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Answers (12)
- smile10950
- Contributions:5
I would like to thank you for all your posts, especially Lisa, Jim Stevenson and Fajardo. You all have been very helpful. Of course the best scenario for me is to sell the house. And I hope I will be able to do that soon. I am in the last stage of beautifying the house...:)
- Lisa Palermo, "Lisa Palermo"
- Contributions:77
good morning..
ok, now that i have your information to make an informed response for you
this is my recommendation.
first, do not go by zillow's zestimate, oftentimes they are not an accurate
number for current market.
second, interview three local realtors and ask them to each to give you a current market analysis for your specific home with comparables that have sold currently, (within last 90 days)
3. select a realtor that you feel most comfortable with that will get your home sold in a timely manner for a fair price based on market analysis.. do not choose realtor who offers you to market at highest price.!! select asking price by pricing compellingly /stronger / a bit less that competively by looking at what homes are on the market now that compare to yours.
Shine up your house like you would if you were selling your car.. Clean it up throw out what you wont need and get rid of all clutter.. Less is more money in you pocket..!!
4. understand that whatever fair market value is now for your home, you have had MANY years of enjoyment in your home,
you are blessed to have equity in today's market when so many are struggling with this.
5. Understand also, that when you get to california you will enjoy the
lower market price of homes there as well as the bonus of incredibly low interest rates right now.. (todays rate 4.35%)
6. if you need some referrals for agents local to you i will be happy to provide this for you.
7. Pack your bags your off to Cali..!!
Best regards,
Lisa
ok, now that i have your information to make an informed response for you
this is my recommendation.
first, do not go by zillow's zestimate, oftentimes they are not an accurate
number for current market.
second, interview three local realtors and ask them to each to give you a current market analysis for your specific home with comparables that have sold currently, (within last 90 days)
3. select a realtor that you feel most comfortable with that will get your home sold in a timely manner for a fair price based on market analysis.. do not choose realtor who offers you to market at highest price.!! select asking price by pricing compellingly /stronger / a bit less that competively by looking at what homes are on the market now that compare to yours.
Shine up your house like you would if you were selling your car.. Clean it up throw out what you wont need and get rid of all clutter.. Less is more money in you pocket..!!
4. understand that whatever fair market value is now for your home, you have had MANY years of enjoyment in your home,
you are blessed to have equity in today's market when so many are struggling with this.
5. Understand also, that when you get to california you will enjoy the
lower market price of homes there as well as the bonus of incredibly low interest rates right now.. (todays rate 4.35%)
6. if you need some referrals for agents local to you i will be happy to provide this for you.
7. Pack your bags your off to Cali..!!
Best regards,
Lisa
- sunnyview
- Contributions:25139
Long distance rentals can be a pain even with professional management. If you are moving to CA permanently, I wold consider selling the house. Cashing out means that you can choose and investment property that is closer and easier to manage, one that you have no emotional ties to and one that has been selected for dependable monthly cash flow.
If you plan to rent your house out instead, interview several different companies. Ask about how they screen tenants, how they handle repairs (in house or contracted) and what their average tenant turnover is in your area. Collecting that information upfront will allow you to make an informed decision.
If you plan to rent your house out instead, interview several different companies. Ask about how they screen tenants, how they handle repairs (in house or contracted) and what their average tenant turnover is in your area. Collecting that information upfront will allow you to make an informed decision.
- Jim Stevenson, "therealtorguy"
- Contributions:1111
Hi Smile,
Perhaps you should talk with a couple of management companies. They keep an eye on the house, help screen & select tenants and collect the rent. They do charge a fee, but they also give some piece of mind.
Perhaps you should talk with a couple of management companies. They keep an eye on the house, help screen & select tenants and collect the rent. They do charge a fee, but they also give some piece of mind.
- Dan, "the_country_hick"
- Contributions:4699
You have lived in the house for 26 years but you hate to "give it away". What did you pay for it 26 years ago? I bet that was a lot less than it would sell for today.
As far as a smaller house selling for more than yours 4 years ago that was 4 years ago. At that time house prices were unrealistically high. That pricing was supported by financing arrangements that will not return any time soon if ever. It is like looking at tech stocks in 2001 before the tech stock crash and saying "but my stocks were worth 2 times what they are now back in 2011. I will not sell them now and "give them away".
I am sure my car was worth a lot more 4 years ago than it is now but time has passed and the value has changed. Used cars and houses have both lost value.
