comparing. Priced in this fashion your home will sell.

Mike Walters
Mike@CaHomes411.com
Web Reference: http://www.CaHomes411.com
0 votes Thank Flag Link Fri Apr 29, 2011
Hello Qtangie,
Currently, we're in a very strong Buyer's market where many sellers have to make numerous concessions to get their homes sold. Accepting lower offers, assisting the buyers with their closing costs, making numerous repairs, and possibly even helping them with their financing are all common to sellers nowadays in order to get their properties sold.
It used to be that in a Seller's market that some sellers would receive multiple offers so that the selling price would go for over asking price. That still happens occasionally in this market currently but usually the home is priced to encourage multiple bids or is just in great condition in a desirable location.
I don't think that what your agent is stating about accepting a lesser offer and helping with closing costs is out of the ordinary these days. It's up to you to make the decision based on how fast you wish to sell.
Hope this helps.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Apr 29, 2011
I agree with Nina's answer. If you bought when the market was hot you might have paid more than list. If your home is in Gilroy then the market might have changed some since you bought the home. Buyers have gone more cautious, however, it you price the home properly that scenario might not occur. Talk with your agent and have her give you more information as to why that situation exists now.

All the best,
Pat Chadwell, Broker
Realty World - Residential Specialists
http://www.patchadwell.com
Web Reference: http://www.patchadwell.com
0 votes Thank Flag Link Fri Apr 29, 2011
It sounds like you bought your house at the top of the real estate boom; and you are now trying to sell your home at or near the bottom of the market.
Timing is everything; but for now this is the way it is.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Apr 29, 2011
Qtangie-43,

I do not understand the whole situation.....You bought one, and paid $20,000 more on it than List Price? Perhaps there were Multiple Offers? and you needed to pay more to get it?
And now you are Listing the SAME home or Another for Sale and your agent is asking you to accept $10.000 less on it? is there only One Offer on it? Is it a Regular Sale? or a Short Sale? So many questions......and why the 3% in closing costs?? Why dont you call your agent over and sit down discuss this in detail and ask her WHY? what is the reasoning and strategy here??
Wishing you the Best,
Nina Daruwalla
0 votes Thank Flag Link Thu Apr 28, 2011
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