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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Realtors (or anyone who just sold a house): If I am trying to sell my house today...
And I paid (for example) $400K for it...
And it has been valued at $410K...
Would I get at least $400K it in today's market?
Or would I have to go lower to get it to sell?
Re: Realtors (or anyone who just sold a house): If I am trying to sell my house today...
Not a realtor, but I sold my old house about a year ago.
I listed it lower than the appraisal but higher than what I'd paid for it. (So, using your price as an example, $405,000.) I based the asking price on neighborhood comps, though--what other houses in the neighborhood were actually selling for, not how they were listed.
The first offer I got was pretty close to asking price.
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Gosh, it depends on so many things.
Where are you getting this value from? Tax appraisal? Or considering that you hired your own appraisal? Or from what the realtor says?
If it's tax appraisal - then take that number and throw it out the window. Tax appraisals are so inaccurate when used to price your home. Especially these days.
Your best bet would be to hire an appraiser or to just have a realtor run comps for you and that'll save you about $350-$400. When realtors pull comps - they are estimating what your home can sell for in this current market based on recent sales in the area. Appraisers use comps and they actually take a look at your property and consider improvements, etc. A desk appraisal is someone just sitting at their computer and pulling comps and isn't as accurate - but it's somewhere in the ballpark.
So the amount you paid for it is really not important. It's all about what you can get for it. And it depends on when you bought it at $400K -- was it in '06 or '07? If so then you'd be mighty lucky to break even. Was it last year? How has the area held up around said home? Did they build a major roadway or attraction near the home since you purchased it? There are just sooooo many factors that there isn't an easy answer for ya.
You were so lucky to be in that situation! Most of my clients are upside down on their homes and have no choice but to price it lower than what they paid for it or right at appraisal value. Speaking for myself, if DH and I were to put our house on the market - we'd be taking about a $10,000 hit. Not to mention realtor fees and closing costs - so more than that. But we bought our house in '07 - which was one of the worst years to buy a home (next to '06) - but hindsight is 20/20. No one could predict what happened... So - looks like we are staying put for quite a while here.
The house was originally purchased in '03 for CHEAP, luckily! So, I could afford to list the house at a "bargain" price, and still make back my purchase price + cost of improvements + a little profit. I'm hoping to get lucky again with my current house. . .in 3 or 4 years. I'm like the world's slowest house-flipper, ha ha!
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That's wonderful, though!! :-)
OMG. I forgot about those. Grrrrr...
Thanks, ladies! Yeah, I am just going to have to ask for one of you realtors (
) to come and check me out. I also forgot that I still haven't been in my house for 3 years yet (Sept. is the 3 year b-day) and so I will have tax implications...
"Tax implications" are after 2 years - not 3. And you should calculate 6% of sales price to go to closing costs (that includes realtor commission). But I offer a 1% listing fee IF you use me to purchase your next home.
that always helps in this economy. So estimate 4% using my plan.