question for a realtor
 

We will be selling the only home we've owned in the next year and I was wondering if someone could answer a question for me. I know that when realtors are looking to price a house they look at homes nearby to get a selling price. Our area is do different that I wonder how that process will help or hurt selling my home. If you go one way the houses that are on private lots are in an area that has a lot of drug problems, shooting and break ins. If you go the other way there is a very nice and expensive subdivision with a golf course, pool and HOA fees. Up and down our street are subdivisions with the newer cheap houses. Our home is in a quiet area of the street, all homes are owned (not rented) and we have no problems with crime. My home is the newest (10 yrs, old) on the street with a half acre lot and we are not in a subdivision or HOA area. So, does the realtor go by comps only or do they look at the home, surrounding homes and crime?

I think they do both. have to. but it's all in how they want to "sell" the house. Good luck.

they look at all of it. check your home value on Zillowmy home value and you will be shocked at how close they come to your property value. Good luck with your move!

Generally the closest comps to your specific property as well as condition and how 'updated' it may be. You'd be surprised at how 'dated' only a 10 yr old home is from a realtor perspective. Don't be shocked if they tell you that you should 'upgrade' this, that, or the other. Weigh the expense vs return on investment. Don't be afraid to have that conversation with the realtor.

We just went through this last year selling Dad's 40+ yr old house with few renovations in that time. We did some modifications (painted; removed wallpaper; some floor refinishing) but not others.

Interview several realtors as well. Ultimately they will probably all come in close to the same asking/selling price, but make sure you make a commitment with someone you are comfortable working with. Much, too, depends on if you want out quickly or for the highest dollar. All factors to consider.

We sold and bought a house a couple of years ago. When we sold we used a realtor who really knew the area and was able to market the house well. He had us make a couple of repairs and when we put it on the market is sold in 2 days for full price. Our area was unusual since no two houses were even similar so he had to go pretty far afield for the comps, but he did his homework and the appraisal came through with no problem.

I have bought and sold several houses and learned a lot. All have sold within six weeks. One sold the day it went on the market. Another sold within a week. Interview several realtors and find one you're comfortable with. I would choose someone who has been in the business for several years, at least. Your realtor will probably made suggestions for improvements. You DO NOT have to do any, or all of them. Make sure everything is clean and in good working order. I have always sold in the belief that the new owners will want to come in and make the house their own, so I never did any type of major updating. I also never removed personal items, such as photos. I believe curb appeal is right at the top of the list. If you cannot get people inside, you cannot sell your home.

We just sold and bought in the last 3 months. And I have to disagree with paoberle on one point. Absolutely remove personal items and not just photos. Put away anything of value and make sure that medications are out of sight. This was actually our realtor's recommendation. Sadly, in this day and age (especially with online virtual house tours) not all people viewing your property are in the market to buy. Some just might be 'casing the joint'. It is an agent's duty to stay with a client while touring your home but no one can be with two people going in opposite directions.

Curb appeal is very important because many people seem to judge by what they see, not what they could do to a property. A clean, neat de-cluttered house looks bigger and shows better. If you don't believe me, take a photo of one room in your house as it is right now. Then take a little time, give it a good de-clutter and take another photo. The difference can be amazing.

Good luck with your sale.

To answer your question: a realtor wants to make money so s/he will take all factors into account before listing your property. You can also have an independent appraisal done, but that costs you. Others have given good information, so I'll not repeat. We have sold a primary residence and a vacation home in the last 7 years. We just closed on the vacation home. It was suggested that we not accept VA or FHA loan applicants, because the government will make you raise your home to ITS specifications. Next time, I will sell, "as is." You will be amazed at what people want you to do for them, how much it costs, and how that eats into your selling price and final profit. You can say no to some things and others you have to improve. Like electrical wiring or other code items. Do interview the realtors. You are hiring them to work for you.
P.S. We are military. The VA/FHA was a decision made on a 40 year old home to help us come out with some profit after all the selling fees, federal,state & local taxes were paid.

Real estate agents do their research in regards to comparable properties in order to come up with an asking price, and you may get different responses from different agents. Once someone makes an offer, unless it's cash, the lending bank will require an appraisal, and that's the number that matters, as the bank won't lend more than what the house is determined to be worth.

As an agent, I looked at comps to come up with prices, but I always found that the appraisers came up with properties I would not have considered and made adjustments for features in a way in which I had no expertise. I would say talk to at least three agents and pay attention to the person with whom you feel you can work. I understand the advice to get someone with lots of experience, but I will point out that some successful agents won't have time for you and some new agents will devote all their time to you. And as a former agent, I will say that how quickly a house moves has as much or more to do with the market than to the efforts of the agent.

