Selling house and I have questions about price. (Miami, Vero Beach: fit in, section 8)

[newred5]

We bought a short sale Townhouse in 2011 , the process was one but the house was in very good over all shape, paint and carpet ....they aren't all trashed in a short sale

[JimT7406]

The reason prices aren't going up quicker is fairly simply, buyer resistance to the higher pricing. Buyers, whatever category they fall into are driving up values throughout Palm Beach, Broward and Miami-Dade counties as they are willing to pay higher prices for it. Unfortunately, there is buyer resistance to higher pricing throughout St Lucie County. What is troubling is that the volume of sales is high but market values have remained relatively unchanged to just slightly higher over the past year.
You have had some real good information previously posted. Here is some more, the average price of a home in the neighborhood in the last 90 days in your age and sf category is about $140k, that the average for a property with a 2 car garage, 2 bathrooms, no pool and not in an HOA. Hope that helps you.

[pslhomie]

I am just going to hold on. I really like the house and the neighborhood and eventually it will come back. The agent we called is keeping us in mind if she finds someone who might be interested. Again, not trying to make a proffit but trying to determine what the difference between a short sale home and a foreclosure would be so attractive that someone would have to spend 10's of thousands on and weeks or months of time before they could move in.

As far as "Sold houses" goes they are all over the map. I see houses like mine (same set up) going from anywhere between 150k and 290k in Port St. Lucie. I get my information from websites and confirm it on the Property Appraisers site cause you can't trust what you read on the internet.

The only thing I can't see is which one was a short sale, foreclosure or cash sale. Why someone would want to live in an HOA is beyond me unless they are someone who never comes out of the house. For some reason people are willing to pay more to live in them. As soon as we sell our condo in Miami we are going to move into a non HOA.

[FlaLadyB]

You dont use sold houses from "all over the place" to determine the value of yours. You only use sold houses within a MILE of your own home. Same thing an appraiser is going to do.

Again, all houses that are short sales or foreclosures do not need tons of work. If they did, lots of them would not be selling because people are generally lazy....they are not in to changing the carept or a simple paint job much less any kind of major repair. And, if a house needs major repair, it's going to reflect in the price. The banks DO send someone out to inspect the property and take photos too.

As for as you getting your information.... you have a source right here...me.. and supposedly you have contacted other Realtors. You should have been handed a COMPARABLE ANALYSIS of what your house is worth several times now that shows you what other homes --near you- have sold for --- AND all the details of those homes should have comparable square footage, age, etc. You average them out and that gives you what yours should be priced at ..in THIS market.

[JimT7406]

Fla Lady B is giving you good info. On the value of your home stay within a mile when possible, within 6 months and a property with similar features. The spread for sales you have is inaccurate. It is between 120k and $200k at the top end and also remember you are competing against other active listings. If 10 people put your same type home on the market at $120 why would anyone think it would be worth more at that time. Regarding short sales and REO's, most now are in decent shape, many being updated with new paint and flooring. The days of saying that because a listing is a REO or a short sale and that they all will need work is incorrect.
Why would anybody want to live in a HOA? How about knowing that everyone's home must be maintained, that you and your neighbors grass will be cut, homes painted, roof's cleaned and that things llike a boat or RV will not be allowed to be park on your driveway for extended periods. That you have a somewhat more secure community with gated entrances, that you have a community pool to use and other recreational facilities. There are plenty more reasons why people will pay more to live in a HOA. Obviously you do want to live in one and that is fine but the majority of people do. That is why people will pay more to live in places like Tradition, PGA and SLW.

[pslhomie]

That is fine. To each his own about HOA's but as far as my estimates, I check websites and verify with the Property Appraisers site. I don't want to get into an argument over who is right or wrong, I just want fair honest answers. I certainly respect and trust information that Barbara has given but I also have to go at it from my perspective and experiences. In the end I may be wrong and she may be right but I am a long way from that point.

I also want opinions from non agents on their experiences. To form an opinion based only on information from the sales person is foolish. Not that they are wrong but I have to remember they are in the business of selling so that has to be considered. Trust but verify.

My gut tells me that the neighborhood where my home is located is about to become a very desirable area because of Tradition and PGA Verano. Not everyone will be able to afford or want to live in these areas. In fact there has been some modest building in my area in the past year. Plenty of vacant lots still available.

I also believe that from the research I have done the market is between a buyers and sellers market and once it flips over prices will rise much faster. My best option is to hold onto the house and ride it out. It is certainly not going to break me. I also believe that is the opinion of a lot of people and it is one reason there is a lower inventory (if that part is really true)

[FlaLadyB]

PSLHomie... I have no reason to lie to you or say things about the market that aren't true. I have nothing to gain, especially if you read the NEWS that reflects exactly what I am saying. I am in the business of selling, but also in the business of keeping it real. If you price a house above market it will sit there. A waste of precious time for everyone- especially the seller.

Once a house is on the market for a long period of time the public, who can see how long it's been on the market, starts to wonder, what's wrong with that house.

If the same house in square footage and age is on the market and priced way too high, it's obvious to buyers since they are being shown other comparable houses at more reasonable prices. They will want to see the most house they can get for their dollar.

As for less homes being available, "one reason there is a lower inventory (if that part is really true)"
it's all over the news in various reports ---there is not enough inventory. Even other people on here have said so. If you were a buyer, perhaps you would see that first hand. I didn't make it up.

It's pure logic and fact.... no smoke and mirrors. I would think you know better if you have done "your homework" as you say you have,.....and kept it in the parameters it should be in for accuracy.

Don't count on zillow since it's error factor is way up there and calclated by a computer instead of reality. It also includes houses that are no longer even on the market. Can't count on just the Property Appraisers site. since there are no current interior photos or commentary of what the house did or did not have or what kind of shape it was in. Photos taken in 2005 on the Property Appraisers site (exterior only photos) certainly don't reflect what the house probably looks like now.

I'm trying to help you, not hurt you. If the truth hurts, then so be it, but it's reality in todays market.

[SeaLark7]

We just returned from house hunting in Vero Beach, and found a very nice house with a pool, lakeside, 2460 sf, in an HOA, in fine shape. We are paying $255k for it. We saw another house with no pool, not lakeside, 200 less square footage, also in fine shape, priced at $260. Considering it would have cost us $30k to put in a pool, we thought the one we bought was a much better deal (lakeside also ups the price). We looked at some foreclosures and walked out almost immediately when we saw the shape they were in. We wanted turn-key condition. Another big factor was the view - we didn't want to sit in our family room and look out at another house right behind us, or a busy road, even if it was in an HOA community.

[FlaLadyB]

First, are they in the same area?

If they are, then whoever is the agent for the other house didnt do their homework, or the owner of that house didnt care that a pool home would go for more than one without.

Again, you as a buyer, looked and boought, what gives you the most bang for your dollar!

Congratulations!

[SeaLark7]

Thanks ! And might I say, it is great to see you posting again, and giving good advice as always ! I hope your health is continuing to improve each day.
The two houses are within two miles of each other, in two different gated communities of similar style and quality. Our HOA fee is only $78 a month as there is no community pool or clubhouse (both houses are also similar in that aspect).
The house we chose is also closer to the ocean by five minutes or so - another bonus for us !