Home Selling in San Antonio>Question Details

Johnny, Other/Just Looking in Scottsdale, AZ

I have interest in selling a house in the 78232 area. How do I know if the price is too high for a quick sale?

Asked by Johnny, Scottsdale, AZ Thu Sep 25, 2008

The house was appraised at 144K and is listed at 165K. It was recently remodeled. The property was left to relatives who borrowed 26K to remodel it promising that the money would be returned as soon as it sold (it is part of a probate court ruling). I don't have contact with the realtor so I don't know who set the price. I need to know how to go about getting it sold quickly.

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21
Hey Johnny - Danny T here. (Disclaimer - this is my opinion, I do not represent anyone in any transaction related to the property in question.)
I have a listing right done the road from this one - different neighborhood, but similar issues. Remodeled, updated, priced seemingly correct, or "in the market". One problem that I see, with your home( and my listing), is that the square footage is on the top-side of that particular area. Average homes sold in last six months were closer to 15-1600 ft. Yours is bigger. A bigger home priced at the same square footage, which seems reasonable, ends up being the highest priced listing. The average buyer tends to buy a home that is in the middle, or below middle, when looking at square footage and price. Someone really has to love the home, or love the area to go against that...OR, love the deal. In other words, they want to buy it cheap.
In the Buyers market that we are experiencing, price is king. We are also moving into the winter months. So active buyers right now are very cocky... they want a deal, and will likely get one.
I would need to actually see the home, but just based on what I see in the MLS, and what is going on in S.A. - its the price. Homes that area selling are priced "ahead of the market."
I will add that during this more difficult time in the market, you do need an agent and a company that is aggressive in every aspect of the word. For instance, my office has gone from 10% market share last year, to 17% market share year to date. That would be an example of aggressive. I could brag some more, but you could just visit my website, or email me and I can give you more examples. In any case, you either need to get with your agent (assuming this is your home), or asked to be released from the listing agreement and find someone who will get the job done. I know the other three agents who have responded, and they are all excellent Realtors. You have a lot of options.
All the best!
DannyT
Web Reference: http://IsellSanAntonio.com
2 votes Thank Flag Link Fri Sep 26, 2008
This will sound a little strange, but an appraisal and a comparative market analysis are not the same things. If you want to sell your home fast, you need to be the lowest priced property against your competition in the area. An appraisal will show you what a bank will loan on that property, but does not reflect or account for the time on market, nor the competition. If you want to shoot me your address, I can do a quick CMA for you and tell you where you should be at to sell quickly and still make as much as possible on the sale.

Blessings!

Cody Waters
1 vote Thank Flag Link Tue Sep 30, 2008
Brandy,

Many homeowners still believe there is a "rollover" law, but this is not the case. If the home is your primary residence (and in Johnny case it is not from the way I understand it, so different rules apply to him), there is a capital gains tax exclusion, even with the passing of The Housing And Economic Recovery Act of 2008 (this act changed some of the rules regarding the exclusion, but the exclusion still exists). One of my favorite Realtor blogs (a friend of mine) sums it up nicely (the link is the web reference below). I suggest if you are selling your home and someone has convinced you there is a "rollover" clause that you speak with a qualified CPA or tax specialist, so they can show you how you may/may not use the exclusion.

Good luck with everything.

PS My dad still believes there is a "rollover" clause, so it is quite common to hear this.
1 vote Thank Flag Link Fri Sep 26, 2008
Johnny,

A couple of different ideas for you. One is to call the agent with the listing. Tell them you want the home sold in the next 30 days and what price you'll need to make that happen?
Hire an appraiser to do the same thing.
You could also call a 2nd agent from a national company and tell them the same thing. Compare the 3 numbers. If they're not too far apart pick the lowest one. In today's market you want to price ahead of the market not at the market to better ensure a sale.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Fri Sep 26, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Johnny,

Well based on Josh's information and the MLS info I looked up (basically confirming Josh's information) it sounds like the price you have listed is higher than others that have sold in the last six months. Of course, without comparing apples to apples, this isn't necessarily true (ie, the house you're speaking of could be huge compared to the other sales in the area, have 10x the land, etc.).

Best advice: have the sellers (since it isn't you, if I understand correctly) contact their agent or the broker and talk about where you should go from here in terms of price to get this house sold. I sense urgency on your part and if the urgency is there for the sellers as well...then it sounds like this is the best course.

Since there is another Realtor already listing the house none of us can really do much more than suggest you (the sellers) call the agent/broker and work this out for everyone's best interest.
1 vote Thank Flag Link Thu Sep 25, 2008
Johnny,

As you mentioned you "don't have contact with the realtor" and that the property "was left to relatives" I assume you are not the seller. The best way to get the home priced correctly is to consult with a Realtor, but based on the sound of your post, I have a feeling you feel its priced too high. The best bet is to speak with the listing agent and see what they think is a good option. If a lower price is needed, they should be more than happy to comply. If you're looking to sell even quicker, then a really aggressive price would be best. A Realtor should give you a good range for a price based on their research and knowledge, but the seller should always have the final word in pricing their home.

I do agree with Ron that an appraisal is a good idea for qualifying the price, but a good idea of the local comparable sales would help narrow the price down even further to see how the local (to your neighborhood) market is performing and how long the average sales are taking to close.