In our case, the comps were made on properties which sold and were of similar description, i.e., # of bedrooms, # of baths, square footage, garage, etc. Then they would up and down the price from your listing price. Like I said, the comps are only on recently sold properties in your area. We are somewhat rural and the comps were within the county.

When talking to agents, determine how she/he will market your home, i.e., newspapers, open houses, multi-listing. Determine how many properties have they listed and sold. If this number is high, look at the info two ways. Obviously, success, but also if they are extremely busy, how much effort will they put into selling your property. Find a realtor who is "hungry" and go with your "gut". Good luck.

Thanks, you have all given me information that was needed and helpful.
We have set up a list of things to do monthly over the next year that will hopefully help us sell quickly and make it out of here at least breaking even. We are going to rent a storage unit which I had to fight long and hard for.
I'm taking all the rooms down to minimalist and repainting. I am going to have a plumber change out all the faucets in the house. DH's vacation the end of the month will be working on adding to the landscaping, repainting the porch and staining the deck. June vacation will be hauling all the junk out of the crawl space, purging and putting the rest in storage.
We have worked very hard to keep up the house and yard and I sure hope it pays off!

I haven't bought or sold for a while now, but one thing I would like to add is to look at your area and what is selling. I live in what is considered an upscale neighborhood. I bought a fixer upper house 17 years ago for WAY under market because you can barely give a fixer upper away in this neighborhood. this house had been on the market for over a year. Apparently, no one is capable of doing anything or hiring anyone to do it. For me that was a boon, but not so good for the seller.

When we sold my husband's mother's house several years ago, it was something of a fixer upper in an area of the city considered more working class (although I'm not really sure what that means, we work hard!) and we never even put it on the market. We had offers before the house was completely cleared out. In that neighborhood, people want to buy houses that they can buy cheaper and then fix up. There's a lot of difference in what people in different areas are looking for.

We have a house for sale now. Realtors take in many things when pricing a house, go for the best you know. We had a realtor last year who ended up representing both us and the new buyer. It ended up badly, this time around, we signed papers she can't sell our house, she represents only us. Our realtor believes that everyone watches too much HGTV and the buyers think you will let them 'steal' it because it's not updated according to TV shows. Don't fall for it.

I sold my Grandmother's house last June. I advertised it on Craigslist and had 35 replies. I had it sold and still people called and offered me more money, some all cash. Two different families asked to be in line if the loan did not go through.
The new owner went thru a bank who required a lawyer. I had all the proper papers to close at the court house but the bank was in charge. I am glad I went "by owner" and would do it again. It is nothing to be afraid of. Also, you do have a choice of the realtor's fee. Some say 6% but some are advertising 3% now. Check it out.

OH patski, thank you. I just looked my home up on that Zillow site you mentioned. My home value has gone up nearly $40,00 since I bought it if that site is accurate. Wow. Ka-Ching! Happy feet dance!

Last time I sold a home the realtor had a friend who wanted the house. Kept trying to get me to lower the price. I refused and suggested that I needed a new realtor. Changed his tune and I got full price. I didn't HAVE to move.
I just was looking for a downsize, as it was to big for me and didn't want to spend my retirement time with constant housekeeping and massive gardening.

Reminds me of my house hunt. First Realtor kept showing me these odd little houses with massive stairs, fireplaces, and other problems I did not want, in far flung locations. When I finally got him to show me what I wanted, a manufactured home on its own land, he took me to only one. Ram and jam sales pitch, I asked for an inspection and He told me I could not have a copy of the inspection since it was a private inspection and could only be shared with the seller and Realtor, and that the home "had a small erosion problem that could easily be fixed". (That is when I told him I had worked for Century 21, and knew that I had a right to read the report.) When I finally got the truth straight from the inspector, the house was owned by the Realtor I had hired, AND sitting over a sinkhole! Next! I found a new Realtor, she and I looked at three perfect homes, and I bought the third. Easy Peasy. Be careful out there.

My friend is a realtor. She said the younger buyers won't pay a penny over what Zillow says the house is worth. The buyers bring the print out from Zillow with them.

One thing I learned from selling my first home - if you have furnishings or belongings that you absolutely will not part with, GET THEM OUT OF THE HOUSE before you show it!

I ended up getting pressured into including a bunch of MY furniture into my first home's sale, and being young & naive I went along with it, and have regretted it ever since. If they never see it, they can't pressure you to include it.

We also had someone break the handle off of a locked cabinet during the sale of another home. Trying to snoop? Trying to steal? Who knows. But now I all but EMPTY my house when I'm going to sell it. It's a pain, but easier for me than dealing with snoops and thieves.

When I look at the houses on my street on Zillow, it prices a home a few doors down at a much higher price, probably because it has a pool. However, it has been poorly maintained and our house is fully remodeled. Zillow can't tell that. Take the "Zestimates" with a grain of salt.

Do not go according to Zillow. As others have stated contact and interview realtors. You don't have to use a realtor but do not go according to Zillow. Zillows comps are based nation wide not locally. If you do list with a realtor tell them the buyers should use a local appraiser who is familiar with the area. Some lenders are willy nilly when it comes to appraisers and will use the least expensive who may never have worked in the area. When it comes to a plumber have them do a hydrostatic test which is very important for your sewer lines if you have a sewer system. Nice to have new fixtures but more important is the plumbing lines. I have always "suggested" since a seller plans on moving to just go ahead and pack personal items. You can keep a couple group photos out to keep you happy (we love to look at our loved ones) but expensive jewelry, heirloom items, I would pack and store. I keep my meds in one large Ziploc bag. easy to take with you if a realtor is going to show your home later. Good luck. Remember every area is different and so are the comps. [QUOTE=madamekelly;7799719]OH patski, thank you. I just looked my home up on that Zillow site you mentioned. My home value has gone up nearly $40,00 since I bought it if that site is accurate. Wow. Ka

I would have complained to his board and gotten a new one anyway.

A buyer brought one of those to me. Told him the printout wasn't worth the paper it was written on. He wouldn't have been able to buy it anyway, he wasn't pre-approved and not even close to it. I won't waste my time on an unapproved or unqualified buyer. This is where a realtor can put your house on market and state pre-approved buyers only or Proof of funds to accompany any offers. you can look at the offers but you don't have to say yes or no or even negotiate til you see the bank letter for proof of funds or pre-approval. No older than your property is it should be up to code. Younger buyers really need to speak with knowledgeable realtors. Too many younger buyers listen a lot of the flippers on tv.

I have a house on market and will be closing soon. I was very unhappy when I went to check on it after it had been shown often. Now it was empty but drinking cups were left and they evidently ate their lunch from a take out. I contacted the last agents and after having seen them on Facebook I reported them to the board. To say I was angry would be mild. No one has to leave anything furniture or otherwise in the sale of the home. If any agent suggests you do this move on to another. You're selling the property not the furniture. If you are going to sell furniture, we in Texas have an addendum for Non-Realty items with a price point. Not sure about other states. [QUOTE=Sewnoma;7799900]One thing I learned from selling my first home

Here they go by square footage and size of lot.

Zillow is somewhat accurate. They show a house in my area as valued at $395,000. It was just listed for $365,000 last month. It hasn't sold yet.

You dont' have to leave furniture. Our last house was empty when we sold it. However, it was also a 5 year old home so looked really good. With an older home furniture can cover a multitude of sins. Story from my childhood: The neighbor across the street's husband was in the Marines and posted overseas. She wanted to paint the living room but couldn't move their huge heavy couch. She just painted around it! :D The new owner's were pretty surprised when they went in the house after she moved and had a beige living room with a large green rectangle on one wall.

This thread has really been eye opening for me! I am dreading finding a realtor and getting the house on the market even more than the cleaning and preparation. I told DH we better die together sitting on the couch watching Netflix cause I'm not going to move again after this.
Patrice: I was thinking the same thing about the fake fireplace that's to big for me to move!
OnebyOne: Guess the kids won't be buying my house. I'm realistic when it comes to price but I'm not giving the house away either.
Tessagin: I looked at Zillow and our house was appraised for way more than that just two years ago when we wanted to see where we were at as far as a price. The dump next door just sold for $120 and it has foundation problems, mold in the attic, one tiny bathroom, one tiny kitchen and the backyard is bare of grass with a chicken wire fence around it. Hopefully whoever just bought it will fix the yard so it doesn't hurt our property value.

I'm a big fan of Dave Ramsey. He has ELP's (endorsed local providers) on his website. I've used them and was very happy. I'd definitely check them out before I decided on a realtor. If you live in a large neighborhood, you can also watch the signs. In my neighborhood, there are realtors who specialize in that neighborhood and so know the area, houses and how to sell them. I think that helps a lot.

If you are working with an experienced and successful realtor (not you friend's father who just retired and wants something to do) they likely know more about your neighborhood than you expect. If they don't, find someone else. Your job is to find the right realtor. Their job is everything else! Good luck. Trust and verify to the best of your ability.

"not your friend's father who just retired and wants something to do" Oh boy can we identify with that point llong0233.

Out of courtesy, we asked the daughter of our neighbour (who owns a real estate office) to value our property. She really low-balled us, insisting that the place should be priced at least $50,000 less than the other company. We think she did it so that the price would be so attractive that she would not have to put much effort into the sale. Needless to say, we went with the other company, which upset not only the daughter, but her mother, our neighbour, as well. They did not even say goodbye to us. But we got a wonderful extremely professional realtor who pulled out all the stops in advertising and promotion. Plus we got exactly what we wanted in price.