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Property Q&A in 94303 : Real Estate Advice

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Activity 2
Thu Jun 16, 2016
Sharonemelamed asked:
Mon Nov 15, 2010
Grace Hanamoto answered:
Hello Jen and thanks for your post.

Unfortunately, without knowing whether you purchased the Residence 1, 2 or 3 models or the amount of money you spent, it would be hard to really give you accurate advice. However, speaking generally, since you purchased this Summerhill property back in the early release phase, you may have some small appreciation at this time. The Summerhill companion project, Altaire, is selling a home similar to Residence 1 and priced at $819,000. If you paid closer to $700,000 for the 3 bedroom 2 bath model, there may be about $75-100,000 of appreciation.

To get this appreciation, however, it will require both timing and skill. Selling your home at the holidays is always a challenge because there are far less buyers willing to buy expensive houses when also trying to buy holiday presents. Also, the weather is poorer during the winter months, which makes "viewing" less attractive to buyers. So if you plan to sell, plan to do so in the Springtime when the weather and number of buyers are more attractive, and work with a great agent to list your home at a commission low enough so that you can make some money on the home.

If you choose to rent the property--and this is your only rental home--consider renting the home yourself. Craigslist is a great source for finding quality renters quickly. You should plan to get at least a security deposit, first and last month's rent from any renters. The Tri-County Apartment Association here in Cupertino has excellent information about renting your home or homes. You can give them a call for help, and they can even give you assistance for suitable rental managers in the area.

Good luck!! If you need help listing or selling your Echelon home, do give me a call.

Grace Morioka, SRES
Area Pro Realty
List Homes for as little 1.5% to Listing Agent, Rebates to Buyers
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