At what price to you become a seller?

Out of curiosity many homeowners search Zillow to see what their homes current value. We can all agree Zillow's property values are sometimes accurate other times not so accurate. According to Zillow you see your homes value is $75,000 more then you expected. If you were brought that over the top offer, have you thought about where would you move to?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013 - Valencia
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (20)

Best Answer
Profile picture for hpvanc
I have set in my mind the value that would cause me to move with all other factors equal, if I think the market has reached it and those values are not supported by economic fundamentals, I will sell and rent in the same area and wait out the new bubble.  

I will pay for a professionl appraisal to validate my opinion of value before I even talk to a real estate agent about their services.  If the current trend continues I may be listing next fall or winter.  Rents are dropping here what are they doing in Santa Clarita?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Profile picture for Pasadenan
As they say, if you have a million dollar home in a "Camelot" climate zone, and property taxes are fixed at $2.4k annual with maximum increase of 2% per year, and no mortgage payment of any kind...  there really is no reason to move nor accelerate moving.  But 640 acres with a 3500 sqft 2 story house in a wooded area with similar climate zone for $150k would be nice, especially getting away from the helicopters, trains, traffic, noise and 150k people.  Singapore and Australia are still looking pretty good, especially as they speak English and their intelligence agencies didn't hire those ex Nazis and ex KGB employees.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2013
@Pasadenan Yes, I noticed the specific list that's why I responded "only if one wants to fall off the grid..." not looking to be pinged for any reason by BB.
I wish you and Sandy luck finding that perfect place to call home! Yes. Santa Clarita is very hot at times... but hey it's a dry heat...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 27 2013
Profile picture for Pasadenan
I don't know if you noticed that the list I gave starting with Hong Kong is the places Edward Snowden was going/talking about going to avoid being prosecuted for espionage due to disclosing to the public part of the U.S. Government's spying program of the U.S. citizens, and the fact that the U.S. Government has given this private data access to over 1 million private contractor employees.

I pretty much ruled out Italy for my family due to not speaking Italian and minimal Latin, and the cost of living.  It also is a bit crowded for me.  But I do have friends there that stated "come any time".  The climate zone along the Mediterranean is about right for me though.

And I see as usual, I got Santa Clarita and Santa Clara mixed up.  We really do have lots of Santa's in California, though I've always wondered why Santa Clause is not San Clause, since Santa is the feminine form of the word "saint", and "San" is the masculine form (as in San Francisco), and Nick is Male, not female.

Santa Clarita is way too hot and dry and sandy for me.  I can think of absolutely no reason to move there.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 27 2013
@hpvanc Here are the current average rental trends for single family homes, condo's and townhouses in all of Santa Clarita per the MLS:
April listed for $2450 rented for $2200
May listed for $2398 rented for $2225
June listed for $2325 rented for $2475
Market trends were going down, now on the rise at this point as of 06-26.

I completely agree with you, get an appraisal before you do anything. It takes the guess work out of what you should list for and what a buyers appraisal may come in at.

Your strategy of selling and renting, watching and waiting is a great one. It's not suited for many but it really does work.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 26 2013
@Pasadenan Since YOU are asking... I'd move to Italy, yes I know it's expensive there, the gov't has it's own very public issues but it's a gateway to Europe. At this point one may move to Hong Kong, been there, however the countries you mentioned... Moscow, Cuba, Venezuela, Ecuador, Iceland... only if one wants to fall off the grid... maybe just maybe job related.

I don't view moving to a different state as a negative, yes it would be a  challenge starting up a a new real estate career, in my eyes it would be a positive one. Sometimes change is good... yep I am using that cliche.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 26 2013
Profile picture for Pasadenan
Jennifer, since YOU asked the question, where would YOU move to if you could get out of Santa Clarita, and could go anywhere in the world you want?  Why would a Realtor stay Santa Clarita, if it wasn't for:
1) Family in the area
2) Tech jobs of spouses/Relatives that they can't do in Hong Kong, Moscow, Cuba, Venezuela, Ecuador, Iceland...
3) high cost of living
4) California real estate license isn't good in other States, and would require retaking the 1/2 day test plus paying the licensing fees again.
5) One doesn't know anything about any Real Estate in any other areas, thus would have to learn about the neighborhoods and housing if one wanted to stay in the same profession.
6) One likes a more wet climate than Camelot
7) housing turnover rate is faster so that people can lose more money on their housing handing it to agents that provide no services of any kind.
8) Existing client base that one would lose if they move.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
@SoCal_Engr I agree!!!!!!!!!!  "Unless/until you can show how the numbers actually work (outside of a scenario where one reduces their new housing costs by either downsizing or relocating to a less expensive locale), it's all marketing hype".
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Profile picture for SoCal_Engr
"However with a new purchase interest rates are probably less then their current mortgage."