I expect you will find even lower prices for the next few years. Rent it out if you wish. But do not complain about a house being worth a lot more than you paid for it and then say you are giving it away at this much higher price. You may think it is worth $400k but that does not mean it would sell for more that half that amount. A house or a car is only worth what someone will pay you for it and what it will appraise for.
p.s. ignore the zestimate it could be off a fair amount. Get a C.M.A. or B.P.O. from a realtor or pay for an appraisal to see what it is really worth.
As far as a smaller house selling for more than yours 4 years ago that was 4 years ago. At that time house prices were unrealistically high. That pricing was supported by financing arrangements that will not return any time soon if ever. It is like looking at tech stocks in 2001 before the tech stock crash and saying "but my stocks were worth 2 times what they are now back in 2011. I will not sell them now and "give them away".
I am sure my car was worth a lot more 4 years ago than it is now but time has passed and the value has changed. Used cars and houses have both lost value.
I expect you will find even lower prices for the next few years. Rent it out if you wish. But do not complain about a house being worth a lot more than you paid for it and then say you are giving it away at this much higher price. You may think it is worth $400k but that does not mean it would sell for more that half that amount. A house or a car is only worth what someone will pay you for it and what it will appraise for.
p.s. ignore the zestimate it could be off a fair amount. Get a C.M.A. or B.P.O. from a realtor or pay for an appraisal to see what it is really worth.
- smile10950
- Contributions:5
Sorry Lisa, the tenant answer is for Jim Stevenson.
Im going to hopefully own, and smaller then what I own now,I live in the house for 26 years. I have a lot of equity in the house. According to Zillow is 334.000 , which kills me because my gf sold her house which is smaller then mine, property wise as well house wise, for 330.000 4 years ago. The house should go for at least 400.000.
Im going to hopefully own, and smaller then what I own now,I live in the house for 26 years. I have a lot of equity in the house. According to Zillow is 334.000 , which kills me because my gf sold her house which is smaller then mine, property wise as well house wise, for 330.000 4 years ago. The house should go for at least 400.000.
- Lisa Palermo, "Lisa Palermo"
- Contributions:77
hi.. i am confused.. i didnt write about bad tenants.?
regardless.. you say you want to move to california,
so now, when you get there did you hope to own again or
rent.?
how long have you lived in your present home that you would
now like to sell.?
do you have enough equity in the home to sell now or do
you owe more than it is worth in todays market.?
Assuming you have had your home on the market?
do you know what current value now compared to what
it is worth?
Lisa
regardless.. you say you want to move to california,
so now, when you get there did you hope to own again or
rent.?
how long have you lived in your present home that you would
now like to sell.?
do you have enough equity in the home to sell now or do
you owe more than it is worth in todays market.?
Assuming you have had your home on the market?
do you know what current value now compared to what
it is worth?
Lisa
- smile10950
- Contributions:5
Lisa, I want to sell the house so I can move to California, where my son lives. This house is basically my investment. I know ,Im moving from a hot pot to a frying pan..:). So I hate to "give it away".
- smile10950
- Contributions:5
Jim S. What makes it worse is, beside all the things you wrote about "bad" tenants", I will be moving to California. So it will be a long distance "relationship"
- Lisa Palermo, "Lisa Palermo"
- Contributions:77
Good evening.. to answer your question,
you would have to tell me your motivation to sell..??
What is the primary reason you want to sell your home..?
Then we would have to discuss how to get you where you
want to be..
If you could answer that for me i can give you the best advice
from there..!
thanks,
Lisa
- Jim Stevenson, "therealtorguy"
- Contributions:1111
Rentals seem to be moving fast here in Oakland County Michigan. It could be a good source of income for you, and hopefully the market will be stronger the next time you list it for sale.
Be sure you are prepared to be a landlord. Some tenants will complain about very minor things. Some tenants won't keep the house and yard as nice as you do. But there are also tenants that don't complain and keep the house spotless. Be sure to get a credit report with credit score, and verification of employment. Have a pet and smoking policy.
Good luck & use a professional lease ... NO handshake agreements when it comes to leasing your house!
Be sure you are prepared to be a landlord. Some tenants will complain about very minor things. Some tenants won't keep the house and yard as nice as you do. But there are also tenants that don't complain and keep the house spotless. Be sure to get a credit report with credit score, and verification of employment. Have a pet and smoking policy.
Good luck & use a professional lease ... NO handshake agreements when it comes to leasing your house!
- Fajardo Delacruz, "Fajardo Delacruz"
- Contributions:61
I would try to sell if you can get close to asking price. I can help you find an agent in the area to help you with the sell. [email address removed by Zillow moderator. Please refer to Good Neighbor Policy for more guidance]
If I cant sell my house do you think its a good idea to rent it?
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