What can you sell your moderate income home for in Sonoma? (What percentage over what you bought it for?) Can you rent it out at all?

Asked by Cbisio, Sonoma, CA Sun Dec 2, 2012

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Patty Marken, Agent, Sonoma, CA
Tue Dec 18, 2012
Hi Cbisio,
If you home is considered affordable by the City of Sonoma, you cannot rent it out. These are for owner occupied only. You might call the city to find out what your percentage over sale price would be allowed, then you need to see the comps in the area to determine what it would sell for.'
If you need help, feel free to contact me.
Thank you,
Patty
0 votes
Robert Miller, Agent, Santa Rosa, CA
Mon Dec 3, 2012
Good morning Cbisio!

I am happy to answer all three of your questions. The lowest average price per square foot for all single family homes (detached) in the City of Sonoma over the last 15 months was $ 272.00. If your home was 1000 square feet in size it should list for an average price of $ 272,000. The month reflected here is January of 2012. Cbisio, I have no idea where your home is located, how it is situated on your street, what size it is, how many bedrooms and bathrooms it offers, it's physical condition, etc. In other words my answer is oversimplified. For an accurate answer to your first question I would need more information.

When selling your home you cannot rely on a percentage amount for what you originally bought it for as a rule of thumb. After you sell your home you could arrive at this figure but not prior. Why? Because the market value of your home rests on multiple variables which you can change such as physical condition and features and some of those you cannot, i.e. neighborhood, size of home, and current market supply and demand.

Can you rent your home out? You bet! Sonoma County is experiencing a strong rental market and as long as your home is in good shape, functions well, and is priced correctly will rent quickly. If this is a route you are interested in let me know. I have prior property management experience and can steer you in the right direction.

Cbisio, call me and we can make an appointment to meet at your beautiful home. My cell is (707) 481-5506. You can call me any time any day. Then we can sit down and chat about all of your options and I can provide you with a much closer estimation of your homes current market valuation.

Cheers,

Robert Miller
0 votes
I really should have posed this question as "low income property," but I was told to call it "moderate income property"

I heard you can't rent them out and you can't sell them for over a certain percentage of what you paid for it.
Flag Mon Dec 3, 2012
Essex Mortga…, , Santa Rosa, CA
Sun Dec 2, 2012
Cbisio-Your purchase price and the properties rental value have little in common. If you are looking to know what the homes in the area rent for you should use model matches (2Bdrm/2Ba) 1,350 sq.feet with another property of similar characteristics such as your lots square foot,bathroom and bedroom count and of course similar location etc....if you need quick and easy financing in Sonoma County give me a call at (415) 572-8179 Jeffrey Martino Young.
0 votes
Ron Pfleger, Agent, sonoma, CA
Sun Dec 2, 2012
That really depends on a number of factors such as when you bought, the location, the condition, etc. A local agent can provide you with comps to show you what has recently sold similar to your property.

And the rental market is strong in Sonoma. The shortage of inventory is increasing rents. But again the location and condition will determine what you will receive.

Ron Pfleger
Broker
778 Broadway
Sonoma
707.933.8100
http://www.RealEstateAxess.com
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