Without using a realtor, how does one know what a good price is to list their home at?

Asked by Lucy031707, 44118 Tue Sep 8, 2009

With all the foreclosures happening (particularly in my area of Cleveland Hts., OH), what should be taken into consideration when looking at comprables in the neighborhood and coming up with a price? I bought my house in 2004 at 100K, put in over 20K of upgrades and repairs, but given the forclosures, I am wondering if 109K is too much to ask.

Help the community by answering this question:

+ web reference
Web reference:

Answers

14
Jim Norbuta, Agent, Pepper Pike, OH
Tue Nov 3, 2009
BEST ANSWER
Lucy,

You're entering a more difficult time in the year to sell your home. If you list with someone for the next 6 months, it is your best chance to sell if you really need to sell. If you don't need to sell, wait until March.

If you still want to market your home yourself, University Hts. is home to many who work at Cleveland Clinic, University Hospital, and John Carroll University. Start by developing a flyer that you can e-mail to all of your friends. Make sure you have friends who work at these places.

Many Blessings,

Jim
0 votes
Don Bush Team, , Columbus, OH
Tue Sep 8, 2009
Without a Realtor, it is a roll of the dice. Price lower because it will lack exposure; at least it is so here.
1 vote
Bob Whitcraft, Home Seller, Bratenahl, OH
Fri Mar 15, 2013
Price is based on comparable units in the same community.
0 votes
Sean Payton, Agent, Cleveland, OH
Tue Mar 5, 2013
Well, if you are not going to use a real estate professional to get you those answers, then I would find out what the recent sales prices were for all of the homes in your area of Cleveland Heights. Without knowing what that area is, I would stick with the homes that actually have sold on your street or a few streets in either direction to use as a gauge. Even with foreclosures, the highest recent sale is a good indication of where buyers are willing to go on the high end. Depending on the quality of your home and its proximity to those recent high end sales, if your home is in the same condition or better, I would say that those sales prices would be a good starting point for list price. Good luck to you.
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Feb 24, 2013
This is like saying; without using a paint brush, how will my house look?
0 votes
Maggie Robin…, Agent, Lakewood, OH
Sun Feb 24, 2013
Any area realtor can give you a great idea by pulling comparables and knowing the city. Call your local Howard Hanna office and ask a realtor to come over and give you (a free) their appraisal.
You'll be glad you did.
0 votes
Alison Giral…, Agent, Medina, OH
Sun Feb 24, 2013
You will know if you are asking to much because you will not have people coming to see your house. You would want to lower the price then. Something to remember is the effort you are putting into marketing your home. If your home has not had an interested party and all you did was post a single ad in the paper, your efforts would need to be increased before you would want to reduce. I understand selling your house can get expensive with the cost of the ads and the other expenses, but that is why most people use a Realtor in the end. Trying to sell your own home doesn't always save you money, especially when you can't give it the proper exposure on the MLS and you don't know what to do to get the best possible price. Good luck. My best advice is watch your neighborhood and compare. What does your home have to offer? Why is it special? You'll soon answer your own question with those answers.
0 votes
Maggie Robin…, Agent, Lakewood, OH
Fri Nov 13, 2009
Hi Lucy,
I'm from Lakewood, which is a similar area of homes to Cleve Hts...and while the buying community is somewhat different, I'd bet the same is going on there...which is probably this: the top condition and lowest price homes (non-foreclosures) are selling first and FAST. The homes that are OK and priced OK are just sitting. With so much inventory the buyer can leave one house and go to another like they click their mouse. If you really want to price it right and get exposure (without using one of us wonderful realtors, with all our wonderful connections!!!) then get it on the internet (trulia, FSBO.com, craig's list, etc) fast and at a low price. Check these sites for other Cleve Hts properties and see how they match to yours. And, if you REALLY want to get an unbiased opinion of what your home might sell for, go to open houses in your area and look at them...Ok, that's it. Good luck!!
0 votes
Mack McCoy, Agent, Seattle, WA
Tue Nov 3, 2009
Yep, that's a problem.
What you're really asking is: If I don't ask the most knowledgeable people, the people most likely to know the correct answer, what answer will I come up with.
I sympathize that you're trying to avoid the commission, but if you ask three local agents for a CMA and give them $75 each toward a charity of their choice, you'll get really good and educated opinions without any guilt whatsoever.
0 votes
Dp2, , Virginia
Tue Nov 3, 2009
Depending upon the area of Cleveland Hts, 109K might be OK or it might be slightly overpriced. I suspect you already know that properties that are closer to University Hts have higher valuations, and ones closer to East Cleveland have lower valuations. However, you haven't mentioned anything about your flexibility on the terms.

Jim's comment about the area being "home to many who work at Cleveland Clinic, University Hospital, and John Carroll" is one of the key reasons I look for deals in that area. Please PM me with more details; I might be interested in that property.
0 votes
Linda Roby, , Cleveland, OH
Wed Sep 9, 2009
Lucy - with all the competition on the market right now, you will need to price your house low enough to get attention. Without seeing your home, it is hard to say what a good price is but from your description, $109,000 does not sound like a bad place to start. If you would like an up to date market analysis of your home let me know. lroby@kw.com
0 votes
James Gordon…, Agent, Hamilton, OH
Tue Sep 8, 2009
In my area it is the same as Don's. You need a lower price to attract people who are already looking at an overwhelming number of properties with their Realtor® and you should expect a lower initial offer because you are "saving" the expense of using a Realtor® to market your home.
The buyers forget that you are spending more in advertising because you are shooting ads in a lot of places. Realtors® know what advertising on a listing brings buyers, and they know what advertising of homes for sale brings more listings to them.
Web Reference:  http://www.Find1Home.com
0 votes
Andrea T. Ro…, , Ohio
Tue Sep 8, 2009
Hi Lucy,

109,000 in Cleveland Heights is not bad if your home has been updated. However, it may take a little longer for your home to sell since the market is filled with foreclosures. If you send me your address to my email I will do a market analysis free of charge.

andrea@andreatrobinson.com
0 votes
David Brewer…, , Livonia, MI
Tue Sep 8, 2009
Putting your address into trulia should show you all the recent sales in your area and give you an idea as what houses are selling for in todays market. This is a buyers market Lucy. If you are looking to get top dollar for your home I would suggest you not sell at this time.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more