Not if they have two brain cells to rub together (have you paid attention to interest rates over the past few years?). And, if they haven't taken advantage of those rates, they're likely not in the equity position of your original scenario.

"If the sellers and or buyers have grown children they may need the mortgage interest tax deduction (not a CPA, verify benefits of deductions with your CPA)."

Oh yeah. That's what I want to do. Spend a $1K to get a $300 tax break. Mortgage interest tax deductions make sense if you'd already be shelling out an equivalent amount for rent. Otherwise, it's not "found money", it's "cutting one's losses". I'd much rather have the house paid off, give the IRS their $300 and pocket the $700 (though keeping the whole $1K would be better yet).

"If the list agent represents both seller and buyer they should reduce commission (4% in my opinion to do both transactions)."

That's how I negotiate listing agreements. However, that's (a) an "if", and (b) doesn't make a significant dent in the original math I laid out.

Unless/until you can show how the numbers actually work (outside of a scenario where one reduces their new housing costs by either downsizing or relocating to a less expensive locale), it's all marketing hype.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
@SoCal_Engr not a "badge bunny" here. Not trying to impress, trying to show atleast I seek extra training to do price evaluations. More then most agents will do, don't you agree? By no means does a one day course make anyone an expert, never claimed I was. I actually care about helping people, not hurting them.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
@SoCal_Engr I agree on many of your points, it has to make sense for a homeowner to sell in this market. There are few instances like you mentioned:
~ move out of state
~ move to a more affordable community
~ downsize

However with a new purchase interest rates are probably less then their current mortgage.

If the sellers and or buyers have grown children they may need the mortgage interest tax deduction (not a CPA, verify benefits of deductions with your CPA).

If the list agent represents both seller and buyer they should reduce commission (4% in my opinion to do both transactions).

We have a renting vs. buying page on our website we tell people if they don't plan on being in one place for more then 6 years renting should be strongly considered. We're not about the commission, we don't have a problem walking away, problem is there are others that do it for the $$$ over what's right. But you have that in every profession.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
I'm a Real Estate Agent, I don't leave the house for $75K.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Profile picture for SoCal_Engr
"I am have the Broker Price Opinion Resource, BPOR certification through the National Association of Realtors, I took the course to go that extra mile when placing a value on a property."

Please forgive me if I seem under-impressed by the "extra mile" required to attain the BPOR certification. Sometimes, NAR reminds me more of Boy Scouts or Girl Scouts, with all their merit badges.

From NAR's site, regarding the BPO Resource designation...

"This one-day course will explore the multiple uses of BPOs, how they can and cannot be used, and how to filter and select comparables to create expert and precise BPOs. Upon completion of the core course, "BPOs: The Agent's Role in Property Valuation", members will need to take a free webinar and pay a one-time fee to earn the BPOR certification."

and...

"How to become BPOR certified:
  • Complete the one-day course "BPOs: The Agent's Role in the Valuation Process" with a passing examination score of 80%.
  • Submit BPOR application online at www.BPOR.org and $199 one-time application fee.
  • View a free one-hour webinar on BPO best practices which will be available after you have submitted your application online.
  • Be a member in good standing of the National Association of REALTORS® or one of its international cooperating associations."
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Great answers so far!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
@wetdawgs Everyone has their price to sell, it's always interesting to me to hear homeowners opinions on their homes valuation. Everyone's believes their home is the best on the block. 

I am have the Broker Price Opinion Resource, BPOR certification through the National Association of Realtors, I took the course to go that extra mile when placing a value on a property. It's all about fair market value and being realistic.

