Bryan, Both Buyer and Seller in Grand Junction, CO

I own a house in Grand Junction and have a potential move to Denver in the near future. It has been on the

Asked by Bryan, Grand Junction, CO Thu Jan 22, 2009

market before but we didn't have a whole lot of luck and are considering either putting it up again or renting it out. With the current market in a state of flux, what would you guys recommend? I would like to know the best option becuase the equity would be neccessary for a new place. The house is just east of 30 rd and north of D and is about 1600 sq ft. I will provide more info if you need it, thanks.

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Bryon,, in today’s market selling a house can be very challenging. With a high number of foreclosures and short sales on the market versus the normal resales and new construction homes, buyers are being selective about getting the best deal. As an active real estate agent, working with buyers and sellers on a daily basis, I notice sellers ignoring important factors that can prevent their home from selling. So, here are a few things to avoid when selling your house in today’s market.

Price – Price is a touchy subject with most sellers, an accurate price is the single most important factor to getting a house sold in a reasonable amount of time. Work with your real estate agent and develop a realistic price range based on recent sales in your neighborhood.

Condition - Prepare your house to meet or exceed other homes in your area. You want a buyer to instantly imagine themselves in this space as their new home. Think of how you feel when you walk into a new construction home model and you fall in love with the smell and the clean condition. Today’s buyers want a great price and a home in great condition.

Keep in mind when you need to sell your home the price you sell for may be less than what you feel you need to get into your new home in Denver. However, you will also be buying in the same type of market in Denver so your can get a good price on your home there also.

Consider using FHA Financing for a little as 35% down for your new purchase.
1 vote Thank Flag Link Mon Apr 18, 2011
Bryan
You have a lot of options. You could put your house on the market and rent with the provision that the renters will cooperate by showing the property during the listing period. You could consider a lease to own/option to buy. An option to buy gives the occupants incentive to keep the house as "their own". If you have enough equity you could do a wrap and finance the property. And lastly you could list the property. Our market is moving. Properties priced right are selling. Make sure you have a real estate agent that is internet savvy and is experienced. All the previous answers are truthful. Price it right and they will buy!
0 votes Thank Flag Link Fri Jun 10, 2011
This market is familiar to me. It could change overnight or first thing this Spring.
Homes are still selling but at lower prices than before. So it is very important to
price it right at market value. Also renting is different that a year ago. Many calls and
everyone has pets. This could results in damage which also brings the price down.
It is a hit and miss situation. I suggest listing with us as we have a very inivative marketing
program. Hope to hear from you soon. Toni Heiden
0 votes Thank Flag Link Thu Sep 10, 2009
Bryan,
All of the answers you have received have been great advice. The largest component to getting your home sold in today's market is PRICE$! Make sure you have an updated Market Analysis and price it right from the start! Your most exposure is in that first couple weeks and if it is not priced right then you will be playing catch up with the market while your home sits. You may have to take a slight hit on your equity, but when you go to buy a new home in Denver you will probably get it for a better deal in a Buyers Market. Instead of refinancing, I would suggest selling and looking at other financing options for less money down on your new home. FHA just raised thier loan limits again and you can put as little as 3.5% down.
0 votes Thank Flag Link Fri Feb 27, 2009
That's an awesome idea Sandy! Trades are very common right now and create a win win situation! I hope it works out for both of you. Good luck!
0 votes Thank Flag Link Tue Jan 27, 2009
Hi Bryan, I just read your question. This is probably too far fetched but my son just put his 2 bedroom condo on the market 2 days ago, in Thornton, Colorado. Maybe you 2 could trade to save you both lots of money. He put it on for $125,999.00 I think, and it's a newer well kept. You can look at it here on Trulia, the address is: 3251 E. 103rd Place, 1110. Zip code is 80229. There are 6 pictures of it. You never know, it could help the both of you.
0 votes Thank Flag Link Tue Jan 27, 2009
Hi Bryan! Our market is still tough, but things are loosening up a little. So I don't know when you previously had your home listed or for what price, but I would suggest getting with your Realtor and have them run some fresh comparables with new days on market computations and settlement figures for you before you make a final decision. There is always the lease to own option (which you could do here and in Denver) but those come with risk. The refinance idea is good, but comes with a cost. So depending on how much equity you have, it could be a good option or it could put you at higher loan to value ratio which could make it more difficult to sell, especially if the markets drops. Also, keep in mind that renting is also a risk. Hope that helps. Please don't hesitate to call me if you'd like to discuss this further.

Shelly Christensen, Broker Associate
Re/Max 4000, Inc.
(970) 985-1525
0 votes Thank Flag Link Sat Jan 24, 2009
You may want to consider refinancing if you have enough equity in the home. Then you would have more for a down payment. If you want to do a cash out refinance then you would not want to put the house on the market because that would make it very difficult to refinance. On the other hand , you would be qualified for an FHA loan and would only need 3.5% down on the new home in Denver. There are several loan options for your current residence and the home you're purchasing in the future. I am available anytime to answer questions.

Thank You,

Dominique Ressurreicao
Co-Branch Manager
American Pacific Mortgage
559-892-6812
0 votes Thank Flag Link Thu Jan 22, 2009
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