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!
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.
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.
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.
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!
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.
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.
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 firstname.lastname@example.org
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
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.
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.
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.
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.