On the other hand, some homeowners don't realize what their neighborhood market has been doing, surprised to learn they have equity instead of owing more then their home is worth. Those are the appointments I especially love to sit down and present my property valuations, seeing that big smile and sigh of relief.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Profile picture for Pasadenan
Yes, the proposition 13 Tax benefit is one reason I'm not considering moving to somewhere else in California, unless it is an extremely rural area, lower cost than present, and better climate zone.

And if I had my choice, I certainly would move to some place where the CIA hadn't hired ex- KGB and ex- Nazi's to spy on me for the benefit of the Billionaires that run the country.  And Google and Microsoft spying on me isn't any better.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Profile picture for SoCal_Engr
When it comes to my primary residence, I think in terms of "Am I happy?", "What are my plans?", and "What would it take to move forward?"

I once purchased a house, and it was a nightmare scenario during construction. However, by the time I closed, similar houses were selling for 33% more. My REA tried the "let's flip and you'll make a bunch of money" line on me.

Great, let's run that one through the calculator.

#1)  Sell current primary residence at $X, at 33% over purchase price.
#2)  Pay commissions on $X. Gross is now 25% over purchase price.
#3)  Good news! Originally put 20% down, net is 44% of sale price.
#4)  Buy "equivalent" house. Doh! More expensive?!
#5)  Put 20% down. Money in bank. Yea!
#6)  At same terms, mortgage is now 40% higher than before. Boo!
#7)  Increase down to get same mortgage as before. Yea!
#8)  Rut roh! Necessary extra cash is 33% more than net from sale.

End state?
-- Equivalent house
-- Higher property value, higher taxes
-- Cash-on-hand is now down 33% of "net proceeds" from sale. Oops.

Things can definitely be different for investment property, or if downsizing, or if relocating to a less expensive locale. However, the considering only a fraction of the overall equation is a good way for the consumer to dig a hole for themselves.

On the other hand, that's another sale and commissions generated for the REA community. Yeah!!!

   ;-p
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
@Pasadenan I like how you think in regards to seeking out a community and/or country in which climate, noise and population density are key factors in your decision making process, very detailed oriented!

The "Make Me Move" section in Zillow is in my opinion, is designed to be a tool to bring sellers back to reality a bit, "test sell your home". Yes we're in an increasing market, however nobody's going to pay well over fair market value today with the foreclosure nightmares we are still experiencing. In very few instances do I see a buyer that's willing to pay all cash or bring money to the table to make up for the appraisal issue.

~You might be surprised what Santa Clarita has to offer!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Profile picture for Pasadenan
I'm always looking for a place to "move to" (such as Australia, New Zealand, South Africa, Singapore...) ; but moving is such a hassle, and it would not be convenient to move presently.  And my "make me move" is set substantially above $75k above present market value.

One issue for me is climate Zone.  Though I have downloaded the climate Zone data, I have not created my custom search boundary for the specific climates of interest yet.  Nor have I evaluated the climate from the data in any detail yet.  And certainly, cost of living is another factor, as well as noise and population density.  Santa Clarita would probably be ruled out for multiple reasons.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
Profile picture for wetdawgs
I think in percentages.   If my home value is $10,000 and I was offered $85,000 I probably would move.   If my home value was 4,500,000 and I was offered $4,575,000 I probably wouldn't.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 25 2013
 
Related Questions
At what price to you become a seller?
Profile picture for Pasadenan
Latest answer by Pasadenan
June 28 2013 | 20 answers
  • Asked by Jennifer Ricco
  • In Pricing
  • June 25 2013
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 31913 Cinnabar Ln, Castaic, CA Home For Sale
    31913 Cinnabar Ln, Castaic, CA 91384

     For Sale: $265,000

    • Beds: 3
    • Sqft: 1536
    • Baths: 2.0
    • Lot: 4704
  2. 25716 Player Dr UNIT T1, Santa Clarita, CA Home For Sale
    25716 Player Dr UNIT T1, Santa Clarita, CA 91355

     For Sale: $185,000

    • Beds: 2
    • Sqft: 1041
    • Baths: 2.0
    • Lot: 435
  3. 25637 Bellerive Dr, Valencia, CA Home For Sale
    25637 Bellerive Dr, Valencia, CA 91355

     For Sale: $575,000

    • Beds: 4
    • Sqft: 2105
    • Baths: 2.0
    • Lot: 5532