Market Conditions in 90065>Question Details

Singlespeed, Home Seller in Raleigh, NC

Lower priced housing in 90065

Asked by Singlespeed, Raleigh, NC Tue Apr 15, 2008

Hi all, new user really. We own a small hosue in 90065 and we are thinking about selling it. We have rented it out for a bit now but we are no longer in CA. Renting to friends is just too much of a hassle. What I am wondering is since there are so many houses in the 300k to 400k range, mostly bank repos. Are you seeing your clients go after these repo's? Or are they opting to go the more traditional route and purchase a home not in foreclosure?

I know that the buyer holds the upper hand right now, but what are the individuals really doing? Not the investors. We all know what they are doing basically.

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Singlespeed, 90065 has been hit very hard with foreclosures. I have sold three houses in that zip code under $250000 this year-all of them were REO. It's very tough right now to get anything appraised because of the dearth of foreclosure activity.

That being said, the market is only getting worse. Selling now would be recommended to cut your losses. We aren't going to see $400k houses in 90065 for a long time. Call me, I've got buyers galore.
0 votes Thank Flag Link Tue Apr 14, 2009
Greetings,

In a buyers eyes there are some "good deals" in the area of 90065 - My home office falls in that zip code.

However, depending on the location and where your house is, on the hill or in the flats, both will be a factor in the pricing of your home. Further, you may be in a good position to sell if you purchased your home a few years back to walk away with cash in hand!!!

I would appreciate the opportunity to learn more about your home and should you want to list, the chance to interview for the position (by skype or phone).

Last, should you choose to keep your home as a future equity investment, you may want to consider a property manager to oversee the property and act as a buffer between you and your tenants.

Please call me with any questions.

Molly Taylor
Taylor Real Estate
310-920-0965
0 votes Thank Flag Link Wed Dec 3, 2008
You will have to do a 1031 exchange unless you eligible to use the personal residence strategy. When selling a Rental—there are tax consequence. Have you spoken with your CPA or Tax Person? For pricing in your area, you can search the MLS for free at my website http://reolicensedspecialist.com or email me and I can send you daily or weekly updates in the are your home is located in. All I need is your criteria: Price, area, features, etc.—and you will get daily or week updates directly from the MLS. When you are ready to sell, choose a Broker that is knowledgeable in 1031 Exchanges. I am a real estate broker for over 20.years.
0 votes Thank Flag Link Fri Jun 6, 2008
You might get a better price on a bank owned property, but you might also get a property with no guaranties, sold as is, and they will not pay for any repairs. I rather guide my client to purchase a property that is not distressed, and negotiate for my buyer a good deal based on comps.
0 votes Thank Flag Link Mon Apr 21, 2008
So I guess the bottom line will be to look at pricing relative to those REO's around us.

(funny thing about the termite issue, there isn't one. The whole house is framed with redwood! And the entire inside of the house has been redone in the past few years)

I thank you all for your input and thoughts on the question. It helps give me some perspective on what to expect.
0 votes Thank Flag Link Tue Apr 15, 2008
Hello,

Personally, I prefer to deal with traditional sellers vs banks. The banks are so backed up and short on staff when it comes to foreclosures that its very hard to get answers on a timely basis. You do have to compete on your pricing with the banks, but with that understanding, its much easier to work with a seller than a bank for me. My clients are much more concerned with the price of the house instead of whether its a REO or not. A house is a house regardless of who ownes it, its always going to come down to pricing.
0 votes Thank Flag Link Tue Apr 15, 2008
I prefer dealing directly with banks. They are not emotional about the property and don't waste time keeping listings above what the market will bear. If the property isn't selling at the listing price, they will drop quickly. The reality is that the bank owned properties are your competition, and are setting lower comps in your area. REOs have been driving prices down and will likely do so for some time to come. Buyers are primarily concerned with price and if a bank is listing a similar property for less than a residential owner, it is no surprise that the bank REO will get the buyer

Best of Luck,
Newportfiji
0 votes Thank Flag Link Tue Apr 15, 2008
Hi,

As a Realtor, I would always prefer to deal with a traditional seller than a bank. Sellers are usually much more willing to negotiate & do repairs & termite work. I try to steer my clients to traditional sellers because they will have a more positive experience than buying a foreclosed properties. That being said, most buyers perceive foreclosures & even short sales to be a better value, though I haven't seen this yet.

Keep in mind if you sell, you need to be priced competitively with the foreclosures & short sales. Best of luck.

Karen Miller
0 votes Thank Flag Link Tue Apr 15, 2008
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