Profile picture for interestedinbuying

I am interested in selling my home that I bought about a year ago.

According to zillow, my property has lost a $15,000 value. Is it possible to sell my house at the amount I bought it for? It would be a regular sale, unlike most of the homes listed in my area (most are listed as short-sales).
  • September 29 2011 - Moreno Valley
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Answers (12)

Seems like all the answers are pointing out that you will be losing a bunch of money selling so soon. If it is not necessary, I would like to see you consider staying put. Try to improve whatever it is that discourages you. Maybe new furniture, widescreen, lighting fixtures. Think about making it seem like a different residence. If you must sell, consult a Realtor and CPA.
  • January 29 2012
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Here is a thought about pricing that might help.  Buyers set the prices of the sellers houses. The only thing a seller can do by moving thier price away from market value (higher) is to help the property sell for less.  This is not a bad thing however it is actually the path to understanding prices and to help you to get the best price for your property. 

Flip your mind around and look at the marketplace like a buyer, not a seller. Search for a house like yours and see what a buyer sees. Take a close objective look at their choices in the marketlace. Use this knowledge to price your house to make it look like it is priced right. Once a buyer feels that the price is fair based on the only thing they know (the properties on themarket now) they will feel comfortable buying your property at fair market value.
  • January 28 2012
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Profile picture for Caveat Emptor
interestedinbuying

this is a great way to cost yourself thousands of dollars or destroy your credit, i hope that you don't enter into this lightly and take steps to insure that this never happens agian.
  • January 27 2012
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Profile picture for sunnyview
Maybe, but probably not. It costs money to sell a house and if value have dropped, you would have to bring money to the table to pay for escrow and commissions if you sold with an agent.

You may be able to find a buyer that does not want to wait for a short sale, but I would ask a local agent what they think your chances of selling are for close to what you paid.
  • January 27 2012
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Profile picture for grokster
Don't forget the Realtor commission of 6%

  • January 27 2012
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Fact of the matter is your house should sell for the going market rate. If you want to get an accurate estimate of your value just ask a local realtor for a comparative market analysis for the last six months in your area. From that you will be able to see what homes like yours have been selling for which will be a good estimate of the value.
  • September 30 2011
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Profile picture for Nayna Bawa
First off, you should not rely on a Zestimate to mean that the value of your home has actually dropped by $15,000.  Real estate agents (as well as appraisers for that matter) never base their estimate of fair market value of a home based on Zestimate.  You should get a realtor(s) to give you a market analysis of the your property.  Considering the number of short sales in your area, however, it does seem like your property has most likely dropped in value.  Ask the realtor to give you suggestions on how to market your home strategically.  Since your home is not a short sale, there is a greater lure to a potential buyer.  Short sales typically take longer and require bank approval. Again, I would strongly urge you to speak to a few realtors to get a better handle on your property.  Best of luck!
  • September 29 2011
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Profile picture for sunnyview
The market in many places has dropped in the past year so I do not know if you can sell your property for the price you paid or not. You need to call several local agents in your area and ask them for a CMA so you can see where you stand. Do not list with the highest CMA, list with the agent that gives you an honest assessment of your market including how many days your house will take to sell at a given price.

Remember too that you will have closing costs to pay in a 4-6% agent commission and escrow so even if you sell your home for the same price, you will need to consider how much money you will actually need to bring to the table to close.
  • September 29 2011
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Yes it is possible to sell your property.
Yes there are some things to take into consideration like tax issues or home buying rebate etc. 
Contact your friendly local agent and have them chat with you.
Homes are selling quite quickly here locally.
  • September 29 2011
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Did you get tax refund when you bought your home? If you did get $8,000
or $10,000 tax refund, you will have to pay it back. Most likely you will have to come up with a difference out of pocket. You need to ask a local agent to give you realistic CMA + you will pay real estate comission and closing cost.

  • September 29 2011
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Also you should consult a CPA or attorney with regard to the tax implications. You will most likely be responsible for capital gains taxes if you do not live in your property for 2 out of 5 years...

You should consult a local real estate agent to give your CMA- comparative market analysis, so you can get an accurate idea of what you can sell your home for. I would not go by Zillow's Zestimate alone.

Thanks!
  • September 29 2011
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Profile picture for blank screen EXILED
It is possible; but you still lose money due to the transaction costs, such as Realtor and broker fees.


The modeling Zillow does for the estimates excludes all short sales, all foreclosures, and all other distressed transactions, so the estimate is not reflecting short sale values, but full priced recent sales.  But there is a wide tolerance range, based on what people want to buy, and are willing to pay.  So what will limit whether you can get what you want is the number of people looking and the other similar homes on the market when you list yours.  Obviously, curb appeal and marketing exposure make a difference too.

Available jobs in Moreno Valley will also have an impact.
  • September 29 2011
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