Good luck with everything and have a great night!
1 vote Thank Flag Link Thu Sep 25, 2008
Ok,

Here's a shot in the dark, but what the hey.. is the home you are referring to in Hollow Oaks?

If so, here's the skinny on the past solds (6 Months)

Low: $120k (1481 sq. ft.) DOM = 37
High $151,00 (1807 sq. ft. - SAME SQ. Ft.) DOM = 32
Median: $144,800 (1630 sq. ft) DOM = 39

50% of those home were sold from my office.

Hope those facts help you. Contact me for further advice and opinions.

Thanks,
Josh
Web Reference: http://www.eXposedHomes.com
1 vote Thank Flag Link Thu Sep 25, 2008
Johnny,

The zip really doesn't help narrow down the location and therefore makes it extremely difficult to depict an accurate price. An "eXposed timing" analysis and an "eXposed highest price" analysis is what I would do on the property to ensure it's priced right for you and your situation. We've been fairly successful with those tools.

Is there possibly a way you can shoot me the MLS #? That will greatly help me get you a more precise answer.

Thanks,

Josh
Web Reference: http://www.eXposedHomes.com
1 vote Thank Flag Link Thu Sep 25, 2008
Good evening Johnny,

You can always have an independent appraiser go out and give you an accurate assessment of value. A typical appraiser will charge around $350. I like Kellogg Appraisal. David Kellogg is great to work with and very knowledgeable of that area. You can get his info at http://www.kelloggappraisal.com

I would be glad to do a complimentary assessment of value for you by sending you a list of homes that have sold in the area plus current homes that are competing with the home. You are welcome to send me an e-mail with the information to ron@homeron.com

I hope your relatives sell the home quickly and do the right thing of paying you back.

Have a blessed life today,

Ron Mersinger, ABR, PNG
RE/MAX North - San Antonio
210-520-0900 direct
http://www.ronmersinger.com
ron@homeron.com
1 vote Thank Flag Link Thu Sep 25, 2008
Johnny...

I noticed your property is pending.. perhaps everything has worked out ok? It would be great if you could let us all know how things go after closing and if this forum was a great help to you.

God Bless,

Josh
Web Reference: http://www.eXposedHomes.com
0 votes Thank Flag Link Tue May 5, 2009
You can contact an investor to give you free comparable home sales in your area to determine if your house has enough equity for a quick sale.
0 votes Thank Flag Link Sun Apr 26, 2009
Brandy, I didn't think you were out of line at all. You were just trying to show that there are many ways to determine value. I think you already know that the appraisal won't reflect actual market value and my point in the first place was to suggest that ordering an appraisal before selling your house would be a needless expense for the seller. Hopefully the lender will pay for an appraisal as part of the loan process.
0 votes Thank Flag Link Thu Oct 2, 2008
cody - i sent you my addy in a email.

patrick - I hope you didnt take it as me being rude, i was far from it. sorry if it sounded that way.

i hear ya on the appraisal the guy that wanted to buy our house wanted one but he contacted his lender first and they reccomended someone they will accept at closing.
0 votes Thank Flag Link Thu Oct 2, 2008
Johnny again:
The address is 13902 Crooked Hollow (Dr?) San Antonio, TX 78232
Thanks!
0 votes Thank Flag Link Tue Sep 30, 2008
Brandy I know you understand the difference between an appraisal and actual market value, but another reason I don't recommend this person order an appraisal is because he will have to pay for it. And once that is done, what's the benefit? He's going to need a CMA anyway, and those are free.
0 votes Thank Flag Link Tue Sep 30, 2008
thats why i said get a appraiser and go from there. i know a appraiser appraises your house at what its valued at - now can you get what your house is appraised at - nope - but you can look at how much its appraised at and go down from there.
0 votes Thank Flag Link Mon Sep 29, 2008
I wanted to address the answer below where it was suggested that you get an appraisal to determine the market value of your home. This is incorrect. Appraised value and market value are two different things. Market value is the price that a buyer would pay for your home today and is based largely on comps. A Realtor can provide this information to you at no charge.
0 votes Thank Flag Link Mon Sep 29, 2008
Brandy,

No problem. I hope it helped you out and now that you know it too, you can pass it along to your friends and family so they won't feel the same in the future. Good luck!
0 votes Thank Flag Link Mon Sep 29, 2008
Thanks so much Matt for clearing that up for me.
0 votes Thank Flag Link Mon Sep 29, 2008
I would say get an appraiser to appraise your house and go from there. Be carefull thought because any and i mean any profit made from the house is taxed if you do not roll it into the new house being purchased. I am not sure how you are going to repay your relatives but when your house sells and you get your "profit" and you think you can just use it anywhere you can with a big tax amount taken out.

We are selling our house and should make $40k - $50k in profit and we were going to use that to pay off our vehicle till we found out that the money will be taxed. We changed our minds very fast and we are rolling it into our new home.
0 votes Thank Flag Link Fri Sep 26, 2008
Johnny again:
The house IS in Hollow Oaks. The condition on the repair loan was that the house would be priced to sell, not to make a profit. The realtor handling the sale is with Oasis and I've never heard of them so I'm nervous about how long it will sit on the market.
0 votes Thank Flag Link Thu Sep 25, 2008
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