[Jewels36]

bamboosmom-

I wouldn't raise the price back up. If your home is listed on the MLS, evrytime you make a change that changed is noted with the date it occured. Anyone wishing to purchase your home can ask to see this information. It may rub many buyers the wrong way.

Oh course, you have to do what you believe to be best for your family but I thought I would share this info with you just in case you were not aware of it.

[bamboosmom]

hmm, I know that only the original list price comes up on the MLS. I will ask my realtor about this. It's just now our home is so much lower than the other homes that don't even have what my home has...hmmm
if somebody wants instant equity, then my home may be the one for them.

[Jewels36]

My husband has his real estate license. I have researched property on our local MLS for friends and family. There is a page that I can click on the gives the activity of the property- price adjustments, etc. The buyer's realtor can tell them this info.

Another thing to keep in mind, is that just because others have their homes listed higher does not mean they will sell for that amount. When they sell, you will need to contact their agent to find out the final sales price. Your agent could also check the MLS for this info. Unless the selling agent properly updates the MLS, you also will not know if the seller's agreed to pay closing cost or make some sort of repairs or updates as part of the contract.

To find the fair market value, ask your realtor for a list of sold homes for the past 6 months with similar square feet, age, features, etc. If someone purchases your home, the mortgage company will have to order an appraisal to assess the value and make sure the sales price does not exceed the value. The appraisal will be based on these property sales. They typically go back 6 months, sometimes up to a year if sales are limited. They will look for the homes that are most similar to yours. They will make adjustments up and down based on variations between the properties such as square feet, age, features, quality of construction, lot size...

These sales are what the sales price of your home should be based on giving most creedence to the most recent sales and most similar properties and possible adding a little for appreciation if the sales are a little dated.

[Dee2e]

Originally Posted by nk0171

We had our house under contract in 3 weeks, but it fell through the day of closing!!!!! Anyhow, we picked up the pieces and our home is back on the market, but it is "for sale by owner". The advantage we have is that we are in an awesome school district (Seminole County-Brantley Schools) and are about $100,000 BELOW everyone else because our subdivision is in Apopka, but it is still Seminole COunty. I just can not believe the difference in home prices ONE block from me!!!!!!!!

I don't live far from you. The redistricting in Seminole County has affected values of homes in the areas rezoned out of Lake Mary and Lake Brantley schools. Friends live 1 block from Lake Brantley HS and have to send their kids to Lyman High now and are not happy. They are selling, will get a reduced prices to get out of that home and will buy in the new Lake Brantley district. They are not alone in their descision. The interesting news is that now Lyman's grades rose to a B in this years FCATs. Go figure, all those A school students raised the level of Lyman.

Many people don't want an Apopka mailing address, go figure! Go for the savings!

[Dee2e]

Originally Posted by Jewels36

My husband has his real estate license. I have researched property on our local MLS for friends and family. There is a page that I can click on the gives the activity of the property- price adjustments, etc. The buyer's realtor can tell them this info.

Be careful broadcasting that you use your husband's MLS account. This is a violation and he could lose his rights to access.

[bamboosmom]

Jewels,
yes it is illegal for you to do that checking on the mls and to give out the info to friends/family. be careful. my husband was a realtor in Jersey so this is how we know these rules.

[Jewels36]

I worked as an assistant for my husband and his office. I researched the properties that fit their needs and he provided it to them. As long as a realtor is the one that provides the details and discusses it with the potential customers, it is fine. Anything we did always fit into the rules. We made sure of it. For the sake of this message board, I got to the meat of the story. BTW- my husband only dabbled in real estate on the side and doesn't bother with it anymore so it doesn't really matter.

The whole point was that if anyone wants to know the activity on a property, they only have to ask and the realtor can let them know. It doesn't pay to come across as a flakey seller when trying to sell your home. Even if people do not ask their realtor, they may be keeping an eye on certain properties. I for instance am doing this. I have a list of saved searches on realtor dot com and I check them every couple of days for updates and new listings. I have seen many properties reduce their prices since I have started doing this. If someone would increase their price, I would see that too when checking for updates. Flip flopping is just not good business.

Another thing to consider is that if everyone is priced so much higher and you are so much lower, where is all the activity? Where are all the offers? Raising the price will not help if the activity is still on the low side.

Of course, what you do is all determined by how much you want to and need to sell.

[bamboosmom]

Got Ya! I bet it will sell soon though. Then we won't have to worry.

[kimwick]

Zillow.com is not accurate. Try bank of america it will tell you what your house is worth. Much more accurate. When we went on zillow for homes there was so much missing. I typed in my parents house which is 3000sq it is only showing it 1100 sq. So I wouldn't recommend zillow. I hope this doesn't offend anyone but it has been off alot to times.

[Jewels36]

The county property appraisal district for whatever area is probably the best source if they have a website. Sometimes a gogle search will pull up the local appraisal district. Sometimes accessing properties on the local MLS will also give you a link to the appraisal district.

I haven't used zillow before. I have heard it mentioned on here a